Flex Reports First Quarter Fiscal 2023 Results

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Flex announced results for its first quarter ended July 1, 2022.

First Quarter Fiscal Year 2023 Highlights:

• Net Sales: $7.3 billion
• GAAP Operating Income: $272 million
• Adjusted Operating Income: $330 million
• GAAP Net Income Attributable to Flex Ltd.: $189 million
• Adjusted Net Income: $255 million
• GAAP Earnings Per Share: $0.40

Adjusted Earnings Per Share: $0.54

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.

"The Flex team reached another milestone this quarter, achieving record adjusted EPS as well as delivering strong growth," said Revathi Advaithi, CEO, Flex. "The Company's diverse portfolio and global footprint coupled with multiple demand drivers across our served markets positions Flex for continued growth."

Second Quarter Fiscal 2023 Guidance

• Revenue: $7.0 billion to $7.4 billion
• GAAP Operating Income: $265 million to $295 million
• Adjusted Operating Income: $315 million to $345 million
• GAAP EPS: $0.37 to $0.43
• Adjusted EPS: $0.48 to $0.54 which excludes $0.06 for stock-based compensation expense, $0.04 for net intangible amortization, and $0.01 for Nextracker LLC series A redeemable preferred units dividends payable in kind

Fiscal Year 2023 Guidance Updated 

• Revenue: $28.4 billion to $29.4 billion
• GAAP EPS: $1.63 to $1.78
• Adjusted EPS: $2.09 to $2.24 which excludes $0.23 for stock-based compensation expense and $0.15 for net intangible amortization, $0.05 Nextracker LLC series A redeemable preferred units dividends payable in kind, and $0.03 primarily for certain legal and other charges recorded in Q1FY23.