A record-high annual adjusted operating margin of 4.8%, adjusted earnings per share of $2.15, and total revenue of $26.4 billion—these are just some of the achievements of manufacturing firm Flex in FY24 under its CEO Revathi Advaithi.
Advaithi has made quite a significant impact since she was chosen to lead the company in 2019. In January 2024, Flex completed a tax-free spin-off of solar tracker solutions provider Nextracker and returned $3.5 billion of value to shareholders through the transaction.
A big focus area for Flex is the cloud business, which has grown roughly at an annualized rate of 40%—twice what was originally projected. This has been fueled by the rise of Generative AI. Because Flex’s portfolio covers about 80% of the data centers with IT and power infrastructure solutions from grid-to-chip, the cloud business is well-positioned to deliver end-to-end solutions to cloud service providers.
Driving this progress is Flex’s global workforce of more than 140,000 employees across 30 countries. Advaithi prioritizes the growth and development of employees so they are skilled in new advanced manufacturing technologies and have fulfilling long-term career pathways.
“As business and technological transformations drive changes in the manufacturing industry, our factories are also evolving every day. So, training the same set of people to function in a dynamic environment has become a huge part of preparing for the future—both for our people and our customers.”
It looks clear that Flex is poised to be at the forefront of the technological evolution underway under Advaithi’s capable leadership.