SAN JOSE – Flex posted fiscal second quarter 2020 net sales down 9% year-over-year to $6.1 billion.

For the quarter ended Sept. 27, the firm recorded a GAAP net loss of $116.9 million, compared to net income of $86.9 million in the same period last year.

“This quarter was a step in the right direction, and I am encouraged by our performance,” said CEO Revathi Advaithi. “We have focused on managing our mix, disciplined execution and design-led manufacturing to deliver strong adjusted operating margins and adjusted free cash flow. We will build on this momentum to drive profitable growth and shareholder value going forward.”

Flex ended the quarter with approximately $1.8 billion of cash on hand and total debt of approximately $3 billion.

For the six-month period ended Sept. 27, net sales were $12.3 billion, down 6.1% year-over-year. Net loss was $72.1 million, compared to net income of $202.9 million in the same period last year.

Cash flow from operations was negative $992 million and negative $1.6 billion, respectively, for the three-month and six-month periods ended Sept. 27.

Flex forecasts fiscal third quarter revenue of $6 billion to $6.3 billion and GAAP income before taxes of $125 million to $150 million.

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