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FLEX REPORTS FIRST QUARTER FISCAL 2023 RESULTS
SAN JOSE, Calif., July 27, 2022 /PRNewswire/ -- Flex (NASDAQ: FLEX) today announced results for its first quarter ended July 1, 2022. First Quarter Fiscal
About this update from Flex Ltd.
[{"type":"text","content":"SAN JOSE, Calif., July 27, 2022 /PRNewswire/ -- Flex (NASDAQ: FLEX) today announced results for its first quarter ended July 1, 2022.\nFirst Quarter Fiscal Year 2023 Highlights:\nNet Sales: $7.3 billionGAAP Operating Income: $272 millionAdjusted Operating Income: $330 millionGAAP Net Income Attributable to Flex Ltd.: $189 millionAdjusted Net Income: $255 millionGAAP Earnings Per Share: $0.40Adjusted Earnings Per Share: $0.54An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules II and V attached to this press release.\n\"The Flex team reached another milestone this quarter, achieving record adjusted EPS as well as delivering strong growth,\" said Revathi Advaithi, CEO, Flex. \"The Company's diverse portfolio and global footprint coupled with multiple demand drivers across our served markets positions Flex for continued growth.\"\nSecond Quarter Fiscal 2023 Guidance \nRevenue: $7.0 billion to $7.4 billionGAAP Operating Income: $265 million to $295 millionAdjusted Operating Income: $315 million to $345 millionGAAP EPS: $0.37 to $0.43Adjusted EPS: $0.48 to $0.54 which excludes $0.06 for stock-based compensation expense, $0.04 for net intangible amortization, and $0.01 for Nextracker LLC series A redeemable preferred units dividends payable in kindFiscal Year 2023 Guidance Updated\nRevenue: $28.4 billion to $29.4 billionGAAP EPS: $1.63 to $1.78Adjusted EPS: $2.09 to $2.24 which excludes $0.23 for stock-based compensation expense and $0.15 for net intangible amortization, $0.05 Nextracker LLC series A redeemable preferred units dividends payable in kind, and $0.03 primarily for certain legal and other charges recorded in Q1FY23.Webcast and Conference Call\nThe Flex management team will host a conference call today at 1:30 PM (PT) / 4:30 PM (ET), to review first quarter fiscal 2023 results. A live webcast of the event and slides will be available on the Flex Investor Relations website at http://investors.flex.com. An audio replay and transcript will also be available after the event on the Flex Investor Relations website.\nAbout Flex\nFlex (Reg. No. 199002645H) is the diversified manufacturing partner of choice that helps market-leading brands design, build and deliver innovative products that improve the world. Through the collective strength of a global workforce across ...