-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueAlternate Metallization Processes
Traditional electroless copper and electroless copper immersion gold have been primary PCB plating methods for decades. But alternative plating metals and processes have been introduced over the past few years as miniaturization and advanced packaging continue to develop.
Technology Roadmaps
In this issue of PCB007 Magazine, we discuss technology roadmaps and what they mean for our businesses, providing context to the all-important question: What is my company’s technology roadmap?
Wet Process Control
In this issue, we examine wet processes and how to obtain a better degree of control that allows usable data to guide our decisions and produce consistently higher-quality products.
- Articles
- Columns
Search Console
- Links
- Media kit
||| MENU - pcb007 Magazine
Plexus Announces Fiscal Q4 and Fiscal Year 2024 Financial Results
October 28, 2024 | PlexusEstimated reading time: 3 minutes
Plexus Corp. announced financial results for our fiscal fourth quarter and fiscal year ended September 28, 2024, and guidance for our fiscal first quarter 2025 ending December 28, 2024.
- Reports fiscal fourth quarter 2024 revenue of $1.05 billion, GAAP operating margin of 5.1% and GAAP diluted EPS of $1.48.
- Reports fiscal 2024 revenue of $3.96 billion, GAAP operating margin of 4.2% and GAAP diluted EPS of $4.01.
- Reports fiscal fourth quarter 2024 non-GAAP operating margin of 6.2% and non-GAAP diluted EPS of $1.85, excluding $0.37 of stock-based compensation expense, net of tax.
- Reports fiscal 2024 non-GAAP operating margin of 5.5% and non-GAAP diluted EPS of $5.72, excluding $1.06 of stock-based compensation expense and $0.65 of restructuring and other charges, net of tax.
- Initiates fiscal first quarter 2025 revenue guidance of $960 million to $1.00 billion with GAAP diluted EPS of $1.25 to $1.40, including $0.19 of stock-based compensation expense. Fiscal first quarter non-GAAP EPS guidance of $1.52 to $1.67 excludes stock-based compensation expense and restructuring charges.
Fiscal Fourth Quarter 2024 Information
- Won 26 manufacturing programs representing $230 million in annualized revenue when fully ramped into production.
- Generated record quarterly free cash flow of $194 million.
- Purchased $19.5 million of our shares at an average price of $117.91 per share, completing the 2024 Share Repurchase Program. The 2025 Share Repurchase Program was approved by Plexus’ Board of Directors in August 2024 for an additional $50.0 million.
Fiscal Year 2024 Information
- Generated record free cash flow of $341 million.
- Produced ROIC of 11.8%, representing an economic return of 360 basis points above our weighted average cost of capital of 8.2%.
- Purchased $55.7 million of our shares at an average price of $103.81 per share.
- Todd Kelsey, President and Chief Executive Officer, commented, “Our team’s focus throughout the fiscal year on delivering customer service excellence while driving expanded operational performance resulted in exceptional fiscal fourth quarter financial results and, we believe, positions us well for fiscal 2025. Fiscal fourth quarter revenue of $1.05 billion, non-GAAP operating margin of 6.2% and non-GAAP EPS of $1.85 all exceeded guidance, while quarterly free cash flow of $194 million was a record and substantially exceeded our projections.”
Mr. Kelsey continued, “During fiscal 2024, we continued to create value for our shareholders, our team members, our customers and our communities by advancing our sustainable and responsible business practices. Our team made meaningful progress in reducing our global waste-to-landfill and Scope 1 and 2 emissions, donated more than $1 million through our Plexus Community Foundation and contributed more than 20,000 paid volunteer hours to our local communities. In addition, Plexus was named one of the Top 100 U.S. Internship Programs for 2024 by Yello and Business Friend of the Environment by Wisconsin Manufacturers and Commerce in recognition of our dedication to environmental stewardship, our sustainable business practices and our vision to help create the products that build a better world.”
Pat Jermain, Executive Vice President and Chief Financial Officer, commented, “Fiscal fourth quarter cash cycle of 64 days was favorable to our expectations and sequentially lower by 19 days as we benefited from increased revenue and continued progress on our working capital initiatives. This level of cash cycle was the best result we delivered in the past four years.”
Mr. Jermain continued, “For fiscal 2024, we generated record free cash flow of $341 million, representing more than double our previous record performance and three times our fiscal 2024 net income. With the exceptional free cash flow, we continued to execute our share repurchase programs and reduce our borrowing, ending the year in a net cash position. Cash of approximately $347 million was sequentially higher by $78 million, while borrowing under our revolving credit facility was sequentially lower by $100 million. Finally, while we expect increased investments to support future growth, we anticipate delivering robust fiscal 2025 free cash flow of $50 million to $100 million and deploying excess cash to create additional shareholder value.”
Mr. Kelsey added, “We are guiding fiscal first quarter revenue of $960 million to $1.00 billion, non-GAAP operating margin of 5.7% to 6.1% and non-GAAP EPS of $1.52 to $1.67. Although revenue is impacted by the better than anticipated fiscal fourth quarter results, we expect to maintain our strong operating margin performance of recent quarters. We anticipate a return to sequential revenue growth with our fiscal second quarter.”
Mr. Kelsey concluded, “We are positioned to continue to create substantial shareholder value in fiscal 2025. We anticipate meaningful fiscal 2025 EPS growth to result from continued robust Aerospace/Defense market sector demand, modest revenue growth in the Healthcare/Life Sciences and Industrial market sectors associated with new program ramps and market share gains, ongoing solid operating margin performance and reduced debt.”
Suggested Items
TPCA Signs MOU to Boost Thai PCB Industry Talent Development
10/28/2024 | TPCAAt the 2024 TPCA Show, the Taiwan Printed Circuit Association (TPCA) signed a Memorandum of Understanding (MOU) with four major Thai institutions to enhance talent development in Thailand's growing PCB sector.
iNEMI End-of-Project Webinar: Investigation of AI Enhancement to AOI for PCBA
10/25/2024 | iNEMIAutomated optical inspection (AOI) systems are essential in electronic manufacturing for ensuring the quality of printed circuit board assemblies (PCBAs).
Mature Process Capacity to Grow 6% in 2025; Chinese Foundries Lead Expansion
10/25/2024 | TrendForceThe latest investigations by TrendForce reveal that Chinese foundries are set to drive the bulk of mature process capacity growth in 2025, thanks to China’s domestic IC substitution policies. It is estimated that the capacity of the world’s top 10 mature process foundries will increase by 6% in 2025, though pricing pressures will persist.
Amphenol Reports Record Third Quarter 2024 Results
10/25/2024 | BUSINESS WIREThe Company continues to deploy its financial strength in a variety of ways to increase shareholder value. During the quarter, the Company purchased 2.7 million shares of its common stock for $176 million and paid dividends of $132 million, resulting in total capital returned to shareholders of $308 million.
Gartner Forecasts Worldwide IT Spending to Grow 9.3% in 2025
10/24/2024 | BUSINESS WIREWorldwide IT spending is expected to total $5.74 trillion in 2025, an increase of 9.3% from 2024, according to the latest forecast by Gartner, Inc.