Flex reports first quarter Fiscal 2021 Results
“The Flex team delivered strong results in Q1, overcoming the challenges presented by the COVID-19 pandemic,” says CEO Revathi Advaithi.
Revenues during the company’s first quarter fiscal year 2021 amounted to USD 5.15 billion, which was down 6% sequentially in 17% year-over-year. The sequential drop was mainly due mostly to the impact of the automotive shutdowns and a slow ramp in the quarter. First quarter gross profit was USD 303.55 million, compared to 352.75 million during the same period last year. Income before income taxes amounted to USD 67.38 million, compared to USD 64.10 million. Net income ended up at USD 51.82 million during the company’s first quarter, up from USD 44.87 million during the comparison period. “The Flex team delivered strong results in Q1, overcoming the challenges presented by the COVID-19 pandemic. Our ability to deliver better than expected results, even in this difficult environment, is a testament to our disciplined, world-class execution,” says CEO Revathi Advaithi, in a press release. “We continue to make progress on our long-term strategy which has been validated during this dynamic time through our ability to focus and scale to meet the needs of our diverse customer base.” “We made solid progress on driving efficiencies and reducing costs during the quarter which better positions the company to effectively manage through this environment,” adds Chris Collier, Chief Financial Officer of Flex. “We anticipate a sequential recovery for all of our end markets in the second quarter of fiscal 2021, however we expect overall revenue to be under pressure due to the uncertainty of the crisis. We will continue to make sequential improvements in profitability and adjusted earnings per share.” For the second quarter of fiscal 2021 the company has a revenue guidance of USD 5.4 billion to USD 5.7 billion.