SAN JOSE – Flex reported fiscal fourth quarter net sales of $6.2 billion, down 3% year-over-year.

For the quarter ended Mar. 31, the company recorded a GAAP net loss of $64 million, compared to a GAAP net loss of $20 million in the fiscal fourth quarter of 2018. Adjusted operating income was $204 million, an increase of 2% year-over-year.

“During the quarter, we expanded adjusted operating margins on slightly lower revenues, improved the quality of our sales mix, generated free cash flow, and continued to streamline our investment portfolio,” said CEO Revathi Advaithi. “We achieved adjusted EPS within our target range. These results reflect our unrelenting commitment to customers and our intense focus on disciplined execution within our core businesses.

“During fiscal 2019, Flex grew revenue $865 million or 3% to $26.3 billion, increased adjusted operating income dollars by $86 million or 11% to $872 million, expanded adjusted operating margin to 3.3% from 3.1%, and had a 4.6% increase in adjusted EPS to $1.14 from $1.09.”

Flex ended the fiscal fourth quarter with approximately $1.7 billion of cash on hand and total debt of approximately $3.1 billion.

For fiscal year 2019, net sales were $26.3 billion, up 3% year-over-year. GAAP net income was $93 million, down 78.3% compared to fiscal 2018. Adjusted operating income was $872 million, up 10.9%.

Flex expects fiscal first quarter revenue between $6.1 billion and $6.5 billion and adjusted operating income between $195 million and $225 million.

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