February 2, 2023
Flex recognized as one of Fortune World's Most Admired Companies 2023
Flex (NASDAQ: FLEX) today announced that the company has been named one of the World's Most Admired Companies by Fortune magazine in the Electronics category. "Thank you to our 170,000 team members globally whose focused efforts, resiliency and strong execution earned Flex the esteemed honor of being named a world's most admired company," said Revathi Advaithi CEO, Flex. "By exemplifying and building on our values-driven culture, we continue to deliver value to all of our stakeholders and bring our purpose to life – making great products for our customers that create value and improve people's lives." The FORTUNE World's Most Admired Companies study surveys top executives and directors from eligible companies, along with financial analysts, to identify the companies that enjoy the strongest reputations within their industries and across industries. Each company in their respective industry is evaluated on nine criteria, including ability to attract and retain talented people, quality...
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February 1, 2023
Nextracker Announces Launch of Initial Public Offering
Flex Ltd. (NASDAQ: FLEX) announced today that its subsidiary, Nextracker Inc. ("Nextracker"), has launched the roadshow for its initial public offering of 23,255,814 shares of its Class A common stock ("Common Stock"). The underwriters of the offering will also have a 30-day option to purchase from Nextracker up to 3,488,372 additional shares of Common Stock. The initial public offering price is expected to be between $20.00 and $23.00 per share. Nextracker has applied to list its Common Stock on the Nasdaq Global Select Market under the ticker symbol "NXT." J.P. Morgan, BofA Securities, Citigroup, and Barclays are acting as joint lead book-running managers for the offering. Truist Securities, HSBC, BNP PARIBAS, Mizuho, Scotiabank, and KeyBanc Capital Markets are acting as joint book-running managers for the offering. SMBC Nikko, BTIG, UniCredit, Roth Capital Partners, and Craig-Hallum will act as co-managers for the offering. PJT Partners is serving as independent financial advisor...
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January 25, 2023
FLEX REPORTS THIRD QUARTER FISCAL 2023 RESULTS
Flex (NASDAQ: FLEX) today announced results for its third quarter ended December 31, 2022. Third Quarter Fiscal Year 2023 Highlights: Net Sales: $7.8 billion GAAP Operating Income: $321 million Adjusted Operating Income: $372 million GAAP Net Income Attributable to Flex Ltd.: $230 million Adjusted Net Income: $285 million GAAP Earnings Per Share: $0.50 Adjusted Earnings Per Share: $0.62 An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules II and V attached to this press release. "We achieved another strong quarter through the focused efforts of the team, and strong execution against healthy demand," said Revathi Advaithi, CEO of Flex. "I remain confident about the resiliency of our portfolio and our ability to deliver growth and value to our stakeholders." Fourth Quarter Fiscal 2023 Guidance Revenue: $7.0 billion to $7.4 billion GAAP Operating Income: $268 million to $298 million Adjusted Operating Income: $315...
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