Flex Q4 Profit Down

(RTTNews) - Flex (FLEX) Wednesday reported fourth-quarter profit of $142 million or $0.31 per share, compared to $168 million or $0.36 per share last year.

On an adjusted basis, the company expected earnings of $0.57 per share, up from $0.52 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.51 per share for the quarter.

Net sales for the quarter were $7.48 billion, up from $6.85 billion last year. Analysts had a consensus revenue estimate of $7.22 billion for the quarter.

"We delivered a very strong year, growing revenue 17% year-over-year, as we continue to navigate the current environment as well as make progress towards our longer term strategic goals," said Revathi Advaithi, CEO of Flex. "As we've consistently demonstrated over the last few years, our team's focused execution has set us up well to create shareholder value as we look to fiscal 2024 and beyond."

Looking forward to the first quarter, the company expects adjusted earnings of $0.47 to $0.53 per share and revenues of $7.0 billion to $7.5 billion.