Company Notes

Celestica (CLS; $53.39; O/P) reported Q2 non-IFRS EPS of $0.91, which beat our $0.80 and the Street’s $0.81 on better-than-expected sales of $2,392mm (vs. our $2,250mm and the Street’s $2,249mm). Recall, CLS’ Q2 outlook called…

Plexus (PLXS; $116.15; E/W) reported FQ3 (Jun) non-GAAP EPS of $1.45, which beat our $1.30 on some better-than-expected operating profits and margins (5.8% of sales vs. our 5.4%) despite some lower-than-expected sales ($961mm vs. our…

Amphenol (APH; $63.54; E/W) reported Q2 non-GAAP EPS of $0.44, which was ahead of our consensus matching $0.41 on better-than-expected sales ($3,610mm vs. our $3,375mm and the Street’s $3,390mm). As per the table below, operating…

Flex (FLEX; $29.72; O/P) reported FQ1 (Jun) adjusted EPS of $0.51, which handily beat our consensus matching $0.41 on sales of $6,314mm that were also higher than our $5,950mm and the Street’s $5,904mm. By comparison,…

We raise F2025E (Jun) EPS for Seagate (STX; $105.30; E/W) from $5.85 to $7.00 after it produced FQ4 (Jun) EPS that handily beat the high end of its guidance, which management communicated in early-June was…

TE Connectivity (TEL; $151.40; O/P) reported FQ3 (Jun) non-GAAP EPS of $1.91, which beat our $1.85 and the Street’s $1.86 on operating income and margins that were above estimates (19.3% vs. our 18.5% and the…

Seagate (STX; $105.30; E/W) reported FQ4 (Jun) non-GAAP EPS of $1.05, which beat our $0.87. By comparison, the Street was modeling $0.75, which we have viewed as “stale” since the company’s positive update in early-June…

We do not expect to make meaningful changes to our F2024/F2025E (Sep) EPS for Plexus (PLXS; $116.95; E/W) of $5.10/$6.20 after the company reports FQ3E (Jun) results and outlook on Wednesday (7/24 after the close)….

We reiterate our Outperform and bump up our target from $75 to $80 on the shares of Sanmina (SANM; $71.29) ahead of its FQ3 (Jun) results, which are scheduled for next Monday (7/29 after market)….

We think Aptiv (APTV; $67.92; O/P) faces an unusual number of longer-term questions from investors when it reports Q2 results and outlook on August 1st (before market), which are on top of ongoing debates around…

We think yesterday’s news that the U.S. Department of Energy (DoE) and the Alliance for Renewable Clean Hydrogen Energy Systems (ARCHES) signed a $12.6B agreement to build a clean, renewable hydrogen hub in California is…

This morning, CommScope (COMM; $1.85; NR) announced plans to divest its Outdoor Wireless Networks (OWN) business as well as its Distributed Antenna Systems (DAS) portfolio that sits within its Networking, Intelligent Cellular and Security offering,…

This morning, Amphenol (APH; $65.02; E/W) announced plans to acquire CommScope’s (COMM; $1.85; NR) Outdoor Wireless Networks (OWN) business as well as its Distributed Antenna Systems (DAS) portfolio from within a Networking, Intelligent Cellular and…

We are confident Amkor Technology (AMKR; $41.22; E/W) still guides to a significant sales recovery in H2 when it reports Q2 results on July 29th (after market) since our checks suggesting confidence in at least…

We think the “bar has been raised” for Corning (GLW; $45.84; O/P) into its Q2 results and outlook, scheduled for July 30th (before market), given how well received its recent positive Q2 update was received…