SAN JOSE, CA – Flex reported fiscal third quarter net sales of $6.1 billion, down 9.6% year-over-year.

For the period ended Dec. 31, GAAP net income was $129 million, a decrease of 13.4% compared to the same quarter in 2015. Adjusted operating income was $223 million, down 5.5% year-over-year.

"Our Sketch-to-Scale strategy remains firmly on track as reflected in our third quarter performance," said Mike McNamara, CEO at Flex. "We remain focused on value creating activities such as a structural mix shift to a higher margin business, generating sustainable free cash flow and consistently returning value to our shareholders."

"Our cash flow generation was exceptionally strong this quarter, as we generated almost half a billion dollars in cash flow from operations," said Chris Collier, CFO at Flex. "This quarter we repurchased over 5 million shares, and we remain committed to return over 50% of our fiscal year free cash flow to shareholders."   

For the three-month period ended Dec. 31, the EMS firm generated net cash from operating activities of $469 million and free cash flow of $363 million.

For the fourth quarter ending Mar. 31, revenue is expected in the range of $5.5 to $5.9 billion.

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