Flex Reports 1Q Fiscal Year 2024 Results

Flex announced results for its first quarter ended June 30, 2023.

First Quarter Fiscal Year 2024 Highlights:
• Net Sales: $7.3 billion
• GAAP Operating Income: $291 million
• Adjusted Operating Income: $377 million
• GAAP Net Income attributable to Flex Ltd: $186 million
• Adjusted Net Income attributable to Flex Ltd: $258 million
• GAAP Earnings Per Share: $0.41
• Adjusted Earnings Per Share: $0.57

“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.”

Second Quarter Fiscal 2024 Guidance
• Revenue: $7.3 billion to $7.7 billion
• GAAP Operating Income: $316 million to $346 million
• Adjusted Operating Income: $370 million to $400 million
• GAAP EPS: $0.44 to $0.49
• Adjusted 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
• Revenue: $30.5 billion to $31.5 billion
• GAAP EPS: $1.87 to $2.07
• Adjusted 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.