SAN JOSE – Flex reported fiscal third quarter 2020 net sales of $6.5 billion, down 6.7% year-over-year.

For the quarter ended Dec. 31, net income was $111.4 million, compared to a net loss of $45.2 million in the prior-year period.

“Our third quarter fiscal year 2020 performance resulted in record adjusted EPS, improved adjusted margins and greater adjusted free cash flow generation,” said CEO Revathi Advaithi. “These results validate our continued transition as we manage our portfolio mix, operate with disciplined execution, and pursue design-led manufacturing. There is still work to do, but our consistent performance over the last three quarters has positioned us well on the path to profitable growth.”

Flex ended the quarter with approximately $1.8 billion of cash on hand and reduced total debt by approximately $200.3 million sequentially to approximately $2.8 billion.

For the fiscal fourth quarter, Flex expects revenue of $5.8 billion to $6.2 billion; GAAP income before income taxes of $120 million to $145 million; and adjusted operating income of $220 million to $250 million.

Fiscal fourth quarter guidance excludes any potential impacts from the coronavirus outbreak.

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