SAN JOSE, CA – Flextronics reported fiscal fourth quarter net sales ended Mar. 31 of $5.95 billion, down 11.5% year-over-year, slightly below guidance of $6 billion to $6.4 billion.

Adjusted net income for the quarter was $157 million, up 7.5% compared to the fiscal fourth quarter of 2014.

Adjusted operating income was $178 million, down 2.2% year-over-year.

Flextronics’ net sales for the fiscal year ended Mar. 31 were $26.1 billion, nearly flat versus the prior year.

Adjusted net income for the 12-month period was $637 million, up 14.6% year-over-year.

Fiscal year 2015 adjusted operating income increased 13% to $751 million compared to 2014.

"Fiscal 2015 underscored our company's ability to deliver on our commitments through steady execution, which resulted in an increased adjusted operating income of 13% year-over-year," said CEO Mike McNamara.

“For fiscal 2015 we spent $416 million buying back almost 7% of our shares, representing an allocation of 75% of our fiscal 2015 free cash flow,” said Chris Collier, CFO at Flextronics.

The acquisition of Mirror Controls International announced today is expected to close in the quarter ending Sept. 25 and doesn’t impact first fiscal quarter guidance. For the quarter ending June 26, revenue is expected to be in the range of $5.6 billion and $6.2 billion.