Flex Reports Second Quarter Fiscal 2022 Results

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Flex announced results for its second quarter ended October 1, 2021. 

Second Quarter Fiscal Year 2022 Highlights:

• Net Sales: $6.2 billion
• GAAP Operating Income: $237 million
• Adjusted Operating Income: $286 million
• GAAP Net Income: $336 million
• Adjusted Net Income: $233 million
• GAAP Earnings Per Share: $0.69 which includes $0.30 non-cash income related to a favorable operational tax ruling
• Adjusted Earnings Per Share: $0.48

“Our fiscal second quarter was another strong result for Flex, achieving year over year revenue growth in our Agility and Reliability segments, as well as EPS and margin expansion. I would like to thank our team for their exceptional execution, managing through the supply chain challenges,” said Revathi Advaithi, Flex Chief Executive Officer. “We remain focused on driving profitable growth and margin expansion through organic and inorganic investments.”

Third Quarter Fiscal 2022 Guidance

• Revenue: $6.1 billion to $6.5 billion
• GAAP Operating Income: $210 million to $250 million
• Adjusted Operating Income: $250 million to $290 million
• GAAP EPS: $0.30 to $0.36 which includes $0.05 for stock-based compensation expense and $0.03 for net intangible amortization
• Adjusted EPS: $0.38 to $0.44

Fiscal Year 2022 Guidance Updated 

• Revenue: $24.8 billion to $25.8 billion
• GAAP EPS: $1.71 to $1.86 which includes $0.19 for stock-based compensation expense and $0.11 for net intangible amortization offset by ($0.31) for restructuring and other gains primarily related to $0.30 non-cash income from a favorable operational tax ruling recorded in Q2FY22
• Adjusted EPS: $1.70 to $1.85