© flex Electronics Production | March 09, 2020
Flex addresses COVID-19 impact on its 4Q20
Flex says that as a result of the still-evolving COVID-19 situation, it expects fourth quarter fiscal 2020 results to be negatively impacted and the company does not expect to meet its current guidance.
On January 30, 2020, Flex issued fourth quarter fiscal 2020 guidance excluding any potential impact from the COVID-19 outbreak, given that it was still early in a very fluid and dynamic situation. As the company stated in its earnings call, at the onset of the outbreak, Flex activated contingency plans and deployed response teams to take proactive steps with the purpose of protecting the health and safety of its workforce. “Our cross-functional teams have done an amazing job returning more than 80% of our colleagues back to work, in a disciplined and safe manner. On behalf of the Flex leadership team, my sincere thanks to all my Flex colleagues for their commitment to safety and dedication to ramping up production at our China factories,” says Revathi Advaithi, Chief Executive Officer of Flex, in the update. “We are working intently with our supply chain partners and are well-integrated with our customers as we navigate the disruptions from this situation. I am confident that now more than ever, our focus on execution and our ability to move with speed at scale will enable us to navigate through these events with discipline,” Advaithi continues.