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EMS firm Flex Ltd has posted revenue of $6.4 billion for the first quarter ended June 29, 2018, up by 7% year-over-year.
"This marked the sixth straight quarter of year-over-year revenue growth reflecting a balanced and diversified service offering that enables integrated industry solutions," said Mike McNamara, CEO at Flex. "We adopted the new revenue recognition standard, ASU 2014-09 ‘Revenue from Contracts with Customers (Topic 606)’ starting April 1, 2018. Our net sales for Q1 fiscal year 2019 without the adoption impact were $6.5 billion and within the guidance range of $6.3 to $6.7 billion, which also excluded the impact from adoption of the new revenue recognition standard. GAAP income before income taxes was $142 million for the quarter and adjusted operating income was $188 million, above the midpoint of the guidance range of $170 million to $200 million. GAAP net income was $116 million and adjusted net income for the quarter was $128 million. GAAP net income per share was $0.22 for the quarter and adjusted EPS was $0.24 for the quarter."
Flex ended the quarter with over $1.25 billion of cash on hand and total debt of approximately $2.9 billion. The balance sheet remains well-positioned to support the business over the long-term.
For the second quarter ending September 28, 2018, revenue is expected to be in the range of $6.6 to $7.0 billion. Adjusted EPS is expected to be in the range of $0.26 to $0.30 per diluted share. GAAP EPS is expected to be in the range of $0.18 to $0.22 and includes stock-based compensation expense and intangible amortization.
Flex Ltd. (Reg. No. 199002645H) is the Sketch-to-Scale solutions provider that designs and builds Intelligent Products for a Connected World. With approximately 200,000 professionals across 30 countries, Flex provides innovative design, engineering, manufacturing, real-time supply chain insight and logistics services to companies of all sizes in various industries and end-markets. For more information, visit flex.com.