SAN JOSE, CA – Flex reported fiscal second quarter net sales were $6.7 billion, up 7% year-over-year.

For the quarter ended Sept. 28, GAAP net income was $87 million, down 57.6% compared to the same period last year. Adjusted net income for the quarter was $153 million, a decrease of 7.7%.

Flex and Nike have agreed to wind down footwear manufacturing operations in Guadalajara by Dec. 31. In connection with the move, Flex recognized $30 million in exit costs and may incur additional costs.

Flex ended the quarter with approximately $1.38 billion of cash on hand and total debt of approximately $2.9 billion.  

For the third quarter ending Dec. 31, revenue is expected to be in the range of $6.6 to $7 billion.

For fiscal 2019, Flex expects revenue in the range of $26 to $27 billion.

In addition, CEO Michael M. McNamara plans to retire, effective Dec. 31. Michael D. Capellas, chairman of the board, will assist the company's management with the CEO transition.

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