Plexus post Q2 revenue of $451 million

Dean Foate, President and CEO, commented, “We are pleased with our 2 nd quarter results, with return on invested capital (ROIC) for Q2 of 23.4% and revenue and EPS in line with our guidance. Revenue for the quarter of $451 million was flat from the strong 1 st quarter of fiscal 2008. Sequentially strong performance in our Wireline/Networking and Industrial/Commercial sectors offset modest weakness in our Medical sector and a significant $29 million reduction in revenue from our large un-named defense program. Excluding this defense program, revenue grew approximately 5.5% sequentially in Q2. We are establishing Q3 revenue guidance of $430 to $450 million. This implies that Q3 revenue will be down from Q2, but once again it is important to note that in Q3 we expect a $25 million sequential reduction in revenue from our large un-named defense customer as we have essentially completed the previously announced production orders.” “Looking to the remainder of fiscal 2008,” Foate continued, “our current customer forecasts and new business development efforts suggest that revenue growth for the full year will be in the range of 16% to 18%, implying a strong finish to the year. While we are encouraged by our current outlook for our fiscal year, we are mindful that further economic turbulence could quickly disrupt our customers’ end-markets and impact our ability to achieve our revised full year targets.” Foate concluded, “Our strategic intent is to be the best EMS company in the world at serving customers with products in the mid- to low-volume, higher-mix segment of the market. Our value proposition to serve this portion of the market has never been stronger and we are seeing robust demand for our services. We will continue to make prudent investments to service our customers, with modest expansions committed in North America and ongoing strategies to add an additional regional operation in China and our first regional presence in Central/Eastern Europe.