Flex Ltd Stock Price, News & Analysis

Flex Ltd. (NASDAQ: FLEX) announced the launch of a roadshow for its subsidiary Nextracker Inc.'s initial public offering (IPO) of 23,255,814 shares of Class A common stock. The IPO price is anticipated between $20.00 and $23.00 per share, with an additional 30-day option for underwriters to purchase 3,488,372 more shares. Nextracker, a leader in solar tracking technology, aims to list its shares on the Nasdaq under the ticker symbol NXT. Major financial institutions involved include J.P. Morgan, BofA Securities, and Citigroup as joint lead managers.

Our Next Energy Inc. (ONE), based in Michigan, has successfully closed a $300 million Series B fundraising at a post-money valuation of $1.2 billion. Led by Fifth Wall and Franklin Templeton, this round also includes $220 million in state grants, totaling over $500 million to support the construction of ONE's battery cell factory. The company has secured ten customer agreements for a total of 36 GWh over five years and is advancing plans for additional factory investments ahead of schedule. CEO Mujeeb Ijaz highlighted this milestone as crucial for scaling up U.S.-based cell manufacturing, aligning with the urgent demand driven by the Inflation Reduction Act.

Flex (NASDAQ: FLEX) announced its third-quarter fiscal results for 2023, reporting net sales of $7.8 billion and a GAAP operating income of $321 million. GAAP net income reached $230 million, resulting in a GAAP earnings per share of $0.50. Adjusted figures showed an operating income of $372 million and adjusted net income at $285 million, translating to adjusted EPS of $0.62. For Q4, Flex provided guidance of $7.0 billion to $7.4 billion in revenue and GAAP EPS of $0.37 to $0.43. The updated fiscal year revenue guidance is between $29.9 billion and $30.3 billion.

Nextracker, a subsidiary of Flex, has filed a registration statement with the SEC for a proposed initial public offering (IPO) of its Class A common stock under the ticker symbol NXT. The specific details regarding the number of shares and pricing are still to be determined, with the offering subject to market conditions. Notable underwriters involved include J.P. Morgan, BofA Securities, Citigroup, and Barclays. This move aims to enhance Nextracker's position as a leading provider of solar tracker solutions in the renewable energy sector.

Flex (NASDAQ: FLEX) will release its third quarter fiscal 2023 financial results on January 25, 2023, after market close. A conference call will follow at 1:30 p.m. PT to discuss these results. Investors can access the live webcast on the company’s investor relations website. Flex is a global manufacturing partner, providing innovative solutions across various industries, backed by a workforce operating in 30 countries.

Flex (NASDAQ: FLEX) will participate in the Credit Suisse 26th Annual Technology Conference on November 29, 2022. The leadership team's presentation is scheduled for 7:55am PT / 10:55am ET and will be accessible via a live webcast on the Flex Investor Relations website. Additionally, an archived replay will be available post-presentation. Flex is known for its global manufacturing solutions and commitment to sustainability across diverse industries.

Flex (NASDAQ: FLEX) reported its second quarter fiscal year 2023 results with net sales of $7.8 billion, a 5% increase year-over-year. GAAP net income reached $232 million or $0.50 per share, while adjusted net income was $289 million or $0.63 per share. For the upcoming third quarter, Flex anticipates revenue between $7.3 billion and $7.7 billion and GAAP EPS of $0.46 to $0.52. Fiscal year 2023 guidance has been updated to project revenue of $29.1 billion to $30.1 billion and adjusted EPS ranging from $2.20 to $2.35.