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Flex reports first quarter fiscal 2021 results and second quarter guidance

Highlights:

  • Net Sales: $5.2 billion
  • GAAP Income Before Income Taxes: $67 million
  • Adjusted Operating Income: $163 million
  • GAAP Net Income: $52 million
  • Adjusted Net Income: $116 million
  • GAAP Earnings Per Share: $0.10
  • Adjusted Earnings Per Share: $0.23

“The Flex team delivered strong results in Q1, overcoming the challenges presented by the COVID-19 pandemic. Our ability to deliver better than expected results, even in this difficult environment, is a testament to our disciplined, world-class execution,” said Revathi Advaithi, Chief Executive Officer of Flex. “We continue to make progress on our long-term strategy which has been validated during this dynamic time through our ability to focus and scale to meet the needs of our diverse customer base.”

“We made solid progress on driving efficiencies and reducing costs during the quarter which better positions the company to effectively manage through this environment,” added Chris Collier, Chief Financial Officer of Flex. “We anticipate a sequential recovery for all of our end markets in the second quarter of fiscal 2021, however we expect overall revenue to be under pressure due to the uncertainty of the crisis. We will continue to make sequential improvements in profitability and adjusted earnings per share.”

Second Quarter Fiscal 2021 Guidance

  • Revenue: $5.4 billion to $5.7 billion
  • GAAP Income Before Income Taxes: $35 million to $70 million
  • Adjusted Operating Income: $180 million to $220 million
  • GAAP EPS: $0.05 to $0.11 which includes $0.07 for stock-based compensation expense and net intangible amortization and $0.13 for estimated restructuring and other charges
  • Adjusted EPS: $0.25 to $0.31

 

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