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Flex Reports Stronger-Than-Expected Fiscal Q1 Results

5:28PM ET 7/30/2020 MT Newswires
Flex (FLEX), a Singapore-based electronics contract manufacturer, reported after markets closed on Thursday fiscal Q1 adjusted EPS of $0.23, down from $0.27 a year earlier but better than the $0.17 average estimate of analysts surveyed by Capital IQ.

Sales totaled $5.15 billion for the three months ended June 26, down from $6.18 billion for the year-ago period. That result came ahead of the $4.94 billion Street consensus.

Looking ahead, Flex said it anticipates fiscal Q2 adjusted EPS in the range of $0.25 to $0.31. That compares with adjusted EPS of $0.31 earned in the year-earlier period. Wall Street was looking for $0.24.

The company also said it forecasts fiscal Q2 revenue in the range of $5.4 billion to $5.7 billion. That versus $6.1 billion generated in the prior-year quarter. Analysts are forecasting $5.42 billion.

Shares rose more than 3% in after-hours trading.

Price: 12.04, Change: +0.39, Percent Change: +3.35