Flex Q3 Profit Rises

(RTTNews) - Flex (FLEX) reported that its net income for its third quarter ended December 31, 2020 rose to $208 million or $0.41 per share from $111 million or $0.22 per share in the previous year.

Non-GAAP earnings per share were $0.49 compared to $0.38 prior year.

Net sales for the quarter grew to $6.72 billion from $6.46 billion last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share and revenues of $6.23 billion for the third quarter. Analysts' estimates typically exclude special items.

The company said it is actively pursuing alternatives for its NEXTracker business. The company is considering options that may include, among others, a full or partial separation of the business through an initial public offering, sale, spin-off, or other transaction.

Looking ahead for the fourth-quarter, the company expects GAAP earnings per share to be in the range of $0.24 - $0.30, adjusted earnings per share of $0.32 - $0.38, and revenue of $5.6 billion to $6.0 billion. Analysts expect the company to report earnings of $0.30 per share and revenues of $5.55 billion for the fourth-quarter.