HAMILTON, Bermuda, May 23, 2024 /PRNewswire/ -- Please find enclosed the presentation of Flex LNG Ltd.'s first quarter 2024 results which will be presented in a live video webcast today at 15:00 CEST (09:00 a.m. EST).In order to watch the webcast, use the following link:First Quarter 2024 Earnings PresentationA Q&A session will be held after the webcast. Information on how to submit questions will be given at the beginning of the session.In conjunction with the quarterly results, we have published a short t ...

Use these links to rapidly review the document TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-23354 FLEX LTD. (Exact name of registrant as specified in its charter) ...

Zacks Investment Research has recently initiated coverage of Omega Flex, Inc. (OFLX) , a key player in the flexible metal hose manufacturing industry. The firm has assigned a "Neutral" rating to the stock, reflecting a balanced outlook based on its comprehensive analysis of the company’s prospects and challenges in the evolving construction and infrastructure sectors.Omega Flex, headquartered in Pennsylvania, stands poised to benefit from the burgeoning global construction market, driven by increasing urban ...

Q4 FY24 Earnings Presentation Quarter End: March 31, 2024 Earnings Announcement: May 1, 2024 Risks and Non-GAAP Disclosures ...

Financial Data and Key Metrics Changes - Total revenue for Q4 was $6.2 billion, down 12% year-over-year, while gross profit improved to $532 million with a gross margin of 8.6%, an increase of 160 basis points from the prior year [5][6] - Operating margin reached a record 5.4%, up 120 basis points year-over-year and up 50 basis points from Q3 [5] - Adjusted earnings per share (EPS) for the quarter was $0.57, a 30% increase, while GAAP EPS was $0.93, influenced by a one-time non-cash tax benefit [6][8] Business Line Data and Key Metrics Changes - Reliability segment revenue was $2.9 billion, with strong demand in cloud power solutions and an operating margin of 5.8% [7] - Agility segment revenue was $3.2 billion, driven by AI-driven cloud demand, with operating income increasing 6% to $181 million and a record operating margin of 5.6% [7][10] - For the full year, Reliability revenue was $12.5 billion with an operating margin of 5.3%, while Agility revenue was $13.9 billion with a record operating margin of 4.8% [9][10] Market Data and Key Metrics Changes - Automotive revenue within Reliability was up 6%, driven by new ramps and content growth, while Health Solutions was up 3% despite industry slowdowns [9] - Industrial revenue was down 8%, affected by slowing industrial CapEx and weaker residential solar [10] - Agility segment faced a 7% decline in CEC, with strong new cloud ramps offset by slowing enterprise IT and telco spending [10] Company Strategy and Development Direction - The company focuses on large diverse markets with growth potential, leveraging macro and secular trends to generate profitable growth [15][20] - The strategy includes expanding vertical integration and value-added services, with a strong emphasis on automation and efficiency [22][21] - The company aims for power and compute-based revenue to account for 40% of total revenue by fiscal year 2029 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating through the current macro cycle, highlighting resilience with margin expansion and EPS growth despite revenue declines [50][61] - The company anticipates revenue for fiscal 2025 to be flat to down 3%, with adjusted operating margins between 5.2% and 5.4% [56] - Long-term growth is expected to be driven by advancements in cloud and automotive sectors, with a focus on power and compute solutions [58][47] Other Important Information - NEXTracker has been reclassified to discontinued operations, providing clearer visibility into core business performance [5][50] - The company returned $1.3 billion to shareholders through stock repurchases in fiscal year 2024, marking a record in annual cash returns [11][54] Q&A Session Summary Question: Success in attracting vertical solutions and aftermarket services to data center rack programs - Management highlighted the unique value proposition in integrating power products with compute, emphasizing growth in vertical integration and aftermarket services [64][65] Question: Margin profile for the expected $8 billion revenue growth from auto and cloud - Management indicated that the margin rates for cloud and automotive are better than Flex's average, driven by the need for power solutions [69][70]

Flex Ltd (FLEX) reported fourth-quarter fiscal 2024 adjusted earnings of 57 cents per share, beating the Zacks Consensus Estimate by 3.6%. The bottom line grew 29.5% year over year.Revenues (excluding Nextracker) decreased 11.7% year over year to $6.2 billion. However, it beat the consensus mark by 1.1%. Weakness across the Agility and Reliability Solutions segments led to the top-line contraction.Net sales in fiscal 2024 totaled $26.4 billion (excluding Nextracker), down 7% year over year. Post the spin-of ...

Flex (FLEX) came out with quarterly earnings of $0.57 per share, beating the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.57 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.64%. A quarter ago, it was expected that this electronics designer and manufacturer would post earnings of $0.62 per share when it actually produced earnings of $0.71, delivering a surprise of 14.52%.Over the last four quar ...

EXHIBIT 99.1 P R E S S R E L E A S E FLEX REPORTS FOURTH QUARTER AND FISCAL 2024 RESULTS AND HOSTS INVESTOR AND ANALYST DAY Austin, Texas, May 1, 2024 – Flex (NASDAQ: FLEX) today announced results for its fourth quarter and fiscal year ended March 31, 2024. • Net Sales: $6.2 billion • GAAP Operating Income: $159 million • Adjusted Operating Income: $333 million • GAAP Net Income from continuing operations: $395 million • Adjusted Net Income from continuing operations: $244 million • GAAP Earnings Per Share ...

AUSTIN, Texas, May 1, 2024 /PRNewswire/ -- Flex (NASDAQ: FLEX) announced today that consistent with its succession plan, Michael D. Capellas, non-executive Chair of the Board of Directors of Flex, has informed the Board of his decision not to stand for re-election to the Board at the company's 2024 Annual General Meeting of shareholders to be held on August 8, 2024. Mr. Capellas has served on the company's board for 10 years, including as Chair since 2017, during which time he played a key role in building ...

AUSTIN, Texas, May 1, 2024 /PRNewswire/ -- Flex (NASDAQ: FLEX) today announced results for its fourth quarter and fiscal year ended March 31, 2024. Fourth Quarter Fiscal Year 2024 Highlights: Net Sales: $6.2 billion GAAP Operating Income: $159 million Adjusted Operating Income: $333 million GAAP Net Income from continuing operations: $395 million Adjusted Net Income from continuing operations: $244 million GAAP Earnings Per Share from continuing operations: $0.93 Adjusted Earnings Per Share from continuing ...