Moody's Investors Service ("Moody's") assigned a Baa3 rating to Flex Ltd.'s ("Flex") proposed senior unsecured notes offering. Flex's Baa3 senior unsecured rating is supported by its scale as one of the largest North American EMS providers with good business diversification and cash generating capacity as well as Moody's expectation that Flex will maintain a leading position in the electronics manufacturing services ("EMS") industry.
Flex (NASDAQ: FLEX) announced the appointment of Michael Hartung as president of the Agility Solutions Segment. As part of the company’s succession planning, Mr. Hartung’s appointment follows Doug Britt’s notice of his intent to resign from the company.
Flex (FLEX) ramps up production of ventilator parts to tackle demand of ventilators triggered by coronavirus pandemic.
Flex (NASDAQ: FLEX) announced today that it will participate in the following investor conference:
(Bloomberg) -- Flex Ltd., a contract manufacturer known for making Apple Inc. computers, is starting to assemble thousands of ventilators to meet surging demand for the machines in the midst of the Covid-19 pandemic.The San Jose, California-based company will be churning out 25,000 to 30,000 ventilators a month by May or June, according to John Carlson, Flex’s head of medical solutions. That’s equal to the industry’s typical annual output, but as many as 1 million of these machines are needed now, he said in an interview Friday.The coronavirus has infected more than 1 million people and killed 58,000. Covid-19, the disease caused by the virus, affects people’s respiratory systems. That has led to shortages of ventilators as hospitals try to keep thousands alive. On Friday, New York and New Jersey governors ordered unused ventilators to be seized from medical facilities and redistributed to hospitals treating coronavirus patients.Flex generates about $2 billion in annual sales by manufacturing medical devices for other companies. But ventilators are usually made in-house by medical-device companies, so this is new territory.Still, Carlson said Flex and other electronics contract manufacturers are well placed to respond. Flex has plants in the U.S., Mexico and China as well as other locations around the globe, along with experience procuring parts, dealing with regulations and adapting to local situations, such as workforce lockdowns.Ventilator production is slowed by the limited availability of proprietary valves and tubes that control the flow of air in and out of patients. These are usually made my small, specialist firms that supply them to medical-equipment companies, which, in turn, assemble ventilators themselves. That makes it hard to increase production quickly, Carlson said.Flex is working to make its own versions of these valves and tubes by reverse-engineering existing units and using techniques such as 3-D printing, he said.Many different companies are trying to make ventilators, including Flex rivals. U.S. President Donald Trump has pressured carmakers to pitch in, too, but Carlson said those companies will struggle because they have no experience making these devices and it will take time re-tool their factories.“It seems like a simple problem but the details get more complicated,” he said. “The whole world is trying to solve it, which is a great place to be, as long as the solution works.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Flex Ltd. (FLEX) could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
Q4 2020 Flex Ltd Earnings Call
Flex (NASDAQ: FLEX) will hold a conference call to discuss its fourth quarter and fiscal year end 2020 results on Thursday, May 07, 2020 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
Here are 5 stocks added to the Zacks Rank 5 (Strong Sell) List today
Flex (NASDAQ: FLEX) today announced Mike Thoeny has been named, President, Automotive Business Group, effective June 1, 2020.
Flex's (FLEX) fourth-quarter fiscal 2020 revenues hurt by COVID-19 related market disruptions and sluggish demand in its CEC segment.
At this time, for opening remarks, I would like to turn the call over to Mr. David Rubin, Flex's Vice President of Investor Relations. First I'd like to start with giving you an update on the COVID-19 situation.
Flex (NASDAQ: FLEX) today announced results for its fourth quarter and fiscal year ended March 31, 2020.
Here are 5 stocks added to the Zacks Rank 5 (Strong Sell) List today
Flex (FLEX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The stocks of Apple suppliers have underperformed Apple shares year to date. And now might be the time for investors to pick up cheap tech stocks near the bottom of the market.
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Flex (FLEX) delivered earnings and revenue surprises of 7.69% and -1.65%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
(Bloomberg) -- When Donald Trump toured an Austin, Texas, factory in November alongside Apple Inc. Chief Executive Officer Tim Cook, the president promoted the event as a celebration of U.S. manufacturing and the return of good-paying jobs to the country.The Apple CEO had successfully made his case to the administration that some components for his company’s products should be excluded from Trump’s China tariffs in exchange for keeping production in the U.S.“Today, I opened a major Apple Manufacturing plant in Texas that will bring high-paying jobs back to America,” Trump tweeted on Nov. 20.But the facility Trump visited is owned and operated by contract manufacturer Flex Ltd. and has been open for 30 years. For decades, it has been producing various devices for many companies including Cisco Systems Inc. Apple has been at the Flex plant since 2013.Computer Parts“He doesn’t have to worry about tariffs,” Trump said of Cook during the Nov. 20 factory tour. “Because when you build in the United States, you don’t have to worry about tariffs.”Two months earlier, the iPhone maker was exempted from tariffs levied on components it imports from China that are used in the Mac Pro desktop put together at the Flex plant. The removal of a 25% surcharge on items like power supplies and printed circuit boards that house the main components of the computer lowered Apple’s costs and, according to Cook, was the reason why the Cupertino, California-based company continued its manufacturing at the Austin factory.But other companies, like San Jose, California-based Cisco, didn’t receive the same treatment. Now jobs related to the manufacture of its products are at risk.In July 2019, Cisco asked the government to exempt the company’s power supplies for U.S.-made servers and switches from the same 25% tariff. Cisco said neither this China-made product nor a comparable one is available in the U.S. or from sources in third countries.Tariff ExemptionsCisco, like many other U.S. companies, was making the same plea to the Trump administration as Apple had: The exemptions were necessary to save good-paying American jobs.After months of being stuck in the process, Cisco was told March 5 that its application for the tariff exemption was denied.“After careful consideration, your request was denied because the request concerns a product strategically important or related to ‘Made in China 2025’ or other Chinese industrial programs,” Joseph Barloon, general counsel for the Office of U.S. Trade Representative, wrote in the denial notice.The applications for an exemption from Apple and Cisco were strikingly similar, particularly when it came to the question of whether their products helped China expand its industrial might.Power Supply“The subject power supplies are not strategically important or related to ‘Made in China 2025’ or any other Chinese industrial policy,” Cisco wrote. “The manufacture of these products in China is unrelated to China’s efforts to develop indigenous, advanced Information and Communications Technology products.”Apple used nearly identical language, saying: “This product is a component of a consumer electronic device. It is not strategically important or related to ‘Made in China 2025’ or other Chinese industrial programs.”Indeed, the power-supply boxes imported from China don’t require cutting-edge technological know-how. They are mostly made up of large spools of copper wire, capacitors and other basic wiring. They haven’t been made in the U.S. for years and don’t require highly paid skilled labor.Apple’s application to get a tariff exclusion was approved in September 2019.Tariff ReliefA USTR spokesman didn’t respond to a request for comment when asked why Apple’s power supply unit doesn’t constitute a product that’s strategically important to China’s industrial programs if an almost identical one from Cisco does.Cisco representatives specifically told USTR and others in the administration while the applications were pending that jobs were at risk, according to sources familiar with the process who asked not to be identified discussing private talks.In a statement after the decision, Cisco said the exemptions it sought “would support the competitiveness of this domestic manufacturing.”The company said it would continue to work with the trade representative’s office for tariff relief on other items, including “for communications equipment that we believe are vital to support the medical response to the coronavirus.”USTR doesn’t make public the reasons why it approves a company’s exemption requests. The business community writ large has complained about the lack of visibility into why certain companies get what appears to be preferential treatment over others.San Jose, California-based Flex, which works for both companies, said in a statement that “securing waivers for tax exemptions is an individualized process based on each customer situation” and declined to identify other customers that use the Austin plant. “Flex’s global footprint provides our customers with options for manufacturing locations, however, we also work closely to help our customers secure tariff exemptions based on their needs.”A group of Texas lawmakers in a letter to trade chief Robert Lighthizer last year underscored that jobs are on the line in Cisco’s case. “Cisco’s operations in Texas directly support more than 1,150 jobs in our state and indirectly support thousands of related jobs in logistics, warehousing, distribution and transportation,” the lawmakers said in their Sept. 13 letter.The decision by the trade office means it’s now a lot cheaper for Cisco to put together its servers, switches and routers in Flex plants in Mexico and export the finished device tariff-free to the U.S. The company declined to say what actions it would take regarding jobs or manufacturing in light of the denial of tariff exemption.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.