SAN JOSE – Flex reported fiscal first quarter 2021 net sales of $5.2 billion, down 16.6% year-over-year.

Net income for the quarter ended June 26 was $51.8 million, up 15.5% compared to the same period last year.

“The Flex team delivered strong results in the first quarter, overcoming the challenges presented by the Covid-19 pandemic,” said CEO Revathi Advaithi. “Our ability to deliver better than expected results, even in this difficult environment, is a testament to our disciplined, world-class execution. We continue to make progress on our long-term strategy, which has been validated during this dynamic time through our ability to focus and scale to meet the needs of our diverse customer base.”

“We made solid progress on driving efficiencies and reducing costs during the quarter, which better positions the company to effectively manage through this environment,” said CFO Chris Collier. “We anticipate a sequential recovery for all of our end markets in the second quarter of fiscal 2021. However, we expect overall revenue to be under pressure due to the uncertainty of the crisis. We will continue to make sequential improvements in profitability and adjusted earnings per share.”

The firm expects fiscal second quarter revenue of $5.4 billion to $5.7 billion, GAAP income before income taxes of $35 million to $70 million, and adjusted operating income of $180 million to $220 million.

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