FLEX LTD Reports Earnings for FY2024 Q1, Ending June 30 2023
August 27, 2023
🌥️Earnings Overview
FLEX LTD ($NASDAQ:FLEX) reported its earnings results for the financial year 2024 Q1 ending June 30 2023, with a total revenue of USD 7336.0 million, a 0.1% decrease from the year before. Net income for the quarter was USD 186.0 million, a 1.6% drop from the preceding year. The results were announced on July 26 2023.
Price History
On Wednesday, FLEX LTD reported their earnings for the first quarter of Fiscal Year 2024, which ended June 30, 2023. In response to their announcement, the stock opened at $28.4 and closed at $28.3, dropping 0.5% from the prior closing price of $28.4. Despite the small drop in share price, FLEX LTD maintained a strong fiscal performance for the quarter, with revenue increasing and expenses decreasing. This growth was driven by higher sales of their electric vehicle products, as well as increased services and software sales.
Additionally, their operating expenses decreased by 4% from FY2023, a result of cost-cutting measures taken in order to remain competitive in the marketplace. Overall, FLEX LTD reported strong earnings for Q1 of FY2024, continuing their trend of fiscal stability. With consistent revenue growth and decreasing expenses, the company is well-positioned to prosper into the future quarters of FY2024. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Flex Ltd. More…
| Total Revenues | Net Income | Net Margin |
| 30.34k | 790 | 2.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Flex Ltd. More…
| Operations | Investing | Financing |
| 918 | -670 | -274 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Flex Ltd. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 20.94k | 15.15k | 12.19 |
Key Ratios Snapshot
Some of the financial key ratios for Flex Ltd are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 9.4% | 43.4% | 4.0% |
| FCF Margin | ROE | ROA |
| 0.7% | 14.1% | 3.6% |
Analysis
GoodWhale has made an analysis of FLEX LTD‘s financials and according to our Star Chart, the company is strong in asset, growth, and profitability and weak in dividend. With an intermediate health score of 6/10, we conclude that FLEX LTD is likely to sustain future operations in times of crisis. Our analysis also classified FLEX LTD as ‘cheetah’, meaning it has achieved high revenue or earnings growth but is considered less stable due to lower profitability. Given these characteristics, we believe that investors looking for a higher return with some risk tolerance may be interested in investing in FLEX LTD. The company offers the potential for higher returns with the understanding that they could potentially experience higher losses if the market doesn’t perform well. Additionally, investors in search of capital gains may be interested in FLEX LTD given its growth potential. Finally, those who are interested in cash flow may also be attracted to the company as its growth enables the potential for improved cash flow over time. More…
Peers
Flex Ltd, Jabil Inc, Horng Tong Enterprise Co Ltd, and Nishoku Technology Inc are all companies that specialize in the manufacturing of flex and printed circuit boards. These companies all have different strengths and weaknesses, but Flex Ltd is considered to be the leader in this industry.
– Jabil Inc ($NYSE:JBL)
Jabil Inc is a company that provides electronic manufacturing services. It has a market cap of 8.8B as of 2022 and a Return on Equity of 35.94%. The company has been in business for over 50 years and provides services to a variety of industries, including healthcare, aerospace, and automotive. Jabil is a publicly traded company and its shares are listed on the Nasdaq Stock Market.
– Horng Tong Enterprise Co Ltd ($TPEX:5271)
Horng Tong Enterprise Co Ltd is a company that manufactures and sells plastic products. The company has a market cap of 255.78M as of 2022 and a Return on Equity of -10.15%. The company’s products include buckets, mops, and other plastic products.
– Nishoku Technology Inc ($TWSE:3679)
Nishoku Technology Inc is a Japanese company that manufactures and sells electronic and electrical products. It has a market cap of 5.44B as of 2022 and a Return on Equity of 11.41%. The company’s products include semiconductors, integrated circuits, transistors, and diodes.
Summary
FLEX LTD‘s Q1 FY2024 earnings report showed a slight decrease in total revenues, amounting to USD 7336.0 million compared to the same period last year. Net income for the quarter was down 1.6%, amounting to USD 186.0 million. Investors should take note that the company’s overall performance during this quarter was below expectations, and may need to adjust their strategies accordingly.
It will be important to monitor the company’s future progress to see if it is able to make a recovery in future quarters. In the meantime, investors should assess their risk tolerance and the potential returns before making any decisions.
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