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.

Return on invested tangible capital rose two points to 29% and return on invested capital improved 1.5 points to 11%.

The company cut its net debt by $220 million sequentially to $701 million and ended the quarter with $1.04 billion in cash.

“There has been a reacceleration of significant growth in all elements of our business, including design, vertically-integrated manufacturing services, components and logistics,” said Mike McNamara, chief executive.

Flextronics guided for December quarter revenue of $5.1 billion to $5.3 billion, which would amount to 25 to 30% year-over-year growth. Earnings are expected to grow 10 to 15%.

For the fiscal year ending March 31, revenue from continuing operations is expected to grow 25% year-over-year basis to $19 billion and earnings are expected to grow 15.