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    Breaking News

    Flex Reports Third Quarter Fiscal 2019 Results

    Adjusted cash flow from operations and free cash flow were $274 million and $119 million, respectively.

    Flex Reports Third Quarter Fiscal 2019 Results
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    02.01.19
    Flex announced results for its third quarter ended Dec. 31, 2018.
     
    During the third quarter of 2019, Flex’s net sales were $6.9 billion, with year over year growth of 3%. Adjusted operating income was $256 million, with year over year growth of 17%. GAAP net loss was $45 million.
     
    Flex ended the quarter with approximately $1.5 billion of cash on hand and total debt of approximately $2.9 billion.
     
    Adjusted cash flow from operations and free cash flow were $274 million and $119 million, respectively, for the three-month period ended December 31, 2018, and $379 million and negative $126 million, respectively, for the nine-month period ended Dec. 31, 2018. Cash flow from operations was negative $621 million and negative $2.3 billion for the three-month and nine-month periods ended December 31, 2018, respectively, as cash collections for certain receivables sold under our ABS programs are reported as investing activities.
     
    “During the quarter, we grew revenues, improved the quality of our sales mix, expanded margins, returned to free cash flow generation, and streamlined our investment portfolio,” said Michael Capellas, chairman of Flex. “These results reflect our intense focus on execution in our core businesses.”
     
    “We are pleased with the results of our third quarter, which exceeded expectations on multiple levels. Our core business remains sound and is performing very well, and our balance sheet is positioned to support the business over the long term,” said Flex CFO Chris Collier.
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      Net sales for the 2021 fiscal year were $24.1 billion, with GAAP net income of $613 million.
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