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FLEX REPORTS THIRD QUARTER FISCAL 2024 RESULTS
AUSTIN, Texas, Jan. 31, 2024 /PRNewswire/ -- Flex (NASDAQ: FLEX) today announced results for its third quarter ended December 31, 2023. Third Quarter Fiscal
About this update from Nextpower Inc.
AUSTIN, Texas, Jan. 31, 2024 /PRNewswire/ -- Flex (NASDAQ: FLEX) today announced results for its third quarter ended December 31, 2023. Third Quarter Fiscal Year 2024 Highlights: Net Sales: $7.1 billionGAAP Operating Income: $348 millionAdjusted Operating Income: $477 millionGAAP Net Income attributable to Flex Ltd: $197 millionAdjusted Net Income attributable to Flex Ltd: $309 millionGAAP Earnings Per Share: $0.45Adjusted Earnings Per Share: $0.71An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules II and V attached to this press release. "Overall, fiscal Q3 was another quarter of strong execution," said Revathi Advaithi, CEO of Flex. "We continue to deliver on our commitments, and we are very well positioned in markets with strong, long-term secular drivers." Fourth Quarter Fiscal 2024 Guidance Fourth quarter FY24 guidance excludes Flex's 51.47% economic interest in Nextracker, which reflects the January 2, 2024 spin-off of all of Flex's remaining interest in Nextracker. Revenue: $5.8 billion to $6.4 billionGAAP Operating Income: $252 million to $302 millionAdjusted Operating Income: $305 million to $355 millionGAAP EPS: $0.38 to $0.48.Adjusted EPS: $0.50 to $0.60 which excludes $0.07 for stock-based compensation expense, $0.03 for net intangible amortization, and $0.02 for net restructuring charges.Fiscal Year 2024 Guidance Updated - Total Flex Fiscal year 2024 guidance includes Flex's economic interest in Nextracker for Q1 through Q3 FY24, and excludes it from Q4 FY24, which reflects the January 2, 2024 spin-off of all of Flex's remaining interest in Nextracker. Revenue: $27.7 billion to $28.3 billionGAAP EPS: $1.77 to $1.87Adjusted EPS: $2.47 to $2.57 which excludes $0.35 for stock-based compensation expense, $0.24 for net restructuring charges and $0.13 for net intangible amortization, offset by ($0.02) for tax, noncontrolling interest share of subsidiary's non-GAAP adjustments and other, compared to GAAP earnings per share.In addition, we are providing fiscal year 2024 guidance for Core Flex to provide further transparency in our core business trends. Core Flex represents Flex, excluding Flex's economic interest in Nextracker for the entire FY2024. Core Flex is a non-GAAP measure that does not reflect discontinued operations presentation under GAAP. Fiscal Year 2024 Guidance – Core Fl...