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July 30, 2020, 5:02 p.m. EDT

Flex stock pops as earnings, outlook top Street view

Flex Ltd. (NAS:FLEX) shares rose in the extended session Thursday after the contract manufacturer's results and outlook exceeded Wall Street expectations. Flex shares surged 6% after hours, following a 5.3% gain in the regular session to close at $11.65. The company reported fiscal first-quarter net income of $51.8 million, or 10 cents a share, compared with $44.9 million, or 9 cents a share, in the year-ago period. Adjusted earnings were 23 cents a share, compared with 27 cents a share in the year-ago period. Revenue declined to $5.15 billion from $6.18 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 17 cents a share on revenue of $4.93 billion. Flex sees adjusted earnings of 25 cents to 31 cents a share on revenue of $5.4 billion to $5.7 billion, while analysts had forecast earnings of 23 cents a share of $5.34 billion. "We anticipate a sequential recovery for all of our end markets in the second quarter of fiscal 2021, however we expect overall revenue to be under pressure due to the uncertainty of the crisis," said Chris Collier, Flex chief financial officer, in a statement.

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