Flex rises after Q1 results beat; CFO to step down

Flex

24/07/2024 14:48

(Updates)
** Shares of Singapore-based electronics maker Flex  FLEX.O 
touch over one-month high, last up 9.8% at $32.63
        ** FLEX set for best day in nearly nine months, if gains
hold
  
    ** FLEX reports Q1 profit of 51 cents/shr compared with
estimates of 41 cents/shr, per LSEG data 
    ** FLEX also beat estimates for Q1 sales, reports $6.31 bln
vs. expectations of $5.9 bln, per LSEG data 
    ** FLEX's CFO Paul Lundstrom to step down effective July 31;
Jaime Martinez will be interim CFO until search for new
executive is finalized
    ** FLEX forecasts full-year profit between $2.3 and
$2.5/shr; analysts estimates $2.38/shr - LSEG 
    ** Co's revenue forecast for the full year: $25.4 bln-$26.4
bln vs. estimates of $25.78 bln 
    ** FLEX in May cut its workforce to improve operational
efficiencies
    ** Stock up 46.2% YTD

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com;))