Flex Ltd. Ordinary Shares - FLEX STOCK NEWS

Nextracker (NXT) has achieved a significant milestone by delivering the first 100% domestic content solar trackers in the U.S. market. The initial delivery is for SB Energy's Pelican's Jaw project, a 570 MW solar and 954 MWh storage facility under construction by SOLV Energy.

Since 2021, Nextracker has expanded its local manufacturing infrastructure to over 25 U.S. factories with 30 GW of annual capacity. This localization strategy aims to reduce lead times, enhance supply chain security, and provide superior performance and flexibility throughout project lifecycles. The company's domestic manufacturing initiative also supports the creation of U.S. jobs, with the solar industry currently supporting 279,000 positions nationwide.

Flex (NASDAQ: FLEX) has appointed Kevin S. Krumm as its new Chief Financial Officer, effective January 6, 2025. Krumm, who brings over 20 years of experience across industrial, chemical, and healthcare industries, will succeed interim CFO Jaime Martinez. Previously serving as EVP and CFO at APi Group and holding various roles at Ecolab Inc., Krumm will report to CEO Revathi Advaithi and focus on driving the company's long-term financial strategy and creating shareholder value.

Flex (NASDAQ: FLEX) has completed its $325 million all-cash acquisition of Crown Technical Systems, a leader in power distribution and protection systems. The acquisition enhances Flex's exposure to growing markets, including modular data center adoption and medium voltage power distribution, while extending its power portfolio into the utility power market. Crown Technical Systems is projected to generate approximately $120 million in revenue with high-teens EBITDA margin in fiscal 2025. The acquired company will be integrated into Flex's Industrial Business unit within the Reliability Solutions segment.

Flex (NASDAQ: FLEX) has acquired JetCool Technologies, a leading liquid cooling company for data centers, to enhance its data center and power portfolio. The acquisition strengthens Flex's ability to address increasing power, thermal density, and cooling requirements for AI workloads and high-performance computing. JetCool, founded in 2019 and based in Massachusetts, provides advanced liquid cooling solutions including cold plates, direct liquid-to-chip products, and complete cooling systems. Their recent Coolant Distribution Unit can cool racks up to 300kW and scale to over 2MW cooling capacity. The integration combines JetCool's cooling technologies with Flex's IT infrastructure expertise and global manufacturing capabilities.

Flex (NASDAQ: FLEX) has been awarded Cisco's 2024 Excellence in ESG award at Cisco's annual Supplier Appreciation Event. The award recognizes Flex's leadership in sustainability, social governance, and corporate citizenship, exceeding Cisco's Supplier Code of Conduct standards.

The announcement was made at Cisco's 33rd consecutive Supplier Appreciation Event, where hundreds of executives from Cisco's component suppliers and partners gathered. Rob Campbell, President of Communications, Enterprise and Cloud at Flex, emphasized the importance of collaboration across the value chain for advancing global sustainability. The recognition highlights Flex's commitment to sustainable manufacturing practices and responsible operations.

Nextracker (Nasdaq: NXT) announced its Q2 FY25 financial results, reporting revenue of $636 million, a GAAP Gross Profit of $225 million, and a GAAP Net Income of $117 million. The GAAP Diluted EPS stood at $0.79. Adjusted metrics showed Gross Profit at $228 million and Net Income at $145 million, with Adjusted Diluted EPS of $0.97. The company highlighted strong demand and execution, leading to a reaffirmed FY25 revenue outlook of $2.8 to $2.9 billion and a raised profit outlook. GAAP Net Income is projected between $378 to $408 million, and Adjusted EBITDA is expected at $625 to $665 million.

Business highlights include the unveiling of NX Foundation Solutions, signing 100% U.S. domestic content project contracts, and expanding the manufacturing footprint. The company also inaugurated India's first R&D Center for Solar Excellence in Hyderabad.

Flex (NASDAQ: FLEX) reported its Q2 fiscal 2025 results with net sales of $6.5 billion and GAAP net income of $214 million. The company achieved GAAP EPS of $0.54 and adjusted EPS of $0.64. For Q3 FY2025, Flex projects revenue between $6.0-6.4 billion and GAAP EPS of $0.42-0.48. The company updated its FY2025 guidance, expecting revenue of $24.9-25.5 billion and GAAP EPS of $1.77-1.89. The quarter also featured the announcement of the pending Crown Technical Systems acquisition, aimed at expanding into higher value markets.

Nextracker (NXT) has released its first Sustainability Report for 2024, marking a significant milestone since becoming independent in January 2024. The report outlines the company's comprehensive Environmental, Social, and Governance (ESG) strategy and achievements, including completion of its first materiality assessment.

Key highlights include environmental initiatives such as ISO 14001 certification in Brazil, emissions measurement, and climate risk assessment. Social achievements encompass ISO 45001 certification for U.S. operations, DEI policies, and community programs. The company has established governance structures including an ESG Executive Council and is committed to the Science Based Targets initiative (SBTi) for emissions reduction.

Flex (NASDAQ: FLEX) has announced its plan to acquire Crown Technical Systems, a leader in custom-engineered power distribution and protection systems, for $325 million in an all-cash transaction. The acquisition is expected to be accretive in the first year after closure and strengthen Flex's position in solving power, heat, and scale challenges in the data center space. Crown Technical Systems brings nearly three decades of expertise in modular solutions, medium voltage switchgear, and control products, serving diverse customers in utilities, data centers, and power generation.

The deal is projected to increase Flex's exposure to fast-growing, margin accretive end-markets and extend its power portfolio into the utility power market. Crown Technical Systems is expected to generate revenue of approximately $120 million with high-teens EBITDA margin in fiscal 2025. The transaction is anticipated to close by December 2024, subject to customary closing conditions and regulatory approval.