Flex Reports in Line Q4 Results; Offers Mixed Guidance; Maintaining Our $18 Fair Value Estimate
Flex's fiscal fourth-quarter revenue came in at $5.9 billion, up 2% year over year and at the high end of the guidance range and slightly ahead of our expectations. The top-line performance was driven by all of Flex’s operating segments. HRS’ results were very promising, and we continue to be supportive of Flex’s focus within this segment as we think outperformance in HRS will lead to margin expansion for the consolidated company. Management guided for fiscal first quarter revenue that is modest...Flex is a provider of Sketch-to-Scale™ services that designs, engineers, manufactures, and supply chain services and solutions. Co. operates following segments: Communications & Enterprise Compute, which includes its telecom and networking business, server and storage platforms, and security appliance products; Consumer Technologies Group, which includes its consumer-related businesses in connected living and supply chain solutions; Industrial and Emerging Industries, which include energy and metering, semiconductor tools and capital equipment, and industrial automation and kiosks; and High Reliability Solutions, which include its medical, automotive, defense and aerospace businesses.
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