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© designersart dreamstime.com Electronics Production | October 30, 2017

Flex: ‘We had impressive revenue performance across the board’

The manufacturer saw its second quarter net sales grow 4% YoY to USD 6.3 billion, topping the high end of the company’s guidance range of USD 5.9 to USD 6.3 billion.
“Our results this quarter strongly indicate Flex’s top-line growth, structural portfolio evolution, and capital return all remain on track,” said Mike McNamara, CEO at Flex. “We had impressive revenue performance across the board, growing for the third consecutive quarter on a year-over-year basis, with revenue for all four business groups above the midpoint of their respective guidance ranges.”

As stated earlier, the company’s net sales were USD 6.3 billion during the second quarter of 2017, and increase from USD 6.0 billion during the same period last year. GAAP income before income taxes was USD 218 million (2Q16 USD 15 million) for the quarter and adjusted operating income was USD 188 million (2Q16 187 million).

GAAP net income was approximately USD 205 million, a significant leap from USD -3 million during the second quarter in 2016. Adjusted net income for the quarter was USD 142 million, compared with USD 152 million during the same period last year.
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December 13 2018 1:08 pm V11.10.14-1