Flex Reports 7% Revenue Growth in Q1 FY2019


Reading time ( words)

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.

About Flex

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.

Share

Print


Suggested Items

Laserssel Brings High-speed Soldering to New Application Areas

06/10/2019 | Barry Matties, I-Connect007
In this interview with I-Connect007, Denis Barbini, general manager of Laserssel, talks about the company's new laser-selective reflow solution aimed at reducing a typical reflow oven’s 10-minute cycle down to just 10 seconds as well as the overall benefits manufacturers could see from streamlining this process.

Flex Circuit Supply Chain Challenges

02/13/2019 | Stephen Las Marias, I-Connect007
In our recent Flex and Rigid-Flex survey, we asked the following question: "Do you have problems with your flex circuit supply chain?" Below are just a few of the explanations of those who answered "Yes", slightly edited for clarity.

Top 10 Most-Read SMT Interviews of 2018

01/04/2019 | Stephen Las Marias, I-Connect007
We continue our top 10 lists, this time with the most-read SMT interviews in 2018. Topping the list is an interview with Joe O’Neil and Matthew Becker of Power Design Services (PDS), along with Ted Park of Green Circuits, who announced their merger last year.



Copyright © 2019 I-Connect007. All rights reserved.