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© jakub krechowicz dreamstime.com Electronics Production | January 29, 2018

Fourth straight quarter of accelerating YoY revenue growth for Flex

Quarterly revenues for Flex amounted to USD 6. 67 billion during the company's third quarter or fiscal year 2018, an increase 10% year-over-year.
“Our third quarter displayed continued revenue growth acceleration and the advancement of our portfolio evolution,” said Mike McNamara, CEO at Flex. “This marked our fourth straight quarter of accelerating year-over-year revenue growth, with all four of our business groups beating the mid-point of their revenue guidance ranges. In addition, both our HRS and IEI businesses set new records for quarterly revenue and adjusted operating profits.”

Net sales for the third quarter ended December 31, 2017 were USD 6.75 billion, growing 10% YoY from USD 6.11 billion and above the high end of the guidance range of USD 6.3 to USD 6.7 billion.

GAAP income before income taxes was USD 141 million for the quarter and adjusted operating income was USD 220 million. GAAP net income was approximately USD 118 million and adjusted net income for the quarter was USD 164 million.

Fourth Quarter Fiscal Year 2018 Guidance

Flex plans to initiate targeted restructuring activities during its fourth quarter of fiscal 2018. The aims of this is to make the company faster and more responsive. While a detailed action plan has not been finalised, Flex expects to incur a minimum charge of USD 50 million in the fourth quarter.

For the fourth quarter ending March 31, 2018, revenue is expected to be in the range of USD 6.1 to USD 6.5 billion.

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July 18 2018 5:55 pm V10.0.0-2