Business
FLEX REPORTS FIRST QUARTER FISCAL 2024 RESULTS
AUSTIN, Texas, July 26, 2023 /PRNewswire/ -- Flex (NASDAQ: FLEX) today announced results for its first quarter ended June 30, 2023. First Quarter Fiscal Year
About this update from Flex Ltd.
[{"type":"text","content":"AUSTIN, Texas, July 26, 2023 /PRNewswire/ -- Flex (NASDAQ: FLEX) today announced results for its first quarter ended June 30, 2023.\nFirst Quarter Fiscal Year 2024 Highlights:\nNet Sales: $7.3 billionGAAP Operating Income: $291 millionAdjusted Operating Income: $377 millionGAAP Net Income attributable to Flex Ltd: $186 millionAdjusted Net Income attributable to Flex Ltd: $258 millionGAAP Earnings Per Share: $0.41Adjusted Earnings Per Share: $0.57An 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\"Our results this quarter demonstrate the strength of our diverse portfolio from a product, customer, and geographic perspective,\" said Revathi Advaithi, CEO of Flex. \"The many long-term secular trends and the solid foundation of our business give us confidence that we'll continue to effectively navigate a dynamic macro-environment, drive growth, and deliver value.\"\nSecond Quarter Fiscal 2024 Guidance \nRevenue: $7.3 billion to $7.7 billionGAAP Operating Income: $316 million to $346 millionAdjusted Operating Income: $370 million to $400 millionGAAP EPS: $0.44 to $0.49Adjusted EPS: $0.55 to $0.60 which includes $0.08 for stock-based compensation expense, $0.04 for net intangible amortization, offset by ($0.01) for noncontrolling interest share of subsidiary's non-GAAP adjustments.Fiscal Year 2024 Guidance Updated\nRevenue: $30.5 billion to $31.5 billionGAAP EPS: $1.87 to $2.07Adjusted EPS: $2.35 to $2.55 which includes $0.34 for stock-based compensation expense, $0.13 for net intangible amortization, and $0.04 for net restructuring charges, offset by ($0.03) noncontrolling interest share of subsidiary's non-GAAP adjustments.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 2024 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 collect...