Flex Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2017; Provides Earnings Guidance for the Fourth Quarter Ending March 31, 2018
January 25, 2018 at 09:34 pm
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Flex Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2017. For the quarter, the company's net sales were $6,751,552,000 compared to $6,114,999,000 a year ago. Income before income taxes was $141,160,000 compared to $140,242,000 a year ago. Net income was $118,333,000 compared to $129,469,000 a year ago. Non-GAAP operating income was $219,721,000 compared to $223,106,000 a year ago. Non-GAAP net income was $164,386,000 compared to $182,945,000 a year ago. Diluted earnings per share - GAAP was $0.22 compared to $0.24 a year ago. Non-GAAP diluted earnings per share was $0.31 compared to $0.34 a year ago. The company generated cash from operations of $150 million.
For the nine months, the company's net sales were $19,030,244,000 compared to $18,000,337,000 a year ago. Income before income taxes was $505,082,000 compared to $271,907,000 a year ago. Net income was $448,129,000 compared to $232,690,000 a year ago. Diluted earnings per share - GAAP was $0.84 compared to $0.42 a year ago. Non-GAAP diluted earnings per share was $0.81 compared to $0.88 a year ago. Non-GAAP operating income was $585,964,000 compared to $610,287,000 a year ago. Non-GAAP net income was $435,319,000 compared to $483,613,000 a year ago. Net cash provided by operating activities was $431,018,000 compared to $1,013,188,000 a year ago. Purchases of property and equipment was $432,897,000 compared to $413,596,000 a year ago.
For the fourth quarter ending March 31, 2018, revenue is expected to be in the range of $6.1 to $6.5 billion. Adjusted EPS is expected to be in the range of $0.28 to $0.32 per diluted share. GAAP EPS is expected to be in the range of $0.10 to $0.15 and includes stock-based compensation expense, intangible amortization, and restructuring charges.
Flex Ltd. is engaged in providing a portfolio of manufacturing solutions and services. The Company operates through three segments: Flex Agility Solutions (FAS), and Flex Reliability Solutions (FRS). The FAS segment is comprised of various end markets, such as Communications, Enterprise, and Cloud (CEC), including data infrastructure, edge infrastructure and communications infrastructure; Lifestyle, including appliances, consumer packaging, floorcare, micro mobility and audio; and Consumer Devices, including mobile and high velocity consumer devices. The FRS segment consists of end markets, such as Automotive, including mobility, autonomous, connectivity, electrification, and smart technologies; Health Solutions, including medical devices, medical equipment, and drug delivery; and Industrial, including capital equipment, industrial devices, and renewables and grid edge.
Flex Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2017; Provides Earnings Guidance for the Fourth Quarter Ending March 31, 2018