Plexus Corp (PLXS) Tops Q1 EPS by 2c; Guides Q2 In-Line

Plexus Corp (NASDAQ: PLXS) reported Q1 EPS of $0.47, $0.02 better than the analyst estimate of $0.45. Revenue for the quarter came in at $617 million versus the consensus estimate of $609.86 million.

GUIDANCE:

Plexus Corp sees Q2 2016 EPS of $0.47-$0.55, versus the consensus of $0.51. Plexus Corp sees Q2 2016 revenue of $600-630 million, versus the consensus of $611.84 million.

Dean Foate, Chairman, President and CEO, commented, “Fiscal first quarter revenue and EPS results were largely in-line with our guidance. Consistent with the expectations we set last quarter, we are guiding our fiscal second quarter revenue sequentially flat at the midpoint of our guidance range, as new program ramps offset revenue lost from the two previously announced program disengagements. Fiscal second quarter 2016 revenue guidance is $600 to $630 million with diluted EPS in the range of $0.47 to $0.55 before restructuring charges.”

Patrick Jermain, Senior Vice President and CFO, commented, “Our working capital initiatives resulted in the fiscal first quarter cash cycle exceeding our expectations at 71 days and contributed to approximately $10 million in free cash flow during the quarter. The two lower-margin program disengagements that we outlined during our fiscal 2015 year-end earnings call continue to progress largely as planned. The subsequent announcements to close our Fremont, California site and end volume manufacturing at our Livingston, Scotland facility are both advancing as communicated. Assuming stability of our fiscal second half 2016 revenue forecasts, these actions, in combination with other productivity initiatives, further our belief that we will exit fiscal 2016 in our target operating margin range of 4.7 to 5.0 percent.”

For earnings history and earnings-related data on Plexus Corp (PLXS) click here.

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