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Flex Reports 1Q Fiscal 2021 Results

Company reports net sales of $5.2 billion, GAAP net income of $52 million.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Flex announced results for its first quarter ended June 26, 2020.

First quarter fiscal year 2021 highlights included net sales of $5.2 billion, GAAP income before income taxes of $67 million, adjusted operating income of $163 million and GAAP net income of $52 million.

“The Flex team delivered strong results in Q1, overcoming the challenges presented by the COVID-19 pandemic. Our ability to deliver better than expected results, even in this difficult environment, is a testament to our disciplined, world-class execution,” said Flex CEO Revathi Advaithi.

“We made solid progress on driving efficiencies and reducing costs during the quarter which better positions the company to effectively manage through this environment,” added Flex CFO Chris Collier. “We anticipate a sequential recovery for all of our end markets in the second quarter of fiscal 2021, however we expect overall revenue to be under pressure due to the uncertainty of the crisis.”

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