-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueBox Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
Boost Your Sales
Every part of your business can be evaluated as a process, including your sales funnel. Optimizing your selling process requires a coordinated effort between marketing and sales. In this issue, industry experts in marketing and sales offer their best advice on how to boost your sales efforts.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
Flex Reports Q3 Fiscal 2019 Results; Sales Up 3%
January 31, 2019 | FlexEstimated reading time: 2 minutes
Flex released results for its third quarter ended December 31, 2018.
“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.”
Third Quarter Fiscal 2019 Highlights:
- Net Sales: $6.9 billion, year over year growth of 3%
- Communications and Enterprise Compute: year over year revenue growth of 14%
- Industrial and Emerging Industries: year over year revenue growth of 11%
- High Reliability Solutions: year over year revenue down 1% with strong growth in Health Solutions offset by weakness in Automotive
- Consumer Technologies Group: year over year revenue down 12%
- GAAP Loss Before Income Taxes: $32 million
- Adjusted Operating Income: $256 million, year over year growth of 17%
- GAAP Net Loss: $45 million
- Adjusted Net Income: $181 million, year over year growth of 10%
- GAAP Net Loss Per Share: $0.09
- Adjusted EPS: $0.34
An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules II and V attached to this press release.
Balance Sheet and Other Financial Highlights
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 was $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 December 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.
The Company remains committed to return over 50% of annual free cash flow to its shareholders as it repurchased ordinary shares for approximately $64 million and $124 million during the three-month and nine-month periods ended December 31, 2018.
“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 Chris Collier, chief financial officer.
Fourth Quarter Fiscal 2019 Guidance
- Revenue $6.2 billion to $6.6 billion
- GAAP Income Before Income Taxes $110 million to $140 million
- Adjusted Operating Income $195 million to $225 million
- GAAP EPS $0.18 to $0.21 which includes stock-based compensation expense and intangible amortization
- Adjusted EPS $0.25 to $0.28
About Flex
Flex Ltd. is the Sketch-to-Scale solutions provider that designs and builds Intelligent Products for a Connected World. With approximately 200,000 professionals across 30 countries, Flex provides innovative design, engineering, manufacturing, real-time supply chain insight and logistics services to companies of all sizes in various industries and end-markets.
Suggested Items
Cicor Records Solid Growth in Q1
04/16/2024 | CicorThe Cicor Group continued to grow in the first three months of the year. Quarterly sales increased by 11.8% to CHF 107.3 million compared to the first quarter of the previous year (Q1/2023: CHF 96.0 million).
Europe’s IT, Business Services Sector on the Rebound in Q1: ISG Index
04/15/2024 | BUSINESS WIREEurope’s demand for IT and business services in the first quarter rose for the first time in a year, powered by growth from the banking, financial services and insurance (BFSI) sector, according to the latest state-of-the-industry report from Information Services Group (ISG), a leading global technology research and advisory firm.
FTG Announces Q1 2024 Financial Results
04/12/2024 | Firan Technology Group CorporationDuring Q1 2024, the Corporation has continued to invest in technology in existing sites, grow the business organically, and integrate the two acquisitions completed last year. FTG is strategically deploying its capital in ways that will drive increased shareholder returns for the future in both the near term and long term. Specifically, FTG accomplished the following in Q1 2024, which continues to improve the Corporation and position it for the future:
Electronic System Design Industry Posts $4.4 Billion in Revenue in Q4 2023, ESD Alliance Reports
04/09/2024 | SEMIElectronic System Design (ESD) industry revenue increased 14% to $4,423 million in the fourth quarter of 2023 from the $3,879.9 million logged in the third quarter of 2023, the ESD Alliance, a SEMI Technology Community, announced today in its latest Electronic Design Market Data (EDMD) report.
Wistron’s Wise Cap Invests in GEOSAT Aerospace & Technology
04/09/2024 | WistronWistron Corporation announced that its wholly-owned subsidiary, Wise Cap Limited Company, has participated in a private placement of common shares for GEOSAT Aerospace & Technology Inc., investing a total of NT$1.0 billion.