Flex Ltd. (FLEX), while reporting lower profit in its second quarter, but above market estimates, on Wednesday issued third-quarter outlook, and raised fiscal 2025 forecast above the Street.
In the pre-market activity on the Nasdaq, Flex shares were losing around 3.5 percent to trade at $62.
Looking ahead for the third quarter, the advanced manufacturing and supply chain solutions provider projects adjusted earnings per share of $0.74 to $0.80, adjusted operating income of $405 million to $435 million, and net sales of $6.65 billion to $6.95 billion.
The Wall Street analysts on average expect the company to report earnings of $0.77 per share on net sales of $6.73 billion. Analysts' estimates typically exclude special items.
Further, for fiscal 2025, the company now projects adjusted earnings per share of $3.09 to $3.17, adjusted operating margin between 6.2 percent and 6.3 percent, and net sales of $26.7 billion to $27.3 billion.
The company previously expected adjusted earnings per share of $2.86 to $3.06 and net sales of $25.9 billion to $27.1 billion.
Analysts expect the company to report earnings of $3.04 per share on net sales of $26.71 billion for the year.
The company said the revision in outlook reflects strong data center demand in Power and Cloud businesses and continued disciplined execution.
In the second quarter, the company's bottom line totaled $199 million or $0.52 per share, compared with $214 million or $0.54 per share last year.
Adjusted earnings were $300 million or $0.79 per share for the period, compared to $255 million or $0.64 per share a year ago. Analysts had expected the company to earn $0.76 per share.
The net sales for the period rose 4 percent to $6.804 billion from $6.545 billion last year. The Street expected $6.71 billion.
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