AUSTIN - Flex (NASDAQ: NASDAQ:FLEX) reported a robust first quarter with earnings and revenue surpassing analyst expectations, sending Flex's stock up by 3.5%.
The company announced an adjusted EPS of $0.51, which is $0.10 higher than the analyst estimate of $0.41. Revenue also exceeded forecasts, coming in at $6.3 billion against the consensus estimate of $5.9 billion.
CEO Revathi Advaithi commented on the company's performance, stating, "We delivered another solid quarter, including year-over-year margin expansion and EPS growth. Our results show we continue to navigate through the dynamic cycle and drive value to our stakeholders."
Looking ahead, Flex has provided guidance for the fiscal year 2025, projecting an adjusted EPS range of $2.30 to $2.50, with the midpoint of $2.40 slightly above the analyst consensus of $2.39. Revenue expectations are set between $25.4 billion and $26.4 billion, with the midpoint of $25.9 billion also surpassing the consensus estimate of $25.74 billion. These forecasts suggest that Flex is positioned to maintain its momentum in the coming year.
Flex also announced an executive transition, with CFO Paul Lundstrom stepping down effective July 31, 2024, to pursue opportunities outside the company. Jaime Martinez will take over as Interim CFO, bringing over two decades of experience at Flex.
CEO Advaithi expressed gratitude for Lundstrom's contributions and welcomed Martinez, stating, "He has played a key role in delivering on our strategy, driving discipline across the organization, and creating value for our shareholders."
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