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Flex Q2 Results Top Estimates, Sees Q3 Profit Above View; Stock Up

(RTTNews) - Flex (FLEX) reported that its net income for its second quarter ended September 25, 2020 was $113 million or $0.22 per share compared to a loss of $117 million or $0.23 per share in the prior year.

Non-GAAP earnings per share was $0.36, compared to $0.31 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the second-quarter declined to $5.99 billion from $6.09 billion in the prior year. Analysts expected revenue of $5.55 billion for the quarter.

Looking ahead for the third-quarter, the company expects GAAP earnings per share to be in the range of $0.21 to $0.27, adjusted earnings per share of $0.34 to $0.40, revenue of $6.0 billion to $6.4 billion. Analysts expect the company to report earnings of $0.32 per share and revenues of $6.01 billion for the third-quarter.

FLEX closed Thursday regular trading at $13.69 up $0.37 or 2.78%. In the after-hours, the stock further gained $1.51 or 11.03%.
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