Plexus Corp (PLXS) Misses Q1 EPS by 24c

Plexus Corp (NASDAQ: PLXS) reported Q1 EPS of $0.88, $0.24 worse than the analyst estimate of $1.12. Revenue for the quarter came in at $817 million versus the consensus estimate of $841.12 million.

Todd Kelsey, CEO, commented, "Fiscal first quarter revenue of $817 million and GAAP diluted EPS of $0.82 were consistent with our preliminary results issued on January 18, 2022, which reflected the impact from unanticipated supply chain constraints in the Americas region that worsened in the final weeks of the quarter."

Mr. Kelsey continued, "Strong manufacturing program win performance, a multi-year high in the value of engineering wins and expansion of an already robust funnel of qualified manufacturing opportunities represented notable successes in the fiscal first quarter. Our trailing four-quarter new manufacturing program wins expanded 7% year over year to a record of $1.1 billion. Additionally, our funnel of qualified manufacturing opportunities reached an all-time high of $3.3 billion. The significant quantity of new engineering engagements, expansion in our funnel of manufacturing opportunities and acceleration in our win rate positions us to sustain our program wins momentum and supports our long-term revenue growth goal.”

Mr. Kelsey further commented, "We are guiding fiscal second quarter revenue of $820 to $860 million, which reflects the supply chain constraints that are again limiting our ability to meet robust customer demand. In addition, profitability will remain pressured given the operating infrastructure in place to support the strong customer forecasts and a seasonal increase in compensation costs. As such, we are guiding GAAP operating margin of 3.6% to 4.0% and GAAP EPS $0.76 to $0.92.”

Mr. Kelsey concluded, "We are committed to delivering upon our goals of 9% to 12% annual revenue growth with 5.5% GAAP operating margin and 15% ROIC over the long-term. We anticipate sequential improvement in revenue and GAAP EPS through the remainder of fiscal 2022, supported by new program ramps, as we progress toward these goals.”

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

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