Flex Ltd reports results for the quarter ended in June - Earnings Summary

Flex

24/07/2024 14:52

* Flex Ltd  FLEX.OQ  reported quarterly adjusted earnings of
51
cents​​ per share for the quarter ended in June, lower than the
same quarter last year, when the company reported EPS of 57
cents.  The mean expectation of eight analysts for the quarter
was for earnings of 41 cents per share. Wall Street expected
results to range from 40 cents to 44 cents per share.
    * Revenue fell 13.9% to $6.31 billion from a year ago;
analysts
expected $5.90 billion. 
    * Flex Ltd's reported EPS for the quarter was 34 cents​.
    * The company reported quarterly net income of $139 million.
    * Flex Ltd shares had risen by 0.8% this quarter and
gained 34.1%
so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had fallen by
about 25.1%
in the last three months.​ 
    * In the last 30 days, there have been no earnings estimate
revisions by analysts covering the company.

RECOMMENDATIONS
    * The current average analyst rating on the shares is "buy"
and
the breakdown of recommendations is 8 "strong buy" or "buy," 3
"hold" and no "sell" or "strong sell." 
    * The average consensus recommendation for the electronic
equipment & parts peer group is also "buy"

Wall Street's median 12-month price target for Flex Ltd is
$34.00 
This summary was machine generated from LSEG data July 24 at
01:52 p.m. UTC. ​All figures in US dollars unless otherwise
stated. (For questions concerning the data in this report,
contact Estimates.Support@lseg.com. For any other questions or
feedback, contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Jun. 30 2024      0.41           0.51           Beat
 Mar. 31 2024      0.56           0.57           Beat
 Dec. 31 2023      0.61           0.71           Beat
 Sep. 30 2023      0.58           0.68           Beat