Flex Reports Q4, Fiscal 2022 Results


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Flex announced results for its fourth quarter and fiscal year ended March 31, 2022.

Fourth Quarter Fiscal Year 2022 Highlights: 

  • Net Sales: $6.9 billion
  • GAAP Operating Income: $228 million
  • Adjusted Operating Income: $295 million
  • GAAP Net Income Attributable to Flex Ltd.: $168 million
  • Adjusted Net Income: $244 million
  • GAAP Earnings Per Share: $0.36
  • Adjusted Earnings Per Share: $0.52

Fiscal Year 2022 Results of Operations: 

  • Net Sales: $26.0 billion
  • GAAP Operating Income: $972 million
  • Adjusted Operating Income: $1,169 million
  • GAAP Net Income attributable to Flex Ltd.: $936 million
  • Adjusted Net Income: $945 million
  • GAAP Earnings Per Share: $1.94
  • Adjusted Earnings Per Share: $1.96

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.

"Flex achieved record performance this year, reflective of the team's incredible execution and dedication to deliver for our customers and all our stakeholders," said Revathi Advaithi, CEO of Flex. "We have strong momentum as we head into fiscal year 2023 and we remain focused on driving sustainable growth, margin improvement, and creating shareholder value."

First Quarter Fiscal 2023 Guidance

  • Revenue: $6.6 billion to $7.0 billion
  • GAAP Operating Income: $235 million to $265 million
  • Adjusted Operating Income: $285 million to $315 million
  • GAAP EPS: $0.33 to $0.39
  • Adjusted EPS: $0.44 to $0.50 which excludes $0.06 for stock-based compensation expense, $0.04 for net intangible amortization, and $0.01 for Nextracker LLC series A redeemable preferred units dividends payable in kind.

Fiscal Year 2023 Guidance

  • Revenue: $27.7 billion to $28.7 billion
  • GAAP EPS: $1.63 to $1.78
  • Adjusted EPS: $2.09 to $2.24 which excludes $0.26 for stock-based compensation expense, $0.15 for net intangible amortization, and $0.05 for Nextracker LLC series A redeemable preferred units dividends payable in kind.

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