Q1 2025 Flex Ltd Earnings Call Transcript

Jul 24, 2024 / 12:30PM GMT

Release Date Price: €29.17 (+7.17%)

Transcript 10-Q8-K

Key Points

Positve

Flex Ltd (FLEX) reported Q1 revenue of $6.3 billion, slightly above prior expectations.
Adjusted operating margin improved to 4.8%, and adjusted EPS was $0.51.
Strong progress in large program ramps across cloud, power, and automotive businesses, expected to generate continued tailwinds.
Free cash flow was a robust $232 million, with a full-year target of $800 million plus.
Flex Ltd (FLEX) repurchased approximately 15 million shares, totaling about $460 million in buybacks.

Negative

Revenue was down year-over-year, despite a 2% sequential increase.
Global vehicle unit expectations are softening, potentially impacting the automotive segment.
Continued headwinds in the industrial sector, particularly in the renewable space.
Softness in the consumer business, though it has stabilized.
Telecom sector facing headwinds, impacting overall performance.

Operator

Good morning and thank you for standing by, welcome to Flex's first quarter fiscal year 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

I will now turn the call over to Mr. David Rubin. You may begin.

David Rubin

Flex Ltd - Vice President, Investor Relations

Thank you, Daryl. Good morning, and welcome to Flex's first quarter fiscal 2025 earnings conference call. With me today is our Chief Executive Officer, Revathi Advaithi; our Chief Financial Officer, Paul Lundstrom; and our soon to be interim CFO, Jaime Martinez, who will give brief remarks followed by Q&A. Slides for today's call as well as a copy of the earnings press release and summary financials are available in the Investor Relations section at flex.com. This call is being recorded and will be available for replay on our corporate website.

As a reminder, today's call contains forward-looking statements, which are based on our current expectations and assumptions. These statements involve risks and uncertainties that could cause

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