Summary
Flex Ltd. (FLEX) filed an 8-K on January 25, 2018, primarily to announce its third-quarter financial results for the period ending December 31, 2017, via a press release furnished as an exhibit. While specific financial figures from the press release are not detailed in the 8-K itself, investors should note this is the official release of that period's performance. More significantly for investors, the filing also disclosed management's approval of a restructuring plan aimed at making Flex a more agile company. The company anticipates incurring a minimum charge of $50 million in the fourth quarter of fiscal 2018, primarily for employee termination benefits, with substantial completion expected by the end of the fiscal year. These charges are expected to be cash outflows.
Key Highlights
- 1Flex Ltd. announced its third-quarter financial results for the period ending December 31, 2017.
- 2The company is initiating targeted restructuring activities during the fourth quarter of fiscal 2018.
- 3The objective of the restructuring is to enhance the company's speed, responsiveness, and agility.
- 4Flex expects to incur a minimum charge of $50 million related to these restructuring activities.
- 5These charges are primarily for one-time employee termination benefits.
- 6The restructuring activities are expected to be substantially completed by the end of fiscal 2018.
- 7The restructuring costs will result in cash outflows for the company.