Flex Ltd. announced unaudited consolidated earnings results for its first quarter ended June 29, 2018. For the quarter, net sales were $6,423,956,000 compared to $6,008,272,000 a year ago. Income before income taxes was $141,637,000 compared to $145,509,000 a year ago. Net income was $116,035,000 compared to $124,710,000 a year ago. Earnings per share was $0.22 compared to $0.23 a year ago. Non-GAAP EPS was $0.24 compared to $0.24 a year ago. Non-GAAP operating income was $187,708,000 compared to $177,917,000 a year ago. Non-GAAP net income was $127,971,000 compared to $128,476,000 a year ago. Net cash used in operating activities was $671,808,000 compared to $695,756,000 a year ago. Purchases of property and equipment was $172,247,000 compared to $124,851,000 a year ago. Free cash flow was negative $185 million excluding the impact of the new standard as the Company has increased its investments into capital expenditures and net working capital to support its revenue growth.

For the second quarter ending September 28, 2018, revenue is expected to be in the range of $6.6 to $7.0 billion. Adjusted EPS is expected to be in the range of $0.26 to $0.30 per diluted share. GAAP EPS is expected to be in the range of $0.18 to $0.22 and includes stock-based compensation expense and intangible amortization. Adjusted operating income is expected to be in the range of $200 million to $230 million.

For the year, the company long term tax range of 10% to 15% remains unchanged, and The company anticipates executing to that range in fiscal 2019.