Flex Reports Q4, Fiscal 2021 Results

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Flex announced results for its fourth quarter and fiscal year ended March 31, 2021.

Fourth Quarter Fiscal Year 2021 Highlights:

• Net Sales: $6.3 billion
• GAAP Income Before Income Taxes: $260 million
• Adjusted Operating Income: $310 million
• GAAP Net Income: $240 million
• Adjusted Net Income: $248 million
• GAAP Earnings Per Share: $0.47
• Adjusted Earnings Per Share: $0.49

Fiscal Year 2021 Results of Operations: 

• Net Sales: $24.1 billion
• GAAP Income Before Income Taxes: $714 million
• Adjusted Operating Income: $1.0 billion
• GAAP Net Income: $613 million
• Adjusted Net Income: $795 million
• GAAP Earnings Per Share: $1.21
• Adjusted Earnings Per Share: $1.57

An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules II and V attached to this press release.

“We are very pleased with our strong fourth quarter results,” said Revathi Advaithi, Chief Executive Officer for Flex. “Our progress on our multi-year transformation during fiscal 2021 is reflected in our overall solid performance during a very challenging global environment this past year, and I am confident that we will continue our positive momentum in FY22.”

First Quarter Fiscal Year 2022 Guidance

• Revenue: $5.9 billion to $6.3 billion
• GAAP Income Before Income Taxes: $160 million to $200 million
• Adjusted Operating Income: $240 million to $280 million
• GAAP EPS: $0.26 to $0.32 which includes $0.05 for stock-based compensation expense and $0.03 for net intangible amortization
• Adjusted EPS: $0.34 to $0.40

Fiscal Year 2022 Guidance

• Revenue: $25 billion to $26 billion
• GAAP EPS: $1.30 to $1.45 which includes $0.21 for stock-based compensation expense and $0.09 for net intangible amortization
• Adjusted EPS: $1.60 to $1.75