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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
