SAN JOSE -- Flextronics today announced fiscal first-quarter net sales fell 16.2% year-over-year. 

For the period ended June 26, revenue was about $5.6 billion, slightly below the company's previous revenue guidance of $5.6 billion to $6.2 billion. Adjusted operating income was $159 million, down 13.1%.

GAAP operating income of $143 million and GAAP net income of $111 million were down 16.9% and 36.2%, respectively.

Adjusted gross margin increased 60 basis points and adjusted operating margin increased 10 basis points compared to the same period last year.

The EMS company generated $362 million in cash flow from operations and free cash flow of $225 million during the quarter.

The firm guided for fiscal second-quarter revenue of $5.9 billion to $6.5 billion.

Flextronics has begun cutting costs, announcing the impending closing its Plano, TX, plant and laying off more than 165 workers.

The company also announced it would change its name to Flex, effective immediately. "We have progressed in our product and service offering over the years, adding many new solutions, and today we are much more than just an EMS, supply chain solutions or 'tronics' company," said Michael Mendenhall, Flex chief marketing and communications officer. "And while we recognize that the company flourished in the Information Age, we are now defining the new Age of Intelligence. Our name change from Flextronics to Flex reflects our evolution."

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