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Flex Reports Q1 Fiscal 2024 Results
July 28, 2023 | FlexEstimated reading time: 1 minute
Flex announced results for its first quarter ended June 30, 2023.
First Quarter Fiscal Year 2024 Highlights:
- Net Sales: $7.3 billion
- GAAP Operating Income: $291 million
- Adjusted Operating Income: $377 million
- GAAP Net Income attributable to Flex Ltd: $186 million
- Adjusted Net Income attributable to Flex Ltd: $258 million
- GAAP Earnings Per Share: $0.41
- Adjusted Earnings Per Share: $0.57
- 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.
"Our results this quarter demonstrate the strength of our diverse portfolio from a product, customer, and geographic perspective," said Revathi Advaithi, CEO of Flex. "The many long-term secular trends and the solid foundation of our business give us confidence that we'll continue to effectively navigate a dynamic macro-environment, drive growth, and deliver value."
Second Quarter Fiscal 2024 Guidance
- Revenue: $7.3 billion to $7.7 billion
- GAAP Operating Income: $316 million to $346 million
- Adjusted Operating Income: $370 million to $400 million
- GAAP EPS: $0.44 to $0.49
- Adjusted EPS: $0.55 to $0.60 which includes $0.08 for stock-based compensation expense, $0.04 for net intangible amortization, offset by ($0.01) for noncontrolling interest share of subsidiary's non-GAAP adjustments.
Fiscal Year 2024 Guidance Updated
- Revenue: $30.5 billion to $31.5 billion
- GAAP EPS: $1.87 to $2.07
- Adjusted EPS: $2.35 to $2.55 which includes $0.34 for stock-based compensation expense, $0.13 for net intangible amortization, and $0.04 for net restructuring charges, offset by ($0.03) noncontrolling interest share of subsidiary's non-GAAP adjustments.
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