Flex Reports Q1 Fiscal 2022 Results

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Flex announced results for its first quarter ended July 2, 2021. 

First Quarter Fiscal Year 2022 Highlights: 

• Net Sales: $6.3 billion
• GAAP Income Before Income Taxes: $233 million
• Adjusted Operating Income: $290 million
• GAAP Net Income: $206 million
• Adjusted Net Income: $230 million
• GAAP Earnings Per Share: $0.41
• Adjusted Earnings Per Share: $0.46

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

“Flex’s strong first-quarter performance exceeded our prior expectations due to broad-based demand across our portfolio and solid execution, delivering record Q1 adjusted operating margin and EPS ” said Revathi Advaithi, Flex Chief Executive Officer. “We remain focused on driving profitable growth through disciplined execution and our differentiated capabilities.” 

Second Quarter Fiscal 2022 Guidance: 

• Revenue: $6.1 billion to $6.5 billion
• GAAP Income Before Income Taxes: $175 million to $210 million
• Adjusted Operating Income: $250 million to $290 million
• GAAP EPS: $0.29 to $0.35 which includes $0.05 for stock-based compensation expense and $0.03 for net intangible amortization
• Adjusted EPS: $0.37 to $0.43

 
Fiscal Year 2022 Guidance updated:

• Revenue: $25.5 billion to $26.5 billion
• GAAP EPS: $1.42 to $1.57 which includes $0.19 for stock-based compensation expense and $0.09 for net intangible amortization
• Adjusted EPS: $1.70 to $1.85