Zacks: Analysts Expect Flex Ltd (NASDAQ:FLEX) Will Post Quarterly Sales of $6.29 Billion
Wall Street brokerages forecast that Flex Ltd (NASDAQ:FLEX) will post $6.29 billion in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Flex’s earnings, with estimates ranging from $6.27 billion to $6.32 billion. Flex posted sales of $6.42 billion in the same quarter last year, which would indicate a negative year over year growth rate of 2%. The company is scheduled to announce its next earnings report after the market closes on Thursday, July 25th.
On average, analysts expect that Flex will report full-year sales of $26.41 billion for the current financial year, with estimates ranging from $26.18 billion to $26.57 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $27.49 billion, with estimates ranging from $27.15 billion to $27.81 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Flex.
Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Tuesday, April 30th. The technology company reported $0.27 earnings per share for the quarter, meeting the consensus estimate of $0.27. Flex had a return on equity of 3.03% and a net margin of 0.36%. The business had revenue of $6.20 billion for the quarter, compared to analysts’ expectations of $6.41 billion. During the same period last year, the business earned $0.28 EPS. The business’s revenue was down 3.3% on a year-over-year basis.
NASDAQ:FLEX traded up $0.20 during trading hours on Wednesday, hitting $9.98. 5,056,380 shares of the company traded hands, compared to its average volume of 6,503,002. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.71 and a current ratio of 1.20. The business’s 50-day simple moving average is $9.51. Flex has a one year low of $6.74 and a one year high of $15.38. The firm has a market cap of $5.10 billion, a P/E ratio of 55.44, a PEG ratio of 0.61 and a beta of 1.80.
In related news, EVP David Scott Offer sold 6,751 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $9.63, for a total value of $65,012.13. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Christopher Collier sold 10,606 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $9.63, for a total value of $102,135.78. The disclosure for this sale can be found here. Insiders have sold a total of 157,902 shares of company stock worth $1,487,783 over the last quarter. Company insiders own 0.42% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Cerebellum GP LLC lifted its position in Flex by 13.7% in the 2nd quarter. Cerebellum GP LLC now owns 37,269 shares of the technology company’s stock worth $357,000 after buying an additional 4,479 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Flex by 74.6% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 102,131 shares of the technology company’s stock worth $977,000 after buying an additional 43,631 shares during the last quarter. Camelot Portfolios LLC bought a new stake in Flex in the 2nd quarter worth approximately $167,000. Hanson & Doremus Investment Management lifted its position in Flex by 4.0% in the 2nd quarter. Hanson & Doremus Investment Management now owns 121,735 shares of the technology company’s stock worth $1,165,000 after buying an additional 4,710 shares during the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in Flex in the 2nd quarter worth approximately $253,000. Institutional investors and hedge funds own 94.49% of the company’s stock.
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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