Why Flex Stock Popped Today
Shares of Flex (NASDAQ: FLEX) closed up 11% on Thursday after the electronics manufacturing company announced better-than-expected quarterly earnings and a plan to spin off its remaining interest in solar tracker and software solutions company Nextracker (NASDAQ: NXT) to shareholders.
For its fiscal second quarter of 2024, ended Sept. 29, 2023, Flex's net sales declined 3.8% year over year to $7.47 billion, translating to non-GAAP (adjusted) earnings of $0.68 per share (up from $0.63 per share in the year-ago period). Analysts, on average, were expecting significantly lower earnings of $0.58 per share on slightly higher revenue of $7.51 billion.
Flex CEO Revathi Advaithi praised management's focus on adjusting its product portfolio and expanding margins, adding that the company continues to make "solid progress" on its financial framework.
Source Fool.com
