© flex Electronics Production | May 02, 2019

Flex with quarterly GAAP Net Loss of USD 64 million

Flex announced fourth quarter (ended March 31, 2019) net sales of USD 6.2 billion, a YoY revenue decline of 3 percent.

“During the quarter, we expanded adjusted operating margins on slightly lower revenues, improved the quality of our sales mix, generated free cash flow, and continued to streamline our investment portfolio,” said Revathi Advaithi, CEO of Flex, in a press release. “We achieved adjusted EPS within our target range. These results reflect our unrelenting commitment to customers and our intense focus on disciplined execution within our core businesses.” Advaithi continued, “During fiscal 2019, Flex grew revenue $865 million or 3% to $26.3 billion, increased adjusted operating income dollars by $86 million or 11% to $872 million, expanded adjusted operating margin to 3.3% from 3.1%, and had a 4.6% increase in adjusted EPS to $1.14 from $1.09.” Quarterly GAAP Loss Before Income Taxes stood at USD 36 million, with Adjusted Operating Income reaching USD 204 million. GAAP Net Loss stood at USD 64 million with Adjusted Net Income reaching USD 141 million. The fiscal year 2019 (ended March 31, 2019), looks as follows: All four business sectors reported flat to growing revenue, with Communications and Enterprise Compute leading by reporting year over year revenue growth of 8 percent. This is followed by Industrial and Emerging Industries with year over year revenue growth of 4 percent. High Reliability Solutions and Consumer Technologies Group both report a rather flat development with year over year revenue growth of 1 percent and 0 percent respectively.
  • Net Sales: USD 26.3 billion, year over year revenue up 3 percent
  • GAAP Income Before Income Taxes: USD 182 million
  • Adjusted Operating Income: USD 872 million
  • GAAP Net Income: USD 93 million
  • Adjusted Net Income: USD 603 million
“For fiscal 2020, we will be focused on driving disciplined sustainable execution around customer performance, growth and margins, along with managing our product mix and returning to historical free cash flow levels,” said Advaithi. Guidance for 1Q/2020 was also issued and looks as follows: Revenue expected to be between USD 6.1 and 6.5 billion, GAAP Income Before Income Taxes between USD 110 and 130 million and Adjusted Operating Income is estimated to be between USD 195 and 225 million.
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January 22 2020 9:08 pm V15.4.0-1