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Quarterly revenue of $6.4 billion, increased 7% year-over-year.
July 30, 2018
By: DAVID SAVASTANO
Contributing Editor, Coatings World and Ink World
Flex announced results for its first quarter ended June 29, 2018. Net sales for the first quarter ended June 29, 2018 were $6.4 billion, growing 7% year-over-year. Net 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. “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. 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.
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