Flex Surges On Q1 Earnings Beat - CFO Transition Announced

Flex Ltd. FLEX shares are trading higher on Wednesday.

The company reported first-quarter adjusted earnings per share of 51 cents, beating the analyst consensus of 41 cents.

Quarterly revenues of $6.3 billion beat the street view of $5.91 billion.

First quarter gross profit decreased to $471 million, from $476 million in the year-ago period.

Also Read: Tesla Stock Is Plunging Over 7% In Wednesday’s Pre-Market After Q2 Earnings: What’s Going On

The company exited the quarter with cash and equivalents worth $2.243 billion.

Flex today also announced that Paul Lundstrom will step down as Chief Financial Officer effective July 31, 2024, to pursue an opportunity outside of Flex. 

At that time, Jaime Martinez will assume the Interim Chief Financial Officer role. Flex has initiated an executive search process to identify a permanent CFO. 

Outlook: Flex expects second-quarter revenues of $6.2 billion-$6.8 billion, compared to the estimate of $6.27 billion. The company also expects adjusted EPS of $0.52-$0.60, compared to the estimate of $0.55.

Flex sees FY25 revenues of $25.4 billion-$26.4 billion versus the $25.78 billion estimate, and the company sees adjusted EPS of $2.30-$2.50 versus the $2.38 estimate.

Price Action: FLEX shares are trading higher by 9.85% to $32.65 at last check Wednesday.

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