AUSTIN, TX – Flex reported sales of $6.3 billion for the first quarter of its fiscal year, down 8.4% from the first quarter of 2023.

"We delivered another solid quarter, including year-over-year margin expansion and EPS growth," said CEO Revathi Advaithi. "Our results show we continue to navigate through the dynamic cycle and drive value to our stakeholders."

For the second quarter, the company expects revenue of $6.2 billion to $6.8 billion, with revenue of $25.4 billion to $26.4 billion predicted for the full year.

Flex also announced that Paul Lundstrom will step down as CFO, effective July 31, to pursue an opportunity outside of the company.

At that time, Jaime Martinez will assume the role of interim CFO. Martinez has over 20 years of experience with Flex, and has held various finance leadership roles, including financial planning and analysis, commercial and operations.

"Paul has been a trusted partner and exceptional leader at Flex over the past four years," said Advaithi. "He has played a key role in delivering on our strategy, driving discipline across the organization, and creating value for our shareholders. On behalf of the Board of Directors and our entire team, I thank him for his many contributions and wish him well in his future endeavors."

Flex has initiated an executive search process to identify a permanent CFO. Lundstrom has agreed to assist in the orderly transition of his CFO responsibilities to Martinez along with the finance leadership team.

"I would like to thank Revathi Advaithi, the Board of Directors, and the Flex employees for the opportunity to be a part of the team over the last four years," said Paul Lundstrom, outgoing CFO, Flex. "The long-term opportunities for Flex remain significant, and I am leaving Flex in the capable hands of the Finance leadership team. I wish the company much success in the future."

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