Plexus Corp (PLXS) Lowers Q1 Guidance Due to Supply Chain Challenges

January 18, 2022 8:07 AM EST

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Plexus Corp. (NASDAQ: PLXS) announced today that it will not meet its fiscal first quarter revenue guidance of $825 to $865 million with GAAP diluted EPS of $1.01 to $1.17, as issued October 27, 2021, due to unanticipated supply chain challenges that accelerated in the final weeks of the quarter. Plexus now expects to announce fiscal first quarter revenue of $815 to $820 million with GAAP diluted EPS of $0.80 to $0.84, which will include approximately $2 million or $0.06 per share of unanticipated severance costs associated with a facility transition in our Asia-Pacific region.

(Consensus sees Q1 EPS of $1.12 on revenue of $846 million)

Todd Kelsey, President and CEO, commented, “While the demand environment remains robust, new and unexpected supplier delivery shortfalls in the Americas region resulted in a revenue, GAAP operating margin, GAAP EPS and free cash flow shortfall. We anticipate these supply chain headwinds will persist in the near term. For our fiscal second quarter, we currently anticipate sequential growth in revenue, but limited improvement in GAAP diluted EPS since ongoing costs to support expected robust customer demand and a seasonal increase in compensation expenses will burden profitability. Based upon the strength seen in customer forecasts that are supported by numerous new program ramps, we anticipate sequential growth in revenue and an expansion in profitability during the second half of fiscal 2022. Further, we remain focused on returning to our long-term 9-12% revenue CAGR and 5.5% GAAP operating margin goals.”

The fiscal first quarter 2022 selected financial results and disclosures in this press release are preliminary and reflect management's current views. Plexus management will provide a detailed update on its fiscal first quarter results and its second fiscal quarter guidance as part of a conference call on Thursday, January 27 at 8:30 a.m. Eastern Time. Fiscal first quarter 2022 results will be released after market close on Wednesday, January 26, 2022. An audio webcast of the call and accompanying slides will be available in the investor relations section of the company website, plexus.com.

What:Plexus Fiscal 2022 Q1 Earnings Conference Call and Webcast
When:Thursday, January 27, 2022 at 8:30 a.m. Eastern Time
Where: Participants are encouraged to join the live webcast at the investor relations section of the Plexus website, plexus.com or directly atConference Call: +1.866.922.5180 with passcode: 3582506https://edge.media-server.com/mmc/p/k3jub8pa
Replay:The webcast will be archived on the Plexus website and available via telephone replay at +1.855.859.2056 or +1.404.537.3406 with passcode: 3582506

Investor and Media Contact

Shawn Harrison+1.920.969.6325[email protected]



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