Home News Flex sinks 6.7% on profit miss, downside guidance – Flex Ltd.. (NASDAQ:FLEX)

Flex sinks 6.7% on profit miss, downside guidance – Flex Ltd.. (NASDAQ:FLEX)

45
0
SHARE


Flex Ltd. (NASDAQ:FLEX) shares have dropped 6.7% postmarket as profits missed Street expectations in its fiscal Q1 earnings, which featured profit guidance to the low side for the current quarter.

Adjusted net income fell about 14%, though sales were up 2%. Cost of sales rose 2.4%.

“While fiscal 2018 is an investment year, we continue to evolve our portfolio and enter and create new markets that will generate meaningful value and expand the company’s total available market,” says CEO Mike McNamara.

Cash from operations was about $138M; free cash flow came to $19M. The company spent about $74M on buybacks.

For Q2, it’s guiding to revenue of $5.9B-$6.3B (vs. consensus for $6.15B) and adjusted EPS of $0.24-$0.28 (light of an expected $0.29).

Press Release



Source link

LEAVE A REPLY