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Flex Announces 3Q 2019 Results

Flex ended the quarter with approximately $1.8 billion of cash on hand and reduced total debt by approximately $200.3 million to approximately $2.8 billion.

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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 third quarter ended Dec. 31, 2019. Third quarter fiscal 2019 highlights included net sales of $6.5 billion, with year over year revenue down 7%. GAAP income before income taxes was $145 million, with adjusted operating income of $256 million and GAAP net income of $111 million. Adjusted EPS was $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 three 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.

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