07.28.17
Flex announced results for its first quarter ended June 30, 2017.
Net sales for the first quarter ended June 30, 2017 were just over $6.0 billion, growing 2% year-over-year and within the guidance range of $5.7 to $6.1 billion. GAAP income before income taxes was $146 million for the quarter and adjusted operating income was $178 million, within the range of guidance of $170 million to $200 million. GAAP net income was approximately $125 million and adjusted net income for the quarter was $128 million. GAAP EPS was $0.23 for the quarter and non-GAAP EPS was $0.24 for the quarter.
“Our Sketch-to-Scale strategy remains firmly on track as reflected in our first quarter results, which were within guidance ranges,” said Mike McNamara, CEO at Flex. “While fiscal 2018 is an investment year, we continue to evolve our portfolio and enter and create new markets that will generate meaningful value and expand the company’s total available market.”
For the three-month period ended June 30, 2017, Flex generated cash from operations of approximately $138 million and free cash flow of $19 million. Flex ended the quarter with nearly $1.6 billion of cash on hand and total debt of $3.0 billion. The balance sheet remains strong and is well positioned to support the business over the long term.
For the second quarter ending September 29, 2017, revenue is expected to be in the range of $5.9 to $6.3 billion, GAAP EPS is expected to be in the range of $0.16 to $0.20 and includes stock-based compensation expense and intangible amortization.
Net sales for the first quarter ended June 30, 2017 were just over $6.0 billion, growing 2% year-over-year and within the guidance range of $5.7 to $6.1 billion. GAAP income before income taxes was $146 million for the quarter and adjusted operating income was $178 million, within the range of guidance of $170 million to $200 million. GAAP net income was approximately $125 million and adjusted net income for the quarter was $128 million. GAAP EPS was $0.23 for the quarter and non-GAAP EPS was $0.24 for the quarter.
“Our Sketch-to-Scale strategy remains firmly on track as reflected in our first quarter results, which were within guidance ranges,” said Mike McNamara, CEO at Flex. “While fiscal 2018 is an investment year, we continue to evolve our portfolio and enter and create new markets that will generate meaningful value and expand the company’s total available market.”
For the three-month period ended June 30, 2017, Flex generated cash from operations of approximately $138 million and free cash flow of $19 million. Flex ended the quarter with nearly $1.6 billion of cash on hand and total debt of $3.0 billion. The balance sheet remains strong and is well positioned to support the business over the long term.
For the second quarter ending September 29, 2017, revenue is expected to be in the range of $5.9 to $6.3 billion, GAAP EPS is expected to be in the range of $0.16 to $0.20 and includes stock-based compensation expense and intangible amortization.