The company said net sales for the 3-month period ended December 31, 2023 were $7.1 billion, down about $0.7 billion (8%) from $7.8 billion in the same period of the prior year. It said FAS fell about 14%, FRS fell 8%, and Nextracker rose 38%.

1. 01

   The company said net sales for the 3-month period ended December 31, 2023 were $7.1 billion, down about $0.7 billion (8%) from $7.8 billion in the same period of the prior year. It said FAS fell about 14%, FRS fell 8%, and Nextracker rose 38%.

2. 02

   The company said gross profit for the 3-month period rose $59 million to $0.6 billion (9.0% of net sales), compared with 7.5% a year earlier, a 150 basis points increase. It cited a favorable mix from growth in its higher-margin Nextracker segment as a factor, and said that an increase in restructuring costs partly offset this.

3. 03

   The company said it completed the Spin-off of its remaining interest in Nextracker on January 2, 2024, and that Flex shareholders received about 0.17 shares of Nextracker Class A common stock for each Flex ordinary share. Nextracker's historical results will be reported as discontinued operations beginning in the Q4 ending March 31, 2024.

4. 04

   The company said cash flow from operating activities for the 9-month period ended December 31, 2023 was $0.6 billion, and that $0.8 billion was used in financing activities. It also paid $781 million for share repurchases over the same period, and as of December 31, the remaining amount available under the current repurchase plan was $1.5 billion.

Key figures

Quarter ended December 31, 2023

Revenue

$7.1B

Operating income

$348M

Net income

$197M

EPS

$0.45

Gross profit

$642M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.