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    FLEX REPORTS SECOND QUARTER FISCAL 2025 RESULTS

    10/30/24 8:05:00 AM ET
    $FLEX
    Electrical Products
    Technology
    Get the next $FLEX alert in real time by email

    AUSTIN, Texas, Oct. 30, 2024 /PRNewswire/ -- Flex (NASDAQ:FLEX) today announced results for its second quarter ended September 27, 2024.

    Second Quarter Fiscal Year 2025 Highlights:

    • Net Sales: $6.5 billion
    • GAAP Operating Income: $297 million
    • Adjusted Operating Income: $358 million
    • GAAP Net Income attributable to Flex Ltd: $214 million
    • Adjusted Net Income attributable to Flex Ltd: $255 million
    • GAAP Earnings Per Share: $0.54
    • Adjusted Earnings Per Share: $0.64

    An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules II and V attached to this press release.

    "In fiscal Q2, our teams delivered another quarter of strong results," said Revathi Advaithi, CEO of Flex. "This quarter we announced the pending Crown Technical Systems acquisition, another great example of our strategy to grow in higher value markets, and generate long-term shareholder value through continued margin expansion, EPS growth, and cash generation."

    Third Quarter Fiscal 2025 Guidance

    • Revenue: $6.0 billion to $6.4 billion
    • GAAP Operating Income: $257 million to $287 million
    • Adjusted Operating Income: $335 million to $365 million
    • GAAP EPS: $0.42 to $0.48.
    • Adjusted EPS: $0.60 to $0.66 which excludes $0.08 for stock-based compensation expense, $0.07 for net restructuring charges, and $0.03 for net intangible amortization.

    Fiscal Year 2025 Guidance Updated

    • Revenue: $24.9 billion to $25.5 billion
    • GAAP EPS: $1.77 to $1.89
    • Adjusted EPS: $2.39 to $2.51 which excludes $0.30 for stock-based compensation expense, $0.19 for net restructuring charges and $0.13 for net intangible amortization.

    Webcast and Conference Call

    The Flex management team will host a conference call today at 7:30 AM (CT) / 8:30 AM (ET), to review second quarter fiscal 2025 results. A live webcast of the event and slides will be available on the Flex Investor Relations website at http://investors.flex.com. An audio replay and transcript will also be available after the event on the Flex Investor Relations website.

    About Flex

    Flex (Reg. No. 199002645H) is the manufacturing partner of choice that helps a diverse customer base design and build products that improve the world. Through the collective strength of a global workforce across 30 countries and responsible, sustainable operations, Flex delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets.

    Contacts

    Investors & Analysts

    David Rubin

    Vice President, Investor Relations

    (408) 577-4632

    [email protected]

    Media & Press

    Yvette Lorenz

    Director, Corporate PR and Executive Communications

    (415) 225-7315

    [email protected]

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of U.S. securities laws, including statements related to our future financial results and our guidance for future financial performance (including expected revenues, operating income, margins and earnings per share). These forward-looking statements are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause the actual outcomes and results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These risks include: that we may not achieve our expected future operating results; the effects that the current and future macroeconomic environment, including inflation, slower growth or recession, and currency exchange rate fluctuations, could have on our business and demand for our products; supply chain disruptions, manufacturing interruptions or delays, or the failure to accurately forecast customer demand; the impact of fluctuations in the pricing or availability of raw materials and components, labor and energy, and logistical constraints; risks related to the spin-off of Nextracker, and the transactions related thereto, including the qualification of these transactions for their intended tax treatment; risks associated with acquisitions and divestitures, including the possibility that we may not fully realize their projected benefits, including the planned Crown Technical Systems acquisition; the possibility that regulatory and other approvals and conditions to Crown Technical Systems acquisition are not received or satisfied on a timely basis or at all, or that the acquisition will not close or that the closing may be delayed; and other events that could adversely impact the completion of the acquisition or the anticipated benefits of the acquisition, including industry or economic conditions outside of our control; geopolitical risks, including impacts from the termination and renegotiation of international trade agreements and trade policies, the ongoing conflicts between Russia and Ukraine and in the Middle East, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries, any of which could lead to disruption, instability, and volatility in global markets and negatively impact our operations and financial performance; the effects that current and future credit and market conditions could have on the liquidity and financial condition of our customers and suppliers, including any impact on their ability to meet their contractual obligations to us and our ability to pass through costs to our customers; the challenges of effectively managing our operations, including our ability to control costs and manage changes in our operations; hiring and retaining key personnel; litigation and regulatory investigations and proceedings; our compliance with legal and regulatory requirements; changes in laws, regulations, or policies that may impact our business, including those related to climate change; the possibility that benefits of the Company's restructuring actions may not materialize as expected; that the expected revenue and margins from recently launched programs may not be realized; our dependence on industries that continually produce technologically advanced products with short product life cycles; the short-term nature of our customers' commitments and rapid changes in demand may cause supply chain issues, excess and obsolete inventory, and other issues which adversely affect our operating results; our dependence on a small number of customers; our industry is extremely competitive; we may be exposed to financially troubled customers or suppliers; the success of certain of our activities depends on our ability to protect our intellectual property rights and we may be exposed to claims of infringement or breach of license agreements; a breach of our IT or physical security systems, or violation of data privacy laws, may cause us to incur significant legal and financial exposure and disrupt our operations; physical and operational risks from natural disasters, severe weather events, or climate change; our ability to meet environmental, social and governance expectations or standards or achieve sustainability goals; we may be exposed to product liability and product warranty liability; that recent changes or future changes in tax laws in certain jurisdictions where we operate could materially impact our tax expense; and the impact and effects on our business, results of operations and financial condition of a public health issue, including a pandemic, or catastrophic event.

    Additional information concerning these and other risks is described under "Risk Factors" and  "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K and in our subsequent filings with the U.S. Securities and Exchange Commission. Flex assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

     

    SCHEDULE I



    FLEX

    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In millions, except per share amounts)















    Three-Month Periods Ended





    September 27, 2024



    September 29, 2023

    GAAP:









    Net sales

    $                           6,545



    $                           6,933



    Cost of sales

    5,998



    6,411



    Restructuring charges

    16



    3



    Gross profit

    531



    519



    Selling, general and administrative expenses

    216



    221



    Restructuring charges

    2



    —



    Intangible amortization

    16



    17



    Operating income

    297



    281



    Interest expense

    53



    49



    Interest income

    16



    15



    Other charges (income), net

    (4)



    14



    Income from continuing operations before income taxes

    264



    233



    Provision for (benefit from) income taxes

    50



    32



    Net income from continuing operations

    214



    201



    Net income from discontinued operations, net of tax

    —



    205



    Net income

    214



    406



    Net income attributable to noncontrolling interest

    —



    178



    Net income attributable to Flex Ltd.

    $                              214



    $                              228













    GAAP EPS









    Diluted earnings per share from continuing operations

    $                             0.54



    $                             0.45



    Diluted earnings per share from discontinued operations

    —



    0.06



    Diluted earnings per share attributable to the shareholders of Flex Ltd.

    $                             0.54



    $                             0.51





    Diluted shares used in computing per share amounts

    400



    448













    See Schedule II for the reconciliation of GAAP to non-GAAP financial measures. See the accompanying notes on Schedule V attached to this press release.

     

    FLEX

    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In millions, except per share amounts)















    Six-Month Periods Ended





    September 27, 2024



    September 29, 2023

    GAAP:









    Net sales

    $                         12,859



    $                        13,825



    Cost of sales

    11,825



    12,810



    Restructuring charges

    32



    20



    Gross profit

    1,002



    995



    Selling, general and administrative expenses

    429



    456



    Restructuring charges

    11



    6



    Intangible amortization

    32



    37



    Operating income

    530



    496



    Interest expense

    109



    105



    Interest income

    32



    31



    Other charges (income), net

    (3)



    25



    Income from continuing operations before income taxes

    456



    397



    Provision for (benefit from) income taxes

    103



    49



    Net income from continuing operations

    353



    348



    Net income from discontinued operations, net of tax

    —



    269



    Net income

    353



    617



    Net income attributable to noncontrolling interest

    —



    203



    Net income attributable to Flex Ltd.

    $                              353



    $                              414













    GAAP EPS









    Diluted earnings per share from continuing operations

    $                             0.87



    $                             0.77



    Diluted earnings per share from discontinued operations

    —



    0.15



    Diluted earnings per share attributable to the shareholders of Flex Ltd.

    $                             0.87



    $                             0.92













    Diluted shares used in computing per share amounts

    405



    452













    See Schedule II for the reconciliation of GAAP to non-GAAP financial measures. See the accompanying notes on Schedule V attached to this press release.

     

    SCHEDULE II



    FLEX

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)

    (In millions, except per share amounts)















    Three-Month Periods Ended





    September 27, 2024



    September 29, 2023











    GAAP operating income

    $                              297



    $                              281



    Intangible amortization

    16



    17



    Stock-based compensation expense

    28



    28



    Restructuring charges

    17



    1

    Non-GAAP operating income

    $                              358



    $                              327











    GAAP provision for income taxes

    $                                 50



    $                                 32



    Intangible amortization benefit

    4



    3



    Other tax related adjustments

    15



    (3)

    Non-GAAP provision for income taxes

    $                                 69



    $                                 32











    GAAP net income from continuing operations

    $                              214



    $                              201



    Intangible amortization

    16



    17



    Stock-based compensation expense

    28



    28



    Restructuring charges

    17



    1



    Legal and other

    —



    —



    Interest and other, net

    (1)



    8



    Adjustments for taxes

    (19)



    —

    Non-GAAP net income from continuing operations

    $                              255



    $                              255











    Diluted earnings per share from continuing operations:



    GAAP 

    $                             0.54



    $                             0.45



    Non-GAAP

    $                             0.64



    $                             0.57













    See the accompanying notes on Schedule V attached to this press release.

     

    FLEX

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)

    (In millions, except per share amounts)















    Six-Month Periods Ended





    September 27, 2024



    September 29, 2023











    GAAP operating income

    $                              530



    $                              496



    Intangible amortization

    32



    37



    Stock-based compensation expense

    60



    60



    Restructuring charges

    42



    24



    Legal and other

    —



    3

    Non-GAAP operating income

    $                              664



    $                              620











    GAAP provision for income taxes

    $                              103



    $                                 49



    Intangible amortization benefit

    7



    6



    Other tax related adjustments

    13



    6

    Non-GAAP provision for income taxes

    $                              123



    $                                 61











    GAAP net income from continuing operations

    $                              353



    $                              348



    Intangible amortization

    32



    37



    Stock-based compensation expense

    60



    60



    Restructuring charges

    42



    24



    Legal and other

    —



    3



    Interest and other, net

    (1)



    9



    Adjustments for taxes

    (20)



    (12)

    Non-GAAP net income from continuing operations

    $                              466



    $                              469

    Diluted earnings per share from continuing operations:



    GAAP 

    $                             0.87



    $                             0.77



    Non-GAAP

    $                             1.15



    $                             1.04













    See the accompanying notes on Schedule V attached to this press release.

     

    SCHEDULE III



    FLEX

    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

    (In millions)















    As of September 27, 2024



    As of March 31, 2024

    ASSETS







    Current assets:









    Cash and cash equivalents

    $                                   2,601



    $                            2,474



    Accounts receivable, net of allowance for doubtful accounts

    3,502



    3,033



    Contract assets

    595



    249



    Inventories

    5,466



    6,205



    Other current assets

    1,187



    1,031

    Total current assets

    13,351



    12,992









    Property and equipment, net

    2,254



    2,269

    Operating lease right-of-use assets, net

    581



    601

    Goodwill

    1,146



    1,135

    Other intangible assets, net

    223



    245

    Other non-current assets

    1,031



    1,015

    Total assets

    $                                 18,586



    $                         18,257











    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current liabilities:









    Bank borrowings and current portion of long-term debt

    $                                       531



    $                                 —



    Accounts payable

    5,144



    4,468



    Accrued payroll and benefits

    473



    488



    Deferred revenue and customer working capital advances

    2,134



    2,615



    Other current liabilities

    1,024



    968

    Total current liabilities

    9,306



    8,539











    Long-term debt, net of current portion

    3,178



    3,261

    Operating lease liabilities, non-current

    476



    490

    Other non-current liabilities

    623



    642

    Total liabilities

    13,583



    12,932

    Total Flex Ltd. shareholders' equity

    5,003



    5,325

    Total liabilities and shareholders' equity

    $                                 18,586



    $                         18,257

     

    SCHEDULE IV



    FLEX

    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In millions)















    Six-Month Periods Ended





    September 27, 2024



    September 29, 2023

    CASH FLOWS FROM OPERATING ACTIVITIES:









    Net income

    $                            353



    $                            617



    Depreciation, amortization and other impairment charges

    257



    260



    Changes in working capital and other, net

    49



    (514)



    Net cash provided by operating activities

    659



    363











    CASH FLOWS FROM INVESTING ACTIVITIES:









    Purchases of property and equipment

    (214)



    (319)



    Proceeds from the disposition of property and equipment

    6



    19



    Other investing activities, net

    2



    3



    Net cash used in investing activities

    (206)



    (297)











    CASH FLOWS FROM FINANCING ACTIVITIES:









    Proceeds from bank borrowings and long-term debt

    499



    2



    Payments of bank borrowings, long-term debt and other financing liabilities

    (57)



    (398)



    Payments for repurchases of ordinary shares

    (757)



    (506)



    Proceeds from issuances of Nextracker shares

    —



    552



    Payment for purchase of Nextracker LLC units from TPG

    —



    (57)



    Other, net

    (6)



    (53)



    Net cash used in financing activities

    (321)



    (460)











    Effect of exchange rates on cash and cash equivalents

    (5)



    —



    Net change in cash and cash equivalents

    127



    (394)



    Cash and cash equivalents, beginning of period

    2,474



    3,294



    Cash and cash equivalents, end of period

    $                         2,601



    $                        2,900

     



    SCHEDULE V







    FLEX AND SUBSIDIARIES

    NOTES TO SCHEDULES I and II





    (1)

    To supplement Flex's unaudited selected financial data presented consistent with U.S. Generally Accepted Accounting Principles ("GAAP"), the Company discloses certain non-GAAP financial measures that exclude certain charges and gains, including non-GAAP operating income, non-GAAP net income and non-GAAP net income per diluted share. These supplemental measures exclude certain legal and other charges, restructuring charges, customer-related asset impairments (recoveries), stock-based compensation expense, intangible amortization, other discrete events as applicable and the related tax effects. These non-GAAP measures are not in accordance with or an alternative for GAAP and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Flex's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Flex's results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of the Company's performance.

     



    In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of the Company's operating performance on a period-to-period basis because such items are not, in our view, related to the Company's ongoing operational performance. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with forecasts and strategic plans, for calculating return on investment, and for benchmarking performance externally against competitors. In addition, management's incentive compensation is determined using certain non-GAAP measures. Also, when evaluating potential acquisitions, we exclude certain items described below from consideration of the target's performance and valuation. Since we find these measures to be useful, we believe that investors benefit from seeing results "through the eyes" of management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company's GAAP financials, provide useful information to investors by offering:

     



    • the ability to make more meaningful period-to-period comparisons of the Company's ongoing operating results;
    • the ability to better identify trends in the Company's underlying business and perform related trend analysis;
    • a better understanding of how management plans and measures the Company's underlying business; and
    • an easier way to compare the Company's operating results against analyst financial models and operating results of competitors that supplement their GAAP results with non-GAAP financial measures.

     



    The following are explanations of each of the adjustments that we incorporate into non-GAAP measures, as well as the reasons for excluding each of these individual items in the reconciliations of these non-GAAP financial measures:

     



    Stock-based compensation expense consists of non-cash charges for the estimated fair value of unvested restricted share units granted to employees and assumed in business acquisitions. The Company believes that the exclusion of these charges provides for more accurate comparisons of its operating results to peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact stock-based compensation expense has on its operating results.

         



    Intangible amortization consists primarily of non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions. The Company considers its operating results without these charges when evaluating its ongoing performance and forecasting its earnings trends, and therefore excludes such charges when presenting non-GAAP financial measures. The Company believes that the assessment of its operations excluding these costs is relevant to its assessment of internal operations and comparisons to the performance of its competitors.

     



    Restructuring charges include severance charges at existing sites and corporate SG&A functions as well as asset impairment, and other charges related to the closures and consolidations of certain operating sites and targeted activities to restructure the business. These costs may vary in size based on the Company's initiatives, are not directly related to ongoing or core business results, and do not reflect expected future operating expenses. These costs are excluded by the Company's management in assessing current operating performance and forecasting its earnings trends and are therefore excluded by the Company from its non-GAAP measures.

     



    During the three and six-month periods ended September 27, 2024, the Company recognized approximately $17 million and $42 million of restructuring charges respectively, and during the three and six-month periods ended September 29, 2023, the Company recognized $1 million and $24 million of restructuring charges respectively. Most of these charges are related to employee severance.

     



    Legal and other consist primarily of costs not directly related to core business results and may include matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims and other issues on a global basis as well as acquisition related costs. During the first half of fiscal year 2024, the Company accrued for certain loss contingencies where losses were considered probable and estimable. These costs are excluded by the Company's management in assessing current operating performance and forecasting its earnings trends and are  therefore excluded by the Company from its non-GAAP measures. No such costs were incurred in the first half of fiscal year 2025.

     



    Interest and other, net consist of various other types of items that are not directly related to ongoing or core business results, such as the gain or losses related to certain divestitures, currency translation reserve write-offs upon liquidation of certain legal entities, debt extinguishment costs and impairment charges or gains associated with certain non-core investments. The Company excludes these items because they are not related to the Company's ongoing operating performance or do not affect core operations. Excluding these amounts provides investors with a basis to compare Company performance against the performance of other companies without this variability.

         



    Adjustments for taxes relate to the tax effects of the various adjustments that we incorporate into non-GAAP measures in order to provide a more meaningful measure on non-GAAP net income and certain adjustments related to non-recurring settlements of tax contingencies or other non-recurring tax charges, when applicable.  During the three and six-month periods ended September 27, 2024, the Company recognized a $19 million and $20 million net tax benefit respectively, and during the six-month period ended September 29, 2023, the Company recognized a $12 million net tax benefit, related to the tax effects of various adjustments that are incorporated into non-GAAP measures.

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      AUSTIN, Texas, Jan. 29, 2025 /PRNewswire/ -- Flex (NASDAQ:FLEX) today announced results for its third quarter ended December 31, 2024. Third Quarter Fiscal Year 2025 Highlights: Net Sales: $6.6 billionGAAP Operating Income: $334 millionAdjusted Operating Income: $399 millionGAAP Net Income attributable to Flex Ltd: $263 millionAdjusted Net Income attributable to Flex Ltd: $304 millionGAAP Earnings Per Share: $0.67Adjusted Earnings Per Share: $0.77An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedules II and V attached to this press release. "We achieved a very strong Q3, delivering another quarter of record adjusted operating mar

      1/29/25 8:05:00 AM ET
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    SEC Filings

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    • Flex Ltd. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - FLEX LTD. (0000866374) (Filer)

      5/7/25 8:11:18 AM ET
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    • Flex Ltd. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits

      8-K - FLEX LTD. (0000866374) (Filer)

      4/2/25 8:12:28 AM ET
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    • Flex Ltd. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits

      8-K - FLEX LTD. (0000866374) (Filer)

      3/7/25 4:05:11 PM ET
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    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • Chief Executive Officer Advaithi Revathi sold $5,034,765 worth of Ordinary Shares (132,000 units at $38.14), decreasing direct ownership by 11% to 1,100,473 units (SEC Form 4)

      4 - FLEX LTD. (0000866374) (Issuer)

      5/9/25 8:36:57 PM ET
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    • EVP, General Counsel Offer David Scott sold $3,172,511 worth of Ordinary Shares (87,093 units at $36.43) (SEC Form 4)

      4 - FLEX LTD. (0000866374) (Issuer)

      5/2/25 8:50:43 PM ET
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    • Director Tan Lay Koon was granted 418 units of Ordinary Shares, increasing direct ownership by 0.21% to 203,268 units (SEC Form 4)

      4 - FLEX LTD. (0000866374) (Issuer)

      4/16/25 8:21:10 PM ET
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    Press Releases

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    • Flex to Participate in Upcoming Investor Conference

      AUSTIN, Texas, May 7, 2025 /PRNewswire/ -- Flex (NASDAQ:FLEX) has announced members of its leadership team will participate in the upcoming investor conference: J.P.Morgan 53rd Annual Global Technology, Media and Communications ConferenceDate: May 14, 2025Presentation time: 7:00am CT / 8:00am ET The presentation will be available as a live webcast accessible through the Flex Investor Relations website at https://investors.flex.com. An archived replay will be available on the website shortly after the conclusion of the presentation. About Flex Ltd. Flex (Reg. No. 199002645H) is the manufacturing partner of choice that helps a diverse customer base design and build products that improve the wo

      5/7/25 9:18:00 PM ET
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      Electrical Products
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    • FLEX REPORTS FOURTH QUARTER AND FISCAL 2025 RESULTS

      AUSTIN, Texas, May 7, 2025 /PRNewswire/ -- Flex (NASDAQ:FLEX) today announced results for its fourth quarter and fiscal year ended March 31, 2025. Fourth Quarter Fiscal Year 2025 Highlights: Net Sales: $6.4 billionGAAP Operating Income: $305 millionAdjusted Operating Income: $396 millionGAAP Net Income attributable to Flex Ltd: $222 millionAdjusted Net Income attributable to Flex Ltd: $285 millionGAAP Earnings Per Share: $0.57Adjusted Earnings Per Share: $0.73Fiscal Year 2025 Results of Operations: Net Sales: $25.8 billionGAAP Operating Income: $1,169 millionAdjusted Operating Income: $1,459 millionGAAP Net Income attributable to Flex Ltd: $838 millionAdjusted Net Income attributable to Flex

      5/7/25 8:05:00 AM ET
      $FLEX
      Electrical Products
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    • Flex's Liquid Cooling Business Expands Portfolio with High-Performance Coolant Distribution Unit for AI and HPC Applications

      News summary JetCool's SmartSense Coolant Distribution Unit (CDU) liquid-to-liquid solutions support hyperscale, enterprise, and colocation applicationsSupported by Flex's advanced manufacturing capabilities and services to enable customers to rapidly scale liquid cooling infrastructureFlex will highlight the CDU at the 2025 OCP EMEA Summit in booth A18DUBLIN, April 29, 2025 /PRNewswire/ -- OCP EMEA Summit -- Flex's (NASDAQ:FLEX) liquid cooling business, JetCool, today announced the introduction of its SmartSense Coolant Distribution Unit (CDU). This in-rack, liquid-to-liquid design is the first in a portfolio that delivers modular, cost-effective solutions to data centers and colocation pro

      4/29/25 4:00:00 AM ET
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      Electrical Products
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    $FLEX
    Leadership Updates

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    • Lumentum Appoints New Board Member

      Paul Lundstrom Brings Wealth of Knowledge in Finance, Manufacturing, and Business Transformation Lumentum Holdings Inc. ("Lumentum"), a market-leading designer and manufacturer of innovative optical and photonic products for cloud, networking and industrial applications, today announced the appointment of Paul Lundstrom to the company's Board of Directors, effective immediately. This election expands the membership to nine members, eight of whom are independent. "I am excited to welcome Paul to the Lumentum Board," said Penelope Herscher, Chair of Lumentum's Board of Directors. "He brings a wealth of knowledge and expertise in corporate finance, manufacturing and business transformation

      12/12/24 4:32:00 PM ET
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    • Flex Set to Join S&P MidCap 400; Azenta and Concentra Group Holdings to Join S&P SmallCap 600

      NEW YORK, Nov. 19, 2024 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400 and S&P SmallCap 600: Flex Ltd (NASD: FLEX) will replace Azenta Inc. (NASD: AZTA) in the S&P MidCap 400, and Azenta will replace Envestnet Inc. (NYSE:ENV) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, November 25. Bain Capital is acquiring Envestnet in a deal expected to be completed soon, pending final closing conditions. Azenta's market capitalization is no longer representative of the mid-cap market space.Concentra Group Holdings Inc. (NYSE:CON) will replace Myers Industries Inc. (NYSE:MYE) in the S&P SmallCap 600 effective prior to the openin

      11/19/24 5:56:00 PM ET
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      $CON
      $ENV
      $FLEX
      Industrial Machinery/Components
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    • Flex to Acquire Crown Technical Systems

      Leader in custom-engineered, fully integrated power distribution and protection systemsExtensive modular solutions and medium voltage switchgear capabilities are synergistic to the Flex data center power portfolioExtends Flex's presence into the growing utility power market and supports further growth in the U.S. data center power marketAUSTIN, Texas, Oct. 17, 2024 /PRNewswire/ -- Flex (NASDAQ:FLEX) announced today that it has entered into a definitive agreement to acquire Crown Technical Systems, a leader in fully integrated power distribution and protection systems, for $325 million in an all-cash transaction. The transaction is expected to be accretive in the first year after closure. Cro

      10/17/24 9:05:00 AM ET
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