SAN JOSE – Flex reported fiscal fourth quarter net sales of $5.5 billion, down 11.9% year-over-year.

For the period ended Mar. 31, net income was $48.3 million, compared to net loss of $64.4 million in the prior-year quarter.  

For fiscal 2020, net sales were $24.2 billion, a decrease of 7.6% compared to fiscal 2019. Net income was $87.6 million, down 6.2% year-over-year.  

“We are pleased with our fourth quarter results, despite the negative impact from the Covid-19 pandemic,” said Revathi Advaithi, Flex’s CEO. “Our fiscal 2020 results demonstrate our progress on shifting our portfolio, operating with disciplined execution, managing our costs, focusing on generating free cash flow, and being prudent with our capital.”

The company’s fiscal fourth quarter results were negatively impacted by the ongoing Covid-19 global pandemic, and the resulting supply chain and demand disruptions. Since the last update on Mar. 11, the company has continued to take proactive actions to protect employee safety, mitigate work stoppages, support customers and suppliers, and strengthen liquidity.

“As always, our priority remains on the health and safety of our employees. I am incredibly proud of our company’s response and ability to bring our customers’ life-saving products rapidly to market. I want to especially thank our Flex employees working in our factories who are delivering our customers’ essential products. I also want to thank our suppliers for their partnership and commitment to supporting us during this challenging time.”

“We began the quarter with strong liquidity and acted quickly to further improve our financial position in this uncertain environment,” said CFO Chris Collier. “Our actions put us on good footing to meet the demands of operating our business through this downturn. We will continue to drive cost savings, improvements to inventory and working capital, and prudent capital management, to ensure the durability of our strong financial position.”

As a result of the material impact from the pandemic on workforce and operations, as well as the lack of visibility as to the duration and potential outcomes of the pandemic, Flex is suspending guidance for the June quarter and is unable to provide detailed fiscal year 2021 guidance at this time. However, the company expects June quarter sales to decline by a high-single to low-double digit percentage sequentially.

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