SAN JOSE -- Flex reported fiscal second quarter net sales of $6 billion, down 1.7% from a year ago.

GAAP net income was $113 million, up from a loss of $117 million last year.

Pretax GAAP income was $153 million and adjusted operating income was $247 million for the period ended Sept. 25, versus a loss of $96 million and $247 million, respectively, a year ago.

Adjusted net income was $180 million. Flex took $24 million in one-time charges during the latest period, down from $114 million last year.

“Flex displayed solid execution, as we capitalized on improved demand across our varied end markets, and delivered results above our previous expectations,” said Revathi Advaithi, chief executive officer, Flex. “Even during these uncertain times, we have shown that our long-term strategy to manage portfolio mix, drive disciplined execution, and focus on free cash flow generation, is a strong and differentiating roadmap. Looking ahead, we are confident in our ability to maintain our performance while innovating and delivering best-in-class solutions for our customers.”

On a conference call with analysts on Oct. 28. Advaithi asserted the company's position in the solar industry would continue to pay dividents going forward.

"We have installed around 40-plus gigawatts of smart solar trackers for projects across five continents. ... And so over the last few years, the Nextracker business has grown from being a few hundred million in revenue to being north of a billion dollars today. And in terms of operating margin, really is in line with industry peers and operates in the double digit operating margin range. It's a very strong business, a market share leader has had a healthy growth profile, and really has had fantastic operating margin performance." 

Flex is the parent company of flexible printed circuit fabricator Sheldahl, but does not break out the unit's revenue.

For its fiscal third quarter, Flex guided for revenue of $6 billion to $6.4 billion and GAAP pre-tax income of $125 million to $160 million.

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