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.
