Flex (NASDAQ: FLEX) announced results for its third quarter ended December 31, 2019.
Third Quarter Fiscal 2020 Highlights:
- Net Sales: $6.5 billion, year over year revenue down 7 percent
- GAAP Income Before Income Taxes: $145 million
- Adjusted Operating Income: $256 million
- GAAP Net Income: $111 million
- Adjusted Net Income: $193 million
- GAAP Earnings Per Share: $0.22
- Adjusted EPS: $0.38
“Our third quarter fiscal year 2020 performance resulted in record adjusted EPS, improved adjusted margins and greater adjusted free cash flow generation. These results validate our continued transition as we manage our portfolio mix, operate with disciplined execution, and pursue design-led manufacturing. There is still work to do, but our consistent performance over the last 3 quarters has positioned us well on the path to profitable growth,” said Revathi Advaithi, CEO of Flex.
Flex ended the quarter with approximately $1.8 billion of cash on hand and reduced total debt by approximately $200.3 million sequentially to approximately $2.8 billion.
The Company remains committed to using share buy-backs to enhance shareholder returns and repurchased approximately $61 million and $173 million of ordinary shares during the three-month and nine-month periods ended December 31, 2019.