Business
FLEX REPORTS FIRST QUARTER FISCAL 2025 RESULTS, ANNOUNCES CHIEF FINANCIAL OFFICER TRANSITION
AUSTIN, Texas, July 24, 2024 /PRNewswire/ -- Flex (NASDAQ: FLEX) today announced results for its first quarter ended June 28, 2024. First Quarter Fiscal Year
About this update from Flex Ltd.
[{"type":"text","content":"AUSTIN, Texas, July 24, 2024 /PRNewswire/ -- Flex (NASDAQ: FLEX) today announced results for its first quarter ended June 28, 2024.\nFirst Quarter Fiscal Year 2025 Highlights:\nNet Sales: $6.3 billionGAAP Operating Income: $233 millionAdjusted Operating Income: $306 millionGAAP Net Income attributable to Flex Ltd: $139 millionAdjusted Net Income attributable to Flex Ltd: $211 millionGAAP Earnings Per Share: $0.34Adjusted Earnings Per Share: $0.51An 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\"We delivered another solid quarter, including year-over-year margin expansion and EPS growth,\" said Revathi Advaithi, CEO of Flex. \"Our results show we continue to navigate through the dynamic cycle and drive value to our stakeholders.\" \nSecond Quarter Fiscal 2025 Guidance \nRevenue: $6.2 billion to $6.8 billionGAAP Operating Income: $257 million to $297 millionAdjusted Operating Income: $310 million to $350 millionGAAP EPS: $0.40 to $0.48.Adjusted EPS: $0.52 to $0.60 which excludes $0.08 for stock-based compensation expense, $0.03 for net intangible amortization, and $0.01 for net restructuring chargesFiscal Year 2025 Guidance\nRevenue: $25.4 billion to $26.4 billionGAAP EPS: $1.60 to $1.80Adjusted EPS: $2.30 to $2.50 which excludes $0.32 for stock-based compensation expense, $0.25 for net restructuring charges, and $0.13 for net intangible amortizationFlex, today also announced that Paul Lundstrom will step down as Chief Financial Officer effective July 31, 2024 to pursue an opportunity outside of Flex. \nAt that time, Jaime Martinez will assume the role of Interim Chief Financial Officer. Mr. Martinez has over 20 years of experience with Flex, and has held various finance leadership roles, including financial planning and analysis, commercial, and operations.\n\"Paul has been a trusted partner and exceptional leader at Flex over the past four years,\" said Revathi Advaithi, CEO, Flex. \"He has played a key role in delivering on our strategy, driving discipline across the organization, and creating value for our shareholders. On behalf of the Board of Directors and our entire team, I thank him for his many contributions and wish him well in his future endeavors.\"\nFlex has initiated an executive search process to identify...