Flex Ltd. has recently released its 10-Q report, providing an insight into the company's financial performance and operations. Flex Ltd. operates through two segments, Flex Agility Solutions (FAS) and Flex Reliability Solutions (FRS), offering a wide range of manufacturing solutions to various industries including communications, enterprise, automotive, healthcare, and consumer devices.
The company reported revenues of $6.3 billion for the three-month period ending June 28, 2024, representing a decrease of approximately 8% from the same period in 2023. Net sales for the FAS segment totaled $3.4 billion, accounting for 53% of the total net sales, while the FRS segment contributed $2.9 billion, representing 47% of the total net sales.
Flex Ltd. has a global presence with manufacturing facilities in approximately 30 countries across four continents. The Americas accounted for 48% of net sales, followed by Asia at 30% and Europe at 22%. Mexico, China, and the United States were the top three countries contributing to net sales, with Mexico alone representing 25% of total net sales.
The company's operating income for the period was 3.7% of net sales, and it reported a net income of 2.2% of net sales. Flex Ltd. highlighted the impact of geopolitical conflicts, including the Russian invasion of Ukraine and the Israel-Hamas war, as well as ongoing supply chain disruptions and logistical constraints, which have increased freight costs.
Flex Ltd.'s 10-Q report provides a detailed overview of its financial condition, results of operations, and the various factors that impact its business. The company's focus on providing end-to-end manufacturing solutions to a diverse set of industries is evident from the report, and it continues to navigate challenges posed by global economic conditions and supply chain disruptions. Today the company's shares have moved 3.5% to a price of $32.01. For more information, read the company's full 10-Q submission here.
