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.


Submit to FacebookSubmit to Google PlusSubmit to TwitterSubmit to LinkedInPrint Article
Don't have an account yet? Register Now!

Sign in to your account