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Sep 29, 2023
Flex Q2 2024 Earnings Report
Announced plan to spin-off remaining interest in Nextracker to Flex shareholders and reported strong Q2 results driven by focus on portfolio and margin expansion.
Key Takeaways
Flex reported a strong second quarter for fiscal year 2024, with net sales of $7.5 billion and GAAP operating income of $376 million. The company announced a plan to spin-off its remaining interest in Nextracker to Flex shareholders.
Net sales were $7.5 billion.
GAAP operating income was $376 million.
Adjusted operating income was $439 million.
GAAP earnings per share was $0.51.
Flex
Flex
Forward Guidance
Flex provided guidance for the third quarter of fiscal year 2024, including revenue between $6.5 billion and $6.9 billion, GAAP EPS between $0.25 and $0.34, and adjusted EPS between $0.57 and $0.65.
Positive Outlook
- Revenue: $6.5 billion to $6.9 billion
- GAAP Operating Income: $210 million to $260 million
- Adjusted Operating Income: $375 million to $425 million
- GAAP EPS: $0.25 to $0.34
- Adjusted EPS: $0.57 to $0.65
Challenges Ahead
- Excludes $0.20 for net restructuring charges
- Excludes $0.09 for stock-based compensation expense
- Excludes $0.03 for net intangible amortization
- Excludes ($0.01) for noncontrolling interest share of subsidiary’s non-GAAP adjustments
- Uncertainties related to geopolitical risks, including the war in Ukraine and the Israel-Hamas war, which could negatively impact operations and financial performance.