Flex Reports Third Quarter Fiscal 2023 Results

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Flex announced results for its third quarter ended December 31, 2022.

Third Quarter Fiscal Year 2023 Highlights:

• Net Sales: $7.8 billion
• GAAP Operating Income: $321 million
• Adjusted Operating Income: $372 million
• GAAP Net Income Attributable to Flex Ltd.: $230 million
• Adjusted Net Income: $285 million
• GAAP Earnings Per Share: $0.50
• Adjusted Earnings Per Share: $0.62

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 achieved another strong quarter through the focused efforts of the team, and strong execution against healthy demand," said Revathi Advaithi, CEO of Flex. "I remain confident about the resiliency of our portfolio and our ability to deliver growth and value to our stakeholders."

Fourth Quarter Fiscal 2023 Guidance

• Revenue: $7.0 billion to $7.4 billion
• GAAP Operating Income: $268 million to $298 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: $29.9 billion to $30.3 billion
• GAAP EPS: $1.78 to $1.84
• Adjusted EPS: $2.27 to $2.33 which excludes $0.23 for stock-based compensation expense, $0.15 for net intangible amortization, $0.06 for other charges, and $0.05 for Nextracker LLC series A redeemable preferred units dividends payable in kind.