On July 31, Flex Ltd rose 5.16% in regular trading, trading at $115.61/share, with turnover of $59.19 million. The stock continued its rebound following a nearly 10% decline on July 29 triggered by the announcement of a cloud and power infrastructure business spinoff plan.
On the fundamentals side, the company reported Q1 adjusted EPS of $1.00, beating the consensus estimate of $0.91 by 9.89% and representing a 38.89% year-over-year increase. Revenue came in at $7.928 billion, exceeding the $7.557 billion estimate. Full-year guidance calls for adjusted EPS of $4.42-$4.74, with the midpoint above the market estimate of $4.44. Despite the strong earnings, the July 29 spinoff announcement and new leadership team introduction sparked uncertainty, causing a sharp selloff that the stock has since been recovering from.
The Electronic Manufacturing Services sector continued to rally broadly, with Sanmina up 5.7%, TTM Technologies up 3.7%, Jabil Circuit up 2.5%, TE Connectivity up 1.24%, and Celestica up 0.93%, reinforcing the sector-wide rebound momentum.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments