05.03.19
Flex announced results for its fourth quarter and fiscal year ended March 31, 2019.
In the fourth quarter of 2019, net sales were $6.2 billion, with year over year revenue down 3%. Adjusted operating income was $204 million with GAAP net loss of $64 million.
For fiscal year 2019, net sales were $26.3 billion, with year over year revenue up 3%. Adjusted operating income was $872 million.
“During the quarter, we expanded adjusted operating margins on slightly lower revenues, improved the quality of our sales mix, generated free cash flow, and continued to streamline our investment portfolio,” said Revathi Advaithi, CEO of Flex. “We achieved adjusted EPS within our target range. These results reflect our unrelenting commitment to customers and our intense focus on disciplined execution within our core businesses.”
Advaithi continued, “During fiscal 2019, Flex grew revenue $865 million or 3% to $26.3 billion, increased adjusted operating income dollars by $86 million or 11% to $872 million, expanded adjusted operating margin to 3.3% from 3.1%, and had a 4.6% increase in adjusted EPS to $1.14 from $1.09.”
Cash flow from operations was negative $642 million for the three-month period ended March 31, 2019, primarily due to cash collections of $888 million for certain receivables sold under its ABS programs reported as investing activities. Adjusted cash flow from operations and free cash flow were $246 million and $120 million, respectively, for the three-month period ended March 31, 2019.
In the fourth quarter of 2019, net sales were $6.2 billion, with year over year revenue down 3%. Adjusted operating income was $204 million with GAAP net loss of $64 million.
For fiscal year 2019, net sales were $26.3 billion, with year over year revenue up 3%. Adjusted operating income was $872 million.
“During the quarter, we expanded adjusted operating margins on slightly lower revenues, improved the quality of our sales mix, generated free cash flow, and continued to streamline our investment portfolio,” said Revathi Advaithi, CEO of Flex. “We achieved adjusted EPS within our target range. These results reflect our unrelenting commitment to customers and our intense focus on disciplined execution within our core businesses.”
Advaithi continued, “During fiscal 2019, Flex grew revenue $865 million or 3% to $26.3 billion, increased adjusted operating income dollars by $86 million or 11% to $872 million, expanded adjusted operating margin to 3.3% from 3.1%, and had a 4.6% increase in adjusted EPS to $1.14 from $1.09.”
Cash flow from operations was negative $642 million for the three-month period ended March 31, 2019, primarily due to cash collections of $888 million for certain receivables sold under its ABS programs reported as investing activities. Adjusted cash flow from operations and free cash flow were $246 million and $120 million, respectively, for the three-month period ended March 31, 2019.
