Flex Ltd. Ordinary Shares - FLEX STOCK NEWS

Flex (NASDAQ: FLEX) has acquired FreeFlow to enhance its reverse logistics and circular economy services. This acquisition aims to provide additional revenue streams and promote sustainability by utilizing second life products. FreeFlow's B2B marketplace allows for the sale of surplus and returned inventory while safeguarding primary sales channels. This move will expand Flex's services across various markets, including data centers and lifestyle products, enhancing post-sale services like repair, refurbishment, and asset recovery.

Michael Hartung, Flex's president of Agility Solutions, stated that this acquisition aligns with Flex's commitment to meeting customer needs and increasing market reach. Flex plans to broaden FreeFlow's capabilities into additional industries and regions to foster sustainable solutions.

Flex (NASDAQ: FLEX) announced that its leadership team will participate in the Bank of America Global Technology Conference 2024, scheduled for June 5, 2024.

The presentation will start at 11:20am CT / 12:20pm ET and will be available as a live webcast via Flex's Investor Relations website.

An archived replay of the presentation will also be accessible on the website shortly after it concludes.

Nextracker (Nasdaq: NXT), a leader in intelligent solar tracker and software solutions, reported its financial results for Q4 and FY2024. The company achieved record revenue of $2.5 billion, a 31% increase YoY, and a GAAP net income of $496 million, with diluted EPS of $3.37.

Adjusted EBITDA surged by 150% to $521 million. The company also reported operating cash flow of $429 million and adjusted free cash flow of $427 million. Nextracker shipped over 100 gigawatts globally, marking a significant milestone.

For Q4 FY2024, revenue grew by 42% YoY to $737 million, with GAAP net income of $223 million and diluted EPS of $1.51. The company has a record backlog exceeding $4 billion, indicating strong demand. FY2025 revenue guidance is set between $2.8 billion and $2.9 billion.

Flex (NASDAQ: FLEX) announced upcoming changes to its Board of Directors, with Michael D. Capellas deciding not to stand for re-election at the 2024 Annual General Meeting. William D. Watkins will succeed him as Chair of the Board. The transition is part of Flex's succession plan to ensure continuity and leadership.

Flex reported strong financial results for the fourth quarter and fiscal year 2024, with net sales of $6.2 billion in Q4 and $26.4 billion for the fiscal year. The company showed solid performance with GAAP operating income of $159 million in Q4 and $853 million for the fiscal year, and adjusted operating income of $333 million in Q4 and $1,267 million for the fiscal year. Additionally, Flex reported GAAP net income from continuing operations of $395 million in Q4 and $872 million for the fiscal year, with adjusted net income of $244 million in Q4 and $947 million for the fiscal year. The company's GAAP earnings per share from continuing operations were $0.93 in Q4 and $1.98 for the fiscal year, while adjusted earnings per share were $0.57 in Q4 and $2.15 for the fiscal year.

CEO Revathi Advaithi highlighted strong margin expansion and EPS growth, emphasizing the company's ability to create value for stakeholders. Flex provided guidance for the first quarter fiscal 2025, with revenue expected to be between $5.6 billion and $6.2 billion, and GAAP EPS projected to be $0.11 to $0.19. For the full fiscal year 2025, revenue is forecasted to be $25.4 billion to $26.4 billion, with GAAP EPS estimated at $1.61 to $1.81. The company's adjusted EPS for fiscal year 2025 is expected to be between $2.30 and $2.50, excluding certain charges.