Flextronics International, Ltd. (FLEX)
2012 Bank of America Merrill Lynch Technology Conference
May 9, 2012 5:45 PM ET
Wamsi Mohan – Bank of America Merrill Lynch
Mike McNamara – CEO
Paul Read – CFO
Good afternoon everyone. Thank you for joining us here today at the Bank of America Merrill Lynch Technology Conference. For those of you who’ve not met, I’m Wamsi Mohan. I am the Technology Supply Chain Analyst here at Bank of America Merrill Lynch. We’re delighted to have Flextronics here with us today. It’s a massive company which has touch points into every geographic region, every products that you can think of, did about just of shy of $30 billion in sales last year.
It is going through significant changes within its portfolio. We actually upgraded FLEX right after their earnings, where we felt like the fundamentals were really changing for the company. And we’re delighted to welcome Flextronics here. We have the CEO, Mike McNamara and CFO, Paul Read both of us joining us. So thank you very much for joining us here today. The format is going to be a fireside chat. I’ll start off with some questions and then we’ll also open it up to the audience. So with that, thank you very much for joining us.
Good. Thanks for having us today. Yes, I appreciate it.
So, Mike, maybe just sort of very high level to start off, I mean you’ve seen many, many cycles in the EMS industry, where do you think we are in sort of a mini cycle? It feels as though looking at trends, things are not falling off a cliff but at the same time not a whole lot of revenue growth that we can see in the very near-term as the scoreboard is sort of weaker guidance here. So it feels as though we’re close to a bottom hopefully we pickup in terms of revenue growth. Is this sort of a mini cycle where we are sort of posting near the trough and hoping that things get better?