Flex Ltd. (NASDAQ: FLEX) 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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In February, FLEX announced that Revathi Advaithi, 51, has been named Chief Executive Officer and appointed to the Board of Directors at Flex. Prior to Flex, Ms. Advaithi was president and chief operating officer for the Electrical Sector business for Eaton, a power management company with over $20 billion in sales, 102,000 employees and a market capitalization in excess of $33 billion. She also had corporate responsibility for the Europe, Middle East and Africa region. Ms. Advaithi managed the largest of Eaton’s businesses, consistently delivering high margins, while reducing earnings volatility. She secured more than $13 billion in sales in 2018, with an array of electrical solutions built on the strengths of full-scale engineering and support services.
On March 15th, Flex announced that it has been named a winner of five 2019 Manufacturing Leadership Awards for its outstanding achievement in four categories: Sustainability Leadership, Supply Chain Leadership, Enterprise Integration & Technology Leadership and Next-Generation Leadership.
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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. The company offers various services, including innovations labs for supporting customer design and product development services from early concept stages; collective innovation platform, an ecosystem of technology solutions; Lab IX, a startup accelerator program; centers of excellence solutions in critical areas; interconnect technology center for printed circuits; and CloudLabs that enable customers to accelerate a spectrum of cloud, converged infrastructure, and datacenter strategies. It also provides design and engineering services, such as contract design and joint development manufacturing services, which cover various technical competencies comprising system architecture, user interface and industrial design, mechanical engineering, technology, enclosure systems, thermal and tooling design, electronic system design, reliability and failure analysis, and component level development engineering; and systems assembly and manufacturing services. In addition, the company offers component product solutions that include rigid and flexible printed circuit board fabrication, and power supplies; after-market and forward supply chain logistics services; and reverse logistics and repair services, which comprise returns management, exchange programs, complex repair, asset recovery, recycling, and e-waste management for consumer and midrange products, printers, smart phones, consumer medical devices, notebook personal computers, set-top boxes, game consoles, infrastructure products. The company was formerly known as Flextronics International Ltd. and changed its name to Flex Ltd. in September 2016. Flex Ltd. was founded in 1990 and is based in Singapore.
12/11/2018 Wolfe Research Initiated Market Perform $14.00 ➝ $12.00
10/30/2018 Argus Downgrade Buy ➝ Hold
10/29/2018 Macquarie Set Target Hold $9.00
10/26/2018 Goldman Sachs Group Downgrade Buy ➝ Neutral
Third-quarter fiscal 2019 results: (FYE is March 30)
Flex delivered third-quarter 2018 non-GAAP earnings of 34 cents per share.
As of Dec 31, 2018, cash & cash equivalents were $1.50 billion up from $1.38 billion at the end of the previous quarter. Total debt (long-term plus short term) was $2.95 billion up from $2.93 billion at the end of the previous quarter.
Flex generated $273.6 million as net cash from operations during the reported quarter compared with $120.4 million in the previous quarter. Free cash flow came in at $118.6 million compared with ($60.1 million) reported in the second quarter.
For fourth-quarter fiscal 2019, revenues are expected to be in the range of $6.2-$6.6 billion.
The company expects CEC to grow in the range of 5-15%, on a year-over-year basis. However, CTG, HRS and IEI revenues are anticipated to remain flat to down in “high single digits”.
Adjusted operating income is projected in the range of $195-$225 million.
Moreover, adjusted earnings are expected between 25 cents and 28 cents per share. Notably, the mid-point of approximately 26 cents is below the current Zacks Consensus Estimate of 27 cents per share.
Stock influences and risk factors
Customers may cancel their orders, change production quantities or locations, or delay production, and current and potential customers may decide to manufacture some or all of their products internally.
A significant percentage of sales come from a small number of customers and a decline in sales to any of these customers could adversely affect their business.
Exposure to financially troubled customers or suppliers may adversely affect their financial results.
They conduct operations in a number of countries and are subject to the risks inherent in international operations.
On Friday, March 15, 2019, FLEX shares closed at $10.31 per share on traded volume of 9.4 million shares. The current RSI (14) is 58.94
At $10.31, FLEX shares are trading above their 50 DMA of $9.39 and below their 200 DMA of $11.31
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