Flex reported FY17 Q4 result with net sales of $5.86 billion and GAAP net income of $87.0 million, resulting in a net margin of 1.5%. The sales increased by 2% on a yearly basis and was at the higher end of the quarterly guidance.
For FY17, net sales amounted to $23.9 billion and the GAAP net income was $320 million with a net margin of 1.3%. While the net sales had fallen marginally by 2% on yearly basis, the financial performance illustrated the company portfolio’s evolution to higher margin businesses. The company’s two higher margin business groups, High Reliability Solutions (HRS) and Industrial & Emerging Industries (IEI), combined were 38% of net sales in FY17, with an increase of $537 million from a year ago.