Plexus Corp (PLXS) Warns Due to COVID-19 Restrictions

Plexus (NASDAQ: PLXS) announced today that the Malaysian government mandated a two-week workforce curtailment for all manufacturers in the region. The actions instituted by the Malaysian government as it combats a continued rise in COVID-19 infections will impact the Company’s operations in the region. The Company is still determining the potential financial impact of this fluid situation and the effects on Plexus as well as potential impacts on Plexus’ customers, suppliers and other partners. However, the Company currently anticipates that it will be unable to meet its fiscal third quarter revenue guidance of $875 to $915 million and GAAP diluted EPS guidance of $1.23 to $1.38 issued on April 21, 2021. The Company expects to provide additional updates during a live webcast as part of a fireside chat on Tuesday, June 8, 2021 at Stifel’s 2021 Virtual Cross Sector Insight Conference.

Todd Kelsey, President and CEO, commented, “Our focus remains on ensuring our locations are the safest place for our team members outside of their homes. Although the workforce curtailments in Malaysia will negatively affect our fiscal third quarter results, we anticipate the demand will push into future quarters. In addition, we remain optimistic regarding our fiscal 2022 outlook and our ability to achieve 9-12% annual revenue growth over the long term while continuing to deliver industry leading operating performance. As the overall demand environment continues to strengthen, we are also benefiting from our support of secular growth markets including robotic assisted surgery, industrial and warehouse automation and commercial space as well as robust new program win activity.”

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