2023-10-26 16:39:43 ET
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.
For further details see:
Why Flex Stock Popped Today