Plexus Posts Record Revenue of $2.7B for FY2015

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Plexus has reported record revenue of $2.7 billion for its fiscal year 2015, up by 12% from the previous year. For the three months ended October 3, 2015 (4Q FY2015), the company has achieved total revenue of $669 million, well within the company's guidance of $650 million to $680 million, and posted operating margin of 4.3%.

During the quarter, the company won 34 programs representing approximately $167 million in annualized revenue when fully ramped into production.

"Fiscal fourth quarter revenue and EPS results were consistent with our guidance," said Dean Foate, chairman, president and CEO. "Revenues were $669 million, relatively flat from the prior quarter and the comparable quarter last year, as softness in certain end markets unfolded as anticipated. Overall, I am pleased with our performance for fiscal 2015. We delivered record revenue of $2.7 billion, achieving our enduring growth goal of 12%. Our economic return, while short of our goal, was solidly in value creation territory at 3% for the fiscal year."

Foate continued, "Looking forward to fiscal 2016, while our visibility is limited, we anticipate a challenging start to the year due to market sector weakness, particularly in Networking/Communications and Industrial/Commercial, in the first half of the fiscal year. We are guiding fiscal first quarter 2016 revenue of $600 to $625 million with diluted EPS in the range of $0.41 to $0.48."

Patrick Jermain, senior vice president and CFO, commented, "The lower level of revenue in the first half of fiscal 2016 is creating a misaligned cost structure. We are determining the appropriate cost reduction and control actions to mitigate our near-term margin challenges and are assessing our global capacity levels against our longer-term strategic value propositions in order to take prompt action to address the situation."