Flex (NASDAQ:FLEX) Updates FY 2020 Earnings Guidance
Flex (NASDAQ:FLEX) issued an update on its FY 2020 earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.20-1.30 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.22. Flex also updated its Q2 guidance to $0.29-0.33 EPS.
FLEX stock traded up $1.32 during midday trading on Friday, reaching $11.26. The company’s stock had a trading volume of 14,480,113 shares, compared to its average volume of 4,566,335. The company has a quick ratio of 0.71, a current ratio of 1.20 and a debt-to-equity ratio of 0.81. The company’s fifty day moving average price is $9.64. Flex has a 1 year low of $6.74 and a 1 year high of $15.38. The stock has a market cap of $5.79 billion, a price-to-earnings ratio of 62.56, a price-to-earnings-growth ratio of 0.73 and a beta of 1.80.
Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Thursday, July 25th. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.11). Flex had a return on equity of 0.72% and a net margin of 0.09%. The firm had revenue of $6.18 billion for the quarter, compared to the consensus estimate of $6.25 billion. During the same period in the previous year, the company posted $0.24 EPS. Flex’s quarterly revenue was down 3.5% compared to the same quarter last year. On average, equities research analysts predict that Flex will post 0.98 earnings per share for the current fiscal year.
In other Flex news, insider David P. Bennett sold 2,825 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $9.60, for a total value of $27,120.00. Following the completion of the sale, the insider now directly owns 822,592 shares in the company, valued at $7,896,883.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, President Douglas Britt sold 10,313 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $9.61, for a total value of $99,107.93. Following the completion of the sale, the president now owns 681,494 shares of the company’s stock, valued at $6,549,157.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 157,902 shares of company stock worth $1,487,783. 0.42% of the stock is owned by corporate insiders.
Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.
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