SAN JOSE, CA – Flex reported fiscal fourth quarter net sales ended Mar. 31 of $5.8 billion, at the midpoint of guidance, down 3% year-over-year.

GAAP net income for the quarter was $61 million, down 55% compared to the same period in 2015.

Net sales for the fiscal year ended Mar. 31 were $24.4 billion, a decrease of 6.6% year-over-year. GAAP net income was $444 million, down 26.1% compared to fiscal 2015.

"Fiscal 2016 profit and margin expansion continues to validate Flex's portfolio evolution and sketch-to-scale strategy. This also marks our third consecutive year of adjusted operating profit and adjusted EPS expansion," said Mike McNamara, CEO of Flex.

"We generated over $1.1 billion in operating cash flow and $639 million in free cash flow in fiscal 2016,” said CFO Chris Collier. “This year we spent $420 million buying back almost 7% of our shares, representing an allocation of 66% of our fiscal 2016 free cash flow."

For the first quarter ending July 1, revenue is expected to be in the range of $5.5 billion to $5.9 billion.