Circuits Assembly Online Magazine - Flextronics Reports Record Q2 Sales

SAN JOSE – Flextronics announced net sales rose 18% year-over-year to $5.6 billion in the second quarter, at the high end of the company's previous guidance.

For the quarter, adjusted net income increased 25% year-over-year to $146 million. Growth was driven by stronger-than-expected computing sales, which offset a drop in handsets.

CEO Mike McNamara stated, "We continue to maintain a strong financial position with over $1 billion in cash, no short term debt maturities, and a record low debt to capital leverage ratio of 19%."

The company, which completed its acquisition of rival Solectron on Oct. 1, did not provide guidance for its December quarter, choosing instead to wait until its analysts’ day in November.