AUSTIN, Texas, May 1, 2024 /PRNewswire/ -- Flex (NASDAQ:FLEX) today announced results for its fourth quarter and fiscal year ended March 31, 2024. Fourth Quarter Fiscal Year 2024 Highlights: Net Sales: $6.2 billion GAAP Operating Income: $159 million Adjusted Operating Income: $333 million GAAP Net Income from continuing operations: $395 million Adjusted Net Income from continuing operations: $244 million GAAP Earnings Per Share from continuing operations: $0.93 Adjusted Earnings Per Share from continuing operations: $0.57 Fiscal Year 2024 Results of Continuing Operations (excluding contribution from Nextracker): Net Sales: $26.4 billion GAAP Operating Income: $853 million Adjusted Operating Income: $1,267 million GAAP Net Income from continuing operations: $872 million Adjusted Net Income from continuing operations: $947 million GAAP Earnings Per Share from continuing operations: $1.98 Adjusted Earnings Per Share from continuing operations: $2.15 As a result of the spin-off of Nextracker in the fourth quarter of fiscal year 2024, Nextracker's historical results of operations and balance sheets for periods prior to the spin-off are presented as discontinued operations. 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. "We delivered another quarter and fiscal year of solid performance, including strong margin expansion and EPS growth," said Revathi Advaithi, CEO of Flex. "Our results show that we can effectively navigate through the cycle and increase value to our stakeholders." First Quarter Fiscal 2025 Guidance Revenue: $5.6 billion to $6.2 billion GAAP Operating Income: $130 million to $170 million Adjusted Operating Income: $240 million to $280 million GAAP EPS: $0.11 to $0.19 Adjusted EPS: $0.37 to $0.45 which excludes $0.16 for restructuring charges, $0.07 for stock-based compensation expense, and $0.03 for net intangible amortization Fiscal Year 2025 Guidance Revenue: $25.4 billion to $26.4 billion GAAP EPS: $1.61 to $1.81 Adjusted EPS: $2.30 to $2.50 which excludes $0.31 for stock-based compensation expense, $0.25 for restructuring charges, and $0.13 for net intangible amortization Webcast and Conference Call The Flex management team will host a conference call today at 7:30 AM (CT) / 8:30 AM (ET) to review fourth quarter and fiscal 2024 results. Additionally, as previously announced, Flex's CEO, Revathi Advaithi, will be joined by other members of the leadership team to discuss how the company is delivering on its commitments, outline strategic initiatives to drive profitable growth, and provide an update on the long-term financial framework. A live webcast of the event and slides will be available on the Flex Investor Relations website at http://investors.flex.com. An audio replay and transcript will also be available after the event on the Flex Investor Relations website. About Flex Flex (Reg. No. 199002645H) is the manufacturing partner of choice that helps a diverse customer base design and build products that improve the world. Through the collective strength of a global workforce across 30 countries and responsible, sustainable operations, Flex delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. Contacts Investors & AnalystsDavid RubinVice President, Investor Relations(408) Media & PressYvette LorenzDirector, Corporate PR and Executive Communications(415) Forward-Looking Statements This press release contains forward-looking statements within the meaning of U.S. securities laws, including statements related to our future financial results and our guidance for future financial performance (including expected revenues, operating income, margins and earnings per share). These forward-looking statements are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause the actual outcomes and results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These risks include: that we may not achieve our expected future operating results; the effects that the current and future macroeconomic environment, including inflation, slower growth or recession, a potential U.S. federal government shutdown, and currency exchange rate fluctuations, could have on our business and demand for our products; supply chain disruptions, manufacturing interruptions or delays, or the failure to accurately forecast customer demand; the impact of fluctuations in the pricing or availability of raw materials and components, labor and energy, and logistical constraints; risks related to the recently completed spin-off of Nextracker, and the transactions related thereto, including the qualification of these transactions for their intended tax treatment; risks associated with acquisitions and divestitures, including the possibility that we may not fully realize their projected benefits; geopolitical risks, including impacts from the termination and renegotiation of international trade agreements and trade policies, the ongoing conflicts between Russia and Ukraine and between Israel and Hamas, disruptions caused by the attacks on shipping vessels in the Red Sea, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries, any of which could lead to disruption, instability, and volatility in global markets and negatively impact our operations and financial performance; the effects that current and future credit and market conditions could have on the liquidity and financial condition of our customers and suppliers, including any impact on their ability to meet their contractual obligations to us and our ability to pass through costs to our customers; the challenges of effectively managing our operations, including our ability to control costs and manage changes in our operations; hiring and retaining key personnel; litigation and regulatory investigations and proceedings; our compliance with legal and regulatory requirements; changes in laws, regulations, or policies that may impact our business, including those related to climate change; the possibility that benefits of the Company's restructuring actions may not materialize as expected; that the expected revenue and margins from recently launched programs may not be realized; our dependence on industries that continually produce technologically advanced products with short product life cycles; the short-term nature of our customers' commitments and rapid changes in demand may cause supply chain issues, excess and obsolete inventory, and other issues which adversely affect our operating results; our dependence on a small number of customers; our industry is extremely competitive; we may be exposed to financially troubled customers or suppliers; the success of certain of our activities depends on our ability to protect our intellectual property rights and we may be exposed to claims of infringement or breach of license agreements; a breach of our IT or physical security systems, or violation of data privacy laws, may cause us to incur significant legal and financial exposure and disrupt our operations; physical and operational risks from natural disasters, severe weather events, or climate change; our ability to meet environmental, social and governance expectations or standards or achieve sustainability goals; we may be exposed to product liability and product warranty liability; that recently proposed changes or future changes in tax laws in certain jurisdictions where we operate could materially impact our tax expense; and the impact and effects on our business, results of operations and financial condition of a public health issue, including a pandemic, or catastrophic event. Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K and in our subsequent filings with the U.S. Securities and Exchange Commission. Flex assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. SCHEDULE I FLEX UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) Three-Month Periods Ended March 31, 2024 March 31, 2023 GAAP: Net sales $                  6,169 $                  6,984 Cost of sales 5,658 6,501 Restructuring charges 74 18 Gross profit 437 465 Selling, general and administrative expenses 261 218 Restructuring charges 1 4 Intangible amortization 16 20 Operating income 159 223 Interest expense 52 63 Interest income 12 13 Other charges (income), net 8 7 Equity in earnings (losses) of unconsolidated affiliates 6 (1) Income from continuing operations before income taxes 117 165 Provision for (benefit from) income taxes (278) 26 Net income from continuing operations 395 139    Net income from discontinued operations, net of tax — 224 Net income 395 363 Net income attributable to noncontrolling interest and redeemable noncontrolling interest — 221 Net income attributable to Flex Ltd. $                     395 $                     142 GAAP EPS: Diluted earnings per share from continuing operations $                    0.93 $                    0.30 Diluted earnings per share from discontinued operations — 0.01 Diluted earnings per share attributable to the shareholders of Flex Ltd. $                    0.93 $                    0.31 Diluted shares used in computing per share amounts 425 459   FLEX UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) Twelve-Month Periods Ended March 31, 2024 March 31, 2023 March 31, 2022 GAAP: Net sales $              26,415 $              28,502 $              24,633 Cost of sales 24,395 26,503 22,838 Restructuring charges 155 23 15 Gross profit 1,865 1,976 1,780 Selling, general and administrative expenses 922 874 830 Restructuring charges 20 4 — Intangible amortization 70 81 60 Operating income 853 1,017 890 Interest expense 207 230 166 Interest income 56 30 14 Other charges (income), net 44 6 (165) Equity in earnings (losses) of unconsolidated affiliates 8 (4) 61 Income from continuing operations before income taxes 666 807 964 Provision for (benefit from) income taxes (206) 124 92 Net income from continuing operations 872 683 872    Net income from discontinued operations, net of tax 373 350 68 Net income 1,245 1,033 940 Net income attributable to noncontrolling interest and redeemable noncontrolling interest 239 240 4