Flex Reports Third Quarter Fiscal 2021 Results And Is Reviewing Alternatives For NEXTracker
SAN JOSE, Calif.– Flex (NASDAQ: FLEX) announced results for its third quarter ended December 31, 2020.
Third Quarter Fiscal Year 2021 Highlights:
- Net Sales: $6.7 billion
- GAAP Income Before Income Taxes: $233 million
- Adjusted Operating Income: $311 million
- GAAP Net Income: $208 million
- Adjusted Net Income: $251 million
- GAAP Earnings Per Share: $0.41
- Adjusted Earnings Per Share: $0.49
An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules II and V attached to this press release.
“Flex’s strong third quarter performance exceeded our prior expectations, as robust demand across our portfolio drove solid revenue growth. Furthermore, our operational focus and disciplined execution delivered record adjusted operating margin and EPS,” said Revathi Advaithi, Chief Executive Officer of Flex. “These results validate our ongoing strategy to drive margin-accretive growth, manage business mix, improve profitability, and generate free cash flow.”
The Company is actively pursuing alternatives for our NEXTracker business. The Company is considering options that may include, among others, a full or partial separation of the business through an initial public offering, sale, spin-off, or other transaction.
Fourth Quarter Fiscal 2021 Guidance
- Revenue: $5.6 billion to $6.0 billion
- GAAP Income Before Income Taxes: $145 million to $185 million
- Adjusted Operating Income: $225 million to $265 million
- GAAP EPS: $0.24 to $0.30 which includes $0.08 for stock-based compensation expense and net intangible amortization
- Adjusted EPS: $0.32 to $0.38
Webcast and Conference Call
The Flex management team will host a conference call today at 8:00 AM (PT) / 11:00 AM (ET), to review third quarter fiscal 2021 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.