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Flex Expects Not to Meet Fiscal Q4 Current Guidance Due to Coronavirus Outbreak; Shares Slump

9:49AM ET 3/09/2020 MT Newswires
Flex (FLEX), a Singapore-based technological manufacturer, said on Monday that it expects that the still-evolving COVID-19 situation will negatively impact fiscal Q4 results and that it believes it will not meet its current guidance.

On Jan. 30, Flex said it anticipates fiscal Q4 adjusted EPS of $0.30 to $0.34, and revenue of $5.8 billion to $6.2 billion. Analysts polled by Capital IQ are forecasting $0.32 for adjusted EPS and $5.95 billion for revenue.

To date, the number of infections has risen to over $109,000 cases and the death toll has topped 3,800 across the world, according to data posted on the website of the World Health Organization.

Shares fell more than 8% in morning trading.

Price: 9.76, Change: -0.93, Percent Change: -8.70