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Flex Reports 4Q, Full Year Fiscal 2024 Results

Net sales were $26.4 billion, GAAP operating income $853 million for FY 2024.

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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 fourth quarter and fiscal year ended March 31, 2024.

Fourth Quarter Fiscal Year 2024 Highlights:
• Net Sales: $6.2 billion
• GAAP Operating Income: $159 million
• Adjusted Operating Income: $333 million
• GAAP Net Income from continuing operations: $395 million
• Adjusted Net Income from continuing operations: $244 million
• GAAP Earnings Per Share from continuing operations: $0.93
• Adjusted Earnings Per Share from continuing operations: $0.57

Fiscal Year 2024 Results of Continuing Operations (excluding contribution from Nextracker):
• Net Sales: $26.4 billion
• GAAP Operating Income: $853 million
• Adjusted Operating Income: $1,267 million
• GAAP Net Income from continuing operations: $872 million
• Adjusted Net Income from continuing operations: $947 million
• GAAP Earnings Per Share from continuing operations: $1.98
• Adjusted Earnings Per Share from continuing operations: $2.15

As a result of the spin-off of Nextracker in the fourth quarter of fiscal year 2024, Nextracker’s historical results of operations and balance sheets for periods prior to the spin-off are presented as discontinued operations.

“We delivered another quarter and fiscal year of solid performance, including strong margin expansion and EPS growth,” said Revathi Advaithi, CEO of Flex. “Our results show that we can effectively navigate through the cycle and increase value to our stakeholders.”

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