Flextronics International Ltd. (FLEX) stock has reached a new 52-week high, touching $35.86, as the company continues to ride a wave of strong performance. This milestone reflects a significant surge in value, with the stock experiencing an impressive 90.18% increase over the past year. Investors have shown increased confidence in Flex (NASDAQ:FLEX)'s market position and growth strategy, propelling the stock to new heights. The company's ability to adapt and innovate in the competitive electronics manufacturing sector is likely a key driver behind the robust year-over-year gains. As Flex continues to execute its business plan effectively, market watchers remain attentive to how the stock will perform in the coming weeks and months.
In other recent news, Flex Ltd. reported earnings that surpassed analyst expectations for the second quarter, with an adjusted earnings per share of $0.64, compared to the consensus of $0.57. However, the company's revenue of $6.5 billion fell short of the projected $6.53 billion, representing a 5.6% decrease year-over-year. The electronics manufacturer also provided guidance for the third quarter, forecasting revenue between $6 billion and $6.4 billion, which is below Wall Street's $6.53 billion estimate. The company anticipates an adjusted EPS of $0.60 to $0.66, compared to the consensus of $0.64. Flex also revised its full-year outlook downwards, now projecting revenue of $24.9 billion to $25.5 billion, beneath the analysts' forecast of $25.82 billion. In addition to these financial updates, Flex announced the pending acquisition of Crown Technical Systems, as part of its strategy to expand in higher value markets. These developments represent some of the recent changes at Flex Ltd.
InvestingPro Insights
Flex's recent achievement of a new 52-week high is further supported by InvestingPro data, which reveals the stock is trading at 96.74% of its 52-week high, confirming the strong momentum mentioned in the article. This aligns with an InvestingPro Tip highlighting Flex's high return over the last year, with the stock delivering an impressive 86.48% total return in the past 12 months.
Despite the significant price appreciation, Flex still appears to offer value. An InvestingPro Tip suggests that the stock is trading at a low P/E ratio relative to near-term earnings growth, with a current P/E ratio of 15.37. This indicates that investors might still find an attractive entry point despite the recent rally.
For investors seeking more comprehensive analysis, InvestingPro offers 12 additional tips for Flex, providing a deeper understanding of the company's financial health and market position. These insights could be particularly valuable as the stock continues to reach new highs and investors look to make informed decisions in the dynamic electronics manufacturing sector.
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