Flex said net sales for the fiscal year ended March 31, 2024 were $26.4 billion, down about $2.1 billion or 7% from $28.5 billion a year earlier. FAS fell $1.8 billion or 12%, and FRS fell $0.2 billion or 2%.

1. 01

   Flex said net sales for the fiscal year ended March 31, 2024 were $26.4 billion, down about $2.1 billion or 7% from $28.5 billion a year earlier. FAS fell $1.8 billion or 12%, and FRS fell $0.2 billion or 2%.

2. 02

   The company said annual gross profit fell $0.1 billion to $1.9 billion, or 7.1% of net sales, and attributed the $0.1 billion decline mainly to restructuring charges that rose by $0.1 billion. It said restructuring charges totaled about $175 million.

3. 03

   The company said annual net income from continuing operations was $872 million and its consolidated effective tax rate was (30.9)%. It cited a change in the valuation allowance on U.S. deferred tax assets of $447 million as the main driver of the negative effective tax rate.

4. 04

   The company said annual operating cash flow was $1.3 billion and that it used $0.5 billion in investing activities. It used $1.7 billion in financing activities, of which $1.3 billion was paid for repurchases of common shares.

Key figures

Fiscal year ended March 31, 2024

Revenue

$26.4B

Operating income

$853M

Net income

$1.0B

EPS

$2.28

Gross profit

$1.9B

Operating cash flow

$1.3B

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

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