Flex Q2 Results Top Estimates, Sees Q3 Profit Above View; Stock Up
Flex (FLEX) reported that its net income for its second quarter ended September 25, 2020 was $113 million or $0.22 per share compared to a loss of $117 million or $0.23 per share in the prior year.
Non-GAAP earnings per share was $0.36, compared to $0.31 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share for the quarter. Analysts’ estimates typically exclude special items.
Net sales for the second-quarter declined to $5.99 billion from $6.09 billion in the prior year. Analysts expected revenue of $5.55 billion for the quarter.
Looking ahead for the third-quarter, the company expects GAAP earnings per share to be in the range of $0.21 to $0.27, adjusted earnings per share of $0.34 to $0.40, revenue of $6.0 billion to $6.4 billion. Analysts expect the company to report earnings of $0.32 per share and revenues of $6.01 billion for the third-quarter.
FLEX closed Thursday regular trading at $13.69 up $0.37 or 2.78%. In the after-hours, the stock further gained $1.51 or 11.03%.
Live Updates: 2020 presidential race, Biden vs. Trump
Trump touts record-shattering GDP growth amid surging COVID numbers
Fox News chief White House correspondent John Roberts has the latest on ‘Special Report’
The presidential race is entering the final stretch between President Trump and Democratic nominee Joe Biden, with the election just four days away.
Biden and Trump are both scheduled to hold events in Minnesota on Friday, a day after the two candidates took aim at each other and courted the dwindling ranks of undecided voters at campaign stops in Florida on Thursday.
Meanwhile, filmmaker Michael Moore on Thursday said he doesn't believe that the polls showing the former vice president leading Trump, are accurate.
Follow below for more updates on the 2020 presidential race. Mobile users click here.
Mohawk Industries Q3 Results Top Estimates, Sees Q4 EPS Above View; Stock Up
Mohawk Industries Inc. (MHK) reported that its third-quarter net earnings attributable to the company rose to $205.18 million or $2.87 per share from $155.52 million or $2.15 per share in the prior year.
Adjusted net earnings for the latest-quarter were $233 million or $3.26 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $2.14 per share. Analysts’ estimates typically exclude special items.
Net sales for the third quarter of 2020 were $2.6 billion, an increase of 2% as reported and on a constant currency basis. Analysts expected revenue of $2.49 billion for the quarter.
The company anticipates its fourth quarter earnings per share to be $2.75 to $2.87. Analysts project fourth-quarter earnings of $1.99 per share.
MHK closed Thursday regular trading at $93.05, up $0.84 or 0.91%. In the after-hours, the stock further gained $10.25 or 10.99%.
Live Updates: Trump and Biden scheduled for events in Minnesota on same day
Minnesota voters weigh in on the 2020 presidential election
‘Fox & Friends’ co-host Pete Hegseth discusses the 2020 presidential election with diners at Countryside Restaurant in Bemidji, Minnesota.
With four days left until Election Day on Nov. 3, Democratic presidential nominee Joe Biden and President Trump are scheduling to hold events in Minnesota on Friday.
Trump is planning to hold a “Make America Great Again” rally at the Rochester International Airport at 5 p.m. Biden has scheduled a drive-in campaign event in St. Paul at 3:45 p.m.
Both campaigns have spent considerable time in the state over the last few months.
Follow below for more updates. Mobile users click here.
U.S. Pending Home Sales Unexpectedly Pull Back Off Record High In September
Pending home sales unexpectedly pulled back off a record high in the month of September, according to a report released by the National Association of Realtors on Thursday.
NAR said its pending home sales index slumped by 2.2 percent to 130.0 in September after spiking by 8.8 percent to 132.9 in August. The drop came as a surprise to economists, who had expected pending home sales to jump by another 3.4 percent.
Despite the unexpected monthly decrease, pending home sales in September were up by 20.5 percent compared to the same month a year ago.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
“The demand for home buying remains super strong, even with a slight monthly pullback in September, and we’re still likely to end the year with more homes sold overall in 2020 than in 2019,” said NAR chief economist Lawrence Yun.
He added, “With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.”
The unexpected drop in pending home sales came as three of four regional indices recorded decreases in contract activity on a month-over-month basis in September.
Pending home sales fell by 3.2 percent in the Midwest, 3.0 percent in the South and 2.6 percent in the West, while pending home sales in the Northeast rose by 2.0 percent.