Sales were stronger in all segments except government, which declined significantly due to several unsuccessful sonobuoy drop tests. The failed tests incurred higher program costs and resulted in lost contracts, Sparton said.
SAN JOSE – Flextronics reported a 23% rise in second-quarter net sales from continuing operations of $4.7 billion, a record. GAAP net income was a record $185 million for the second quarter ended Sept. 30, compared to a loss of $2 million a year ago.
Sales were up 16% sequentially. Operating margins at its EMS business improved by 10 basis points year-over-year and gross margin improved sequentially by 10 basis points.
In a statement, chief executive and president John Gilbertson said, "After a good first quarter, we have seen continued growth in demand throughout the second quarter in all market segments."
For the quarter ended Sept. 30, the company reported a gain of $274 million in proceeds from the sale of discontinued businesses. Those units include electronics OEM notables Universal Instruments, Vitronics-Soltec and Hover-Davis, among others. In the second quarter, Dover took a $106.5 million writedown against the carrying values of the discontinued businesses.
Register online at www.swepex.org.