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Plexus Corp (PLXS) Misses Q3 EPS by 1c; Q4 Guidance Falls Short

July 22, 2015 4:24 PM

Plexus Corp (NASDAQ: PLXS) reported Q3 EPS of $0.69, $0.01 worse than the analyst estimate of $0.70. Revenue for the quarter came in at $670 million versus the consensus estimate of $672.28 million.

Plexus Corp sees Q4 2015 EPS of $0.64-$0.72, versus the consensus of $0.76. Plexus Corp sees Q4 2015 revenue of $650-680 million, versus the consensus of $689.91 million.

Dean Foate, Chairman, President and CEO, commented, "Our fiscal third quarter results were consistent with our announcement of preliminary results on July 13th. While revenue of $670 million set a new quarterly record for the company, our results were disappointing given the stronger expectations we had when we issued our initial guidance in April. Looking forward to next quarter, we expect continuing end-market weakness in our Networking/Communications sector to largely offset anticipated sequential growth in our other three market sectors. As a consequence, we are guiding fiscal fourth quarter 2015 revenue of $650 to $680 million. Achieving the midpoint of our guidance would result in full year revenue growth just shy of our 12% enduring goal. At this level of revenue we expect diluted EPS in the range of $0.64 to $0.72 for the fiscal fourth quarter."

Patrick Jermain, Senior Vice President and CFO, commented, "Although we met the low end of our initial revenue guidance, our earnings performance for the fiscal third quarter was below our guidance range. The disproportionate reduction in earnings was largely due to margin underperformance associated with missed product shipments out of one of our Defense/Security/Aerospace focus factories."

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

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