Flex Ltd - FLEX STOCK NEWS

Flex (NASDAQ: FLEX) announces it will release its first quarter fiscal 2025 financial results on Wednesday, July 24, 2024, before the market opens. A conference call to discuss these results is scheduled for the same day at 7:30 AM (CT) / 8:30 AM (ET). Investors and interested parties can access the live webcast presentation on the Flex Investor Relations website. Replay and supporting materials will be available after the event concludes.

Nextracker (NASDAQ: NXT) has acquired Ojjo, a U.S.-based renewable energy firm specializing in foundation technology for utility-scale solar power, for approximately $119 million in an all-cash deal. The acquisition aims to provide a more integrated and complete solution for various soil conditions, enhancing Nextracker's foundations capabilities and market opportunities. This merger builds on a multi-year relationship and will integrate Ojjo's Earth Truss foundation system with Nextracker’s NX Horizon smart solar tracker and advanced software solutions. The transaction was completed on June 20, 2024.

Nextracker (NXT) and Unimacts (UNX) announced the opening of a new 160,000-square-foot manufacturing facility in Sloan, Nevada. This is the second factory dedicated to Nextracker by Unimacts in the past year, aimed at meeting the growing demand for solar power in the Southwest U.S.

The facility produces steel torque tubes for solar panels and supports over 2 GW of new solar power annually, enough to power 400,000 homes. This expansion is part of Nextracker's broader strategy to reshore manufacturing, having opened or expanded over 20 U.S. facilities since 2021.

The announcement highlights the economic and job growth potential from federal incentives, with a projection of creating 550,000 new clean energy jobs by 2030. The new factory boosts Nextracker’s domestic solar tracker capacity to over 30 GW. Key attendees at the dedication event included representatives from the Nevada Governor’s Office, the White House, Copia Power, American Clean Power, and Edison Electric Institute.

Nextracker (Nasdaq: NXT) announced that its leaders will present at the J.P. Morgan Energy, Power & Renewables Conference on June 17, 2024.

The presentation will take the form of a Fireside Chat, scheduled for 10:10 a.m. PT / 1:10 p.m. ET.

A live webcast will be available on Nextracker's investor relations website, with a replay accessible after the event.

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.