AUSTIN, Texas – Flex (NASDAQ: NASDAQ:), a worldwide manufacturing companion, introduced the appointment of Kevin S. Krumm as its new Chief Monetary Officer, efficient January 6, 2025. Mr. Krumm will take over from Jaime Martinez, who has been serving because the interim CFO and can help with the transition.
Bringing over 20 years of monetary experience, Mr. Krumm has a historical past of management roles throughout numerous industries, together with industrial, chemical, and healthcare sectors. His earlier place was Government Vice President and CFO at APi Group Company, a supplier of security and specialty companies. Earlier than APi Group, he spent 15 years at Ecolab Inc (NYSE:)., the place he held a number of roles, culminating as Company Treasurer and Senior Vice President of International Monetary Shared Providers.
Flex CEO Revathi Advaithi expressed confidence in Krumm’s potential to drive the corporate’s monetary technique and contribute to shareholder worth, citing his cross-industry management as a robust match for Flex’s strategic route. Mr. Krumm additionally shared his enthusiasm about becoming a member of Flex, acknowledging the corporate’s mix of innovation and operational excellence.
Mr. Krumm holds an accounting diploma from the College of Northern Iowa and an MBA from the College of Chicago Sales space Faculty of Enterprise.
Flex operates a workforce throughout 30 international locations and gives design, expertise innovation, provide chain, and manufacturing options to varied industries and markets.
This management change is a part of Flex’s ongoing efforts to create long-term shareholder worth and obtain its transformational objectives.
The data for this text is predicated on a press launch assertion.
In different latest information, Flex has made strategic strikes to boost its information middle options by buying JetCool Applied sciences, a specialist in superior liquid cooling techniques. This acquisition is predicted to handle the growing energy and cooling calls for within the AI and high-performance computing sectors. Flex’s second-quarter earnings exceeded analyst estimates with adjusted earnings per share of $0.64, surpassing the consensus of $0.57. Nonetheless, the corporate’s income of $6.5 billion fell in need of expectations of $6.53 billion, marking a 5.6% year-on-year decline. Analyst agency Craig-Hallum maintained a Purchase ranking on Flex shares and elevated the worth goal to $45 from $39, citing the corporate’s efficient management over operations and important enhancements in profitability. For the third quarter, Flex has forecasted income between $6 billion and $6.4 billion, decrease than Wall Road’s estimate of $6.53 billion. The corporate’s full-year outlook has additionally been revised, with income now projected at $24.9 billion to $25.5 billion, down from earlier steerage. These are among the many latest developments for Flex.
InvestingPro Insights
As Flex (NASDAQ: FLEX) welcomes Kevin S. Krumm as its new CFO, latest monetary information from InvestingPro sheds gentle on the corporate’s present place. Flex boasts a market capitalization of $15.72 billion, reflecting its important presence within the , Devices & Parts {industry}. The corporate’s P/E ratio of 17.83 suggests an inexpensive valuation relative to its earnings, notably when contemplating its progress prospects.
InvestingPro Ideas spotlight that Flex has been aggressively shopping for again shares, indicating administration’s confidence within the firm’s future and dedication to returning worth to shareholders. This aligns effectively with the corporate’s said aim of making long-term shareholder worth, as talked about within the article.
Moreover, Flex has demonstrated robust monetary efficiency, with a excessive return over the past 12 months and buying and selling close to its 52-week excessive. The corporate’s income for the final twelve months stands at a formidable $25.45 billion, though it is price noting a slight income decline of 6.49% throughout this era.
These insights recommend that Mr. Krumm is becoming a member of an organization with a strong monetary basis and a observe document of shareholder-friendly actions. His intensive monetary expertise throughout numerous industries could possibly be worthwhile in navigating Flex’s various market publicity and persevering with its trajectory of operational excellence and innovation.
For buyers looking for a deeper understanding of Flex’s monetary well being and potential, InvestingPro provides 16 further ideas, offering a complete evaluation to tell funding selections.
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