Flex Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, net sales were $6,114,999,000 against $6,763,177,000 a year ago. Income before income taxes was $140,242,000 against $126,550,000 a year ago. Net income was $129,469,000 against $148,910,000 a year ago. Earnings per share were $0.24 against $0.27 a year ago. Non GAAP earnings per share were $0.34 against $0.35 a year ago. Non-GAAP operating income was $223,106,000 against $236,083,000 a year ago. Non-GAAP net income was $182,945,000 against $196,422,000 a year ago. The Company generated net cash from operating activities of $469 million and free cash flow of $363 million.  Net capital expenditures totaled $106 million, which was slightly below its depreciation level of $109 million.

For nine months, net sales were $18,000,337,000 against $18,646,187,000 a year ago. Income before income taxes was $271,907,000 against $385,446,000 a year ago. Net income was $232,690,000 against $382,737,000 a year ago. Earnings per share were $0.42 against $0.67 a year ago. Non GAAP earnings per share were $0.88 against $0.85 a year ago. Non-GAAP operating income was $610,287,000 against $591,485,000 a year ago. Non-GAAP net income was $483,613,000 against $483,760,000 a year ago. Net cash provided by operating activities was $1,013,188,000 against $939,772,000 a year ago. Purchases of property and equipment were $413,596,000 against $418,561,000 a year ago.

For the fourth quarter ending March 31, 2017, revenue is expected to be in the range of $5.5 to $5.9 billion, GAAP EPS is expected to be in the range of $0.17 to $0.21 and includes estimated restructuring charges $0.03, stock-based compensation expense $0.04, and intangible amortization $0.03.  Adjusted EPS is expected to be in the range of $0.27 to $0.31 per diluted share.

The company now sees the fiscal 2017 CapEx to be roughly $500 million. Free cash flow is to be in the middle of its targeted range of $600 million to $700 million. The company continues to believe that the 8% to 10% range remains appropriate for this fiscal year.