FLEX Stock Recent News

AUSTIN, Texas , Oct. 9, 2023 /PRNewswire/ -- Flex (NASDAQ: FLEX) will announce its second quarter fiscal 2024 financial results after the market closes on Wednesday, October 25, 2023. The company will hold a conference call to discuss the results on the same day at 1:30 p.m.

FLEX's performance benefits from strength across the Reliability Solutions segment backed by a strong customer backlog.

Flex has achieved a higher than its long-term average operating margin due to the success of its Nextracker segment, which has had significant revenue growth. The company operates through three segments: reliability solutions, agility solutions, and Nextracker, providing a range of solutions for various industries. Despite positive growth prospects, FLEX stock doesn't look too good to me, as the vertical prospects seem to be priced in; I have a hold rating for the stock.

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FLEX's performance benefits from continued demand for its solutions in automotive, healthcare and industrial verticals.

FLEX's first-quarter fiscal 2024 performance is affected by weakness across the Agility Solutions segment.

Flex (FLEX) came out with quarterly earnings of $0.57 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.54 per share a year ago.

Flex, formerly known as Flextronics International, is embracing AI and machine learning to optimize manufacturing processes, reduce material loss, and improve customer satisfaction. The company is leveraging Industry 4.0 technologies in areas such as automation, connectivity, and continuous improvement in processes. Flex's financial results for FY23 were strong, with non-GAAP EPS of $0.57 beating consensus estimates by $0.06 and revenue of $7.3B increasing 9.2% YOY.

I reiterate a buy on Flex Ltd. ahead of its Q1 2024 earnings release due to its robust valuation and technical trends. The Singapore-based company, valued at $12.4 billion, is expected to report Q1 2024 revenue in the $7 to $7.5 billion range and adjusted EPS between $0.47 and $0.53. Despite no dividends expected, the stock still looks valuable with low-teen non-GAAP P/E multiples and a PEG ratio well below 1, with a fair value near $40.