Flex (NASDAQ: FLEX) announced results for its second quarter ended September 30, 2022.
Second Quarter Fiscal Year 2023 Highlights:
- Net Sales: $7.8 billion
- GAAP Operating Income: $325 million
- Adjusted Operating Income: $375 million
- GAAP Net Income Attributable to Flex Ltd.: $232 million
- Adjusted Net Income: $289 million
- GAAP Earnings Per Share: $0.50
- Adjusted Earnings Per Share: $0.63
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.
“The Flex team delivered solid results, highlighted by strong growth from our diverse customer portfolio and another quarter of record adjusted EPS,” said Revathi Advaithi, CEO of Flex. “Looking ahead, the secular tailwinds that support our strategy, remain in our favor and continues to provide us with confidence that we’ll be able to deliver on our longer-term goals.”
Third Quarter Fiscal 2023 Guidance
- Revenue: $7.3 billion to $7.7 billion
- GAAP Operating Income: $300 million to $330 million
- Adjusted Operating Income: $345 million to $375 million
- GAAP EPS: $0.46 to $0.52
- Adjusted EPS: $0.57 to $0.63 which excludes $0.06 for stock-based compensation expense, $0.04 for net intangible amortization, and $0.01 for Nextracker LLC series A redeemable preferred units dividends payable in kind
Fiscal Year 2023 Guidance Updated
- Revenue: $29.1 billion to $30.1 billion
- GAAP EPS: $1.72 to $1.87
- Adjusted EPS: $2.20 to $2.35 which excludes $0.23 for stock-based compensation expense and $0.15 for net intangible amortization, $0.05 Nextracker LLC series A redeemable preferred units dividends payable in kind, and $0.05 primarily for certain legal and other charges recorded in FY23 YTD.
