FLEX Reports Fourth Quarter and Fiscal
Fourth Quarter Fiscal Year 2023 Highlights:
- Net Sales: $7.5 billion
- GAAP Operating Income: $266 million
- Adjusted Operating Income: $364 million
- GAAP Net Income attributable to Flex Ltd.: $142 million
- Adjusted Net Income attributable to Flex Ltd.: $261 million
- GAAP Earnings Per Share: $0.31
- Adjusted Earnings Per Share: $0.57 which includes $0.03 impact of noncontrolling interest expense from the Nextracker IPO
Fiscal Year 2023 Results of Operations:
- Net Sales: $30.3 billion
- GAAP Operating Income: $1,184 million
- Adjusted Operating Income: $1,442 million
- GAAP Net Income attributable to Flex Ltd.: $793 million
- Adjusted Net Income attributable to Flex Ltd.: $1,090 million
- GAAP Earnings Per Share: $1.72
- Adjusted Earnings Per Share: $2.36 which includes $0.03 impact of noncontrolling interest expense from the Nextracker IPO
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.
“We delivered a very strong year, growing revenue 17% year-over-year, as we continue to navigate the current environment as well as make progress towards our longer term strategic goals,” said Revathi Advaithi, CEO of Flex. “As we’ve consistently demonstrated over the last few years, our team’s focused execution has set us up well to create shareholder value as we look to fiscal 2024 and beyond.”
First Quarter Fiscal 2024 Guidance
- Revenue: $7.0 billion to $7.5 billion
- GAAP Operating Income: $258 million to $288 million
- Adjusted Operating Income: $320 million to $350 million
- GAAP EPS: $0.35 to $0.41
- Adjusted EPS: $0.47 to $0.53 which includes $0.03 to $0.04 impact of noncontrolling interest expense from the Nextracker IPO, and excludes $0.09 for stock-based compensation expense, and $0.03 for net intangible amortization.
Fiscal Year 2024 Guidance
- Revenue: $30.5 billion to $31.5 billion
- GAAP EPS: $1.90 to $2.10
- Adjusted EPS: $2.35 to $2.55 which includes $0.17 to $0.19 impact of noncontrolling interest expense from the Nextracker IPO, and excludes $0.35 for stock-based compensation expense, $0.13 for net intangible amortization, offset by ($0.03) for noncontrolling interests share of subsidiary’s non-GAAP adjustments.
