Flex Reports Fiscal Q1 Net Sales Up 7%
SAN JOSE, CA – Flex reported fiscal first quarter net sales were $6.4 billion, up 7% year-over-year.
GAAP net income for the quarter ended June 29 was $116 million, down 7.2% compared to the same period in 2017. Adjusted operating income was $188 million, an increase of 5.6%.
"This marked the sixth straight quarter of year-over-year revenue growth, reflecting a balanced and diversified service offering that enables integrated industry solutions," said CEO Mike McNamara.
Flex ended the quarter with more than $1.25 billion of cash on hand and total debt of approximately $2.9 billion.
For the second quarter ending Sept. 28, revenue is expected in the range of $6.6 billion to $7 billion.
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