Needham & Company analyst, Sean Hannan, thinks Flextronics (NASDAQ: FLEX) stands out as all operating segments topped expectations.

FLEX reported revenue of $6.8B and EPS of $0.35, with revenues at the high end of guidance for $6.2-6.8B and EPS beating the $0.28-0.34 range. Consensus was $6.5B/$0.30. ROIC & FCF were 22.4% & $158M in qtr. All segments met/exceeded rev. expectations.

Growing markets and programs such as connected home, wearables, automotive tech, and optical are helping the story while low-outsouring penetration markets such as medical are putting more projects in the hands of contract manufacturers like FLEX.

GM of 6.7% (ex opt.) +40bps q/q (and 90bps y/y) and 20 bps above our 6.5% expectations on mix (a progressing scenario) based on increasing ramp emphasis and growth in IEI & HRS. Op. margin (ex-opt) of 3.5% up 40bps q/q (and 60bps y/y), in-line with the firm's 3.5% est.

For F4Q, FLEX expects $5.5-6.1B in revs. $0.25-0.31 in non-GAAP EPS, vs. prior cons. of $5.98B/$0.27. Op income to be $175-215M (ex. stock comp). By segment, CTG: -30-35% q/q; INS down mid/high single digits; IEI down mid-single digits; and HRS to be flat q/q.

No change to Buy rating or $14 PT.which is based on ~12x C16 EPS of $1.17.

For an analyst ratings summary and ratings history on Flextronics click here. For more ratings news on Flextronics click here.

Shares of Flextronics closed at $9.53 yesterday.