Welcome to our dedicated page for Flex news (Ticker: FLEX), a resource for investors and traders seeking the latest updates and insights on Flex stock.
Flex Ltd. reports developments around its advanced manufacturing, supply chain, product design and lifecycle services for technology and industrial customers. Company news commonly covers operating results, margin trends, capital allocation, portfolio optimization and customer programs across end markets such as communications, cloud and enterprise infrastructure, consumer devices, automotive, health solutions and industrial products.
Recent company updates also cover Flex's Critical Power and data-center infrastructure capabilities, including power control, protection, cooling and scalable IT infrastructure used in utility, power generation and AI data-center applications. News may include completed acquisitions such as Electrical Power Products, expanded manufacturing partnerships, automation deployments, material agreements and governance changes tied to Flex's global manufacturing footprint.
Flex (NASDAQ: FLEX) has been recognized as one of the 2023 World's Most Ethical Companies in the industrial manufacturing category by Ethisphere. This acknowledgment highlights Flex's commitment to business integrity and superior ethics, compliance, and governance practices. In total, 135 organizations were honored from 19 countries across 46 industries. Flex's CEO, Revathi Advaithi, attributed this recognition to the dedication of its 170,000 employees and the company's values-driven culture. The evaluation process included over 200 questions focused on corporate governance, ethics, and sustainability, ensuring rigorous standards were met.
SAN JOSE, Calif., Feb. 22, 2023 /PRNewswire/ -- Flex (NASDAQ: FLEX) announced that its leadership team will participate in the Raymond James 2023 Institutional Investors Conference on March 7, 2023. The presentation is scheduled for 11:15 am PT / 2:15 pm ET and will be accessible via live webcast on the Flex Investor Relations website. An archived replay will be available after the event. Flex is recognized as a leading manufacturing partner, delivering innovative technology and supply chain solutions globally across various industries.
Flex Ltd. (NASDAQ: FLEX) announced the full exercise of the underwriters' option to purchase an additional 3,990,000 shares of Nextracker's Class A common stock at $24.00 per share, part of an upsized initial public offering totaling 26,600,000 shares. The offering's net proceeds are expected to be approximately $693.8 million, aimed at purchasing 30,590,000 LLC Common Units from Nextracker's parent company. J.P. Morgan, BofA Securities, Citigroup, and Barclays are joint lead book-running managers for the offering, which was made effective by the SEC on February 8, 2023.
Flex Ltd. announced that its subsidiary, Nextracker Inc., has priced an upsized initial public offering (IPO) of 26,600,000 shares of Class A common stock at $24.00 per share. Trading on Nasdaq under the symbol 'NXT' is set to begin on February 9, 2023, with the offering closing on February 13, 2023, barring any customary conditions. The offering includes a 30-day option for underwriters to purchase an additional 3,990,000 shares. Major banks managing the offering include J.P. Morgan and BofA Securities. A registration statement was declared effective by the SEC on February 8, 2023.
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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.
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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.