Flex posts Q2 FY2018 earnings beat

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Flex today posted second quarter 2018 earnings results that met expectations on Wall Street.

The San Jose, Calif.-based company posted profits of $205.1 million, or 38¢ per share, on sales of $6.3 billion for the 3 months ended September 30, seeing the bottom line swing from $2.5 million in the red while sales grew 4.4% compared with the same period last year.

Adjusted to exclude 1-time items, earnings per share were 27¢, just ahead of the 26¢ consensus on Wall Street, where analysts were expecting to see sales of $6.1 billion for the quarter.

“Our results this quarter strongly indicate Flex’s top-line growth, structural portfolio evolution, and capital return all remain on track. We had impressive revenue performance across the board, growing for the third consecutive quarter on a year-over-year basis, with revenue for all four business groups above the midpoint of their respective guidance ranges,” CEO Mike McNamara said in a press release.

The company updated its guidance for the upcoming third quarter, expecting to see revenues between $6.3 billion and $6.7 billion with adjusted earnings per share between 28¢ and 32¢.

Flex shares fell slightly today, down 1.6% to close at $17.35.

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