SAN JOSE – Flex reported net sales for the fiscal third quarter ended Dec. 31 of approximately $6.8 billion, a decrease of 3.7% year-over-year and up 7% sequentially.

GAAP net income was $149 million, down 2.6% year-over-year and up 21.1% sequentially. Operating income was $212 million, up 9.8% compared to the same period in 2014 and 17.8% sequentially.

The revenue figure was at the high end of guidance.

"We continue to position our company as a leader in the IoT space, and our third quarter demonstrated sequential growth across all four of our business groups, resulting from new programs and an improving engagement model," said CEO Mike McNamara. "Operating margins improved both sequentially and year-over-year, a testament to the stronger value proposition we are delivering to our customers.”

"We generated $278 million in cash flow from operations and $158 million in free cash flow during the quarter," added CFO Chris Collier.

For the fiscal fourth quarter ending Mar. 31, revenue is expected to be in the range of $5.5 billion to $6.1 billion.