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Plexus Posts Q1FY2017 Results
January 20, 2017 | Plexus Corp.Estimated reading time: 2 minutes
Plexus has announced revenue of $635 million in the fiscal first quarter ended December 31, 2016, well within its guidance of $620 million to $650 million. Operating profit reached $33.9 million, and net income was $28.18 million. For the second quarter of fiscal year 2017, Plexus announced guidance of $620 million to $650 million.
During the fiscal first quarter, Plexus won 51 Manufacturing Solutions programs, representing approximately $217 million in annualized revenue when fully ramped into production. Meanwhile, trailing four quarter Manufacturing Solutions wins total approximately $785 million in annualized revenue.
Todd Kelsey, President and CEO, commented, “Late in the fiscal first quarter we fulfilled a broad-based pull-in of demand from customers within our Communications market sector that offset weaker than anticipated revenue from the Defense/Security/Aerospace market sector. Consequently, fiscal first quarter revenue of $635 million was at the midpoint of our guidance range. Strong operating performance enabled us to achieve GAAP diluted EPS of $0.82, at the top of our guidance range.”
Mr. Kelsey continued, “Looking forward to our fiscal second quarter, we currently anticipate revenue in the range of $620 to $650 million. The midpoint of this guidance suggests revenue will be sequentially flat. Underlying revenue growth is expected to be offset by end-market weakness within the Communications market sector and an additional delay to the previously disclosed orders from a large Industrial/Commercial customer. As a result of our continued strong operating performance, we are guiding GAAP diluted EPS in the range of $0.71 to $0.79. Overall, our wins performance continues to accelerate with new program ramps progressing as anticipated, supporting our goal of achieving a $3 billion annual revenue run rate as we exit the fiscal year.”
Patrick Jermain, Senior Vice President and CFO, commented, “During the fiscal first quarter we generated $73 million in free cash flow, a result well above our projections. Results from working capital initiatives drove fiscal first quarter cash cycle to 66 days, which was favorable to our expectations.” Mr. Jermain continued, “Our sustained operating performance delivered fiscal first quarter GAAP operating margin of 5.3%. We are pleased to guide GAAP operating margins in the range of 4.9% to 5.2% for the fiscal second quarter, even with absorbing seasonal compensation cost increases and the reset of US payroll taxes.”
About Plexus – The Product Realization Company
Plexus (www.plexus.com) delivers optimized Product Realization solutions through a unique Product Realization Value Stream service model. This customer-focused services model seamlessly integrates innovative product conceptualization, design, commercialization, manufacturing, fulfillment and sustaining services to deliver comprehensive end-to-end solutions for customers in the America, European and Asia-Pacific regions.
Plexus is the industry leader in servicing mid-to-low volume, higher complexity customer programs characterized by unique flexibility, technology, quality and regulatory requirements. Award-winning customer service is provided to over 140 branded product companies in the Healthcare/Life Sciences, Industrial/Commercial, Communications and Defense/Security/Aerospace market sectors.
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