© flex Electronics Production | July 28, 2017
Flex with USD 6bn in quarterly revenue
Flex announced net sales for the first quarter (ended June 30, 2017) were just over USD 6.0 billion, growing 2 percent year-over-year and within the guidance range of USD 5.7 to 6.1 billion.
“Our Sketch-to-Scale strategy remains firmly on track as reflected in our first quarter results which were within guidance ranges,” said Mike McNamara, CEO at Flex. “While fiscal 2018 is an investment year, we continue to evolve our portfolio and enter and create new markets that will generate meaningful value and expand the Company’s total available market.” GAAP income before income taxes was USD 146 million for the quarter and adjusted operating income was USD 178 million, within the range of guidance of USD 170 million to 200 million. GAAP net income was approximately USD 125 million and adjusted net income for the quarter was USD 128 million. GAAP EPS was USD 0.23 for the quarter and non-GAAP EPS was $0.24 for the quarter. Second Quarter Fiscal Year 2018 Guidance For the second quarter ending September 29, 2017, revenue is expected to be in the range of USD 5.9 to 6.3 billion, GAAP EPS is expected to be in the range of USD 0.16 to 0.20 and includes stock-based compensation expense and intangible amortization. Adjusted EPS is expected to be in the range of USD 0.24 to 0.28 per diluted share and reflects the increased level of investment.