Ad
Ad
Ad
Ad
Electronics Production | April 21, 2010

Plexus with record growth

US based EMS provider Plexus Corp. reported net income of $20.7 million, four times the $5 million reported in the same period a year ago.
Net sales were $491 million, up 26 percent compared with $388.9 million a year ago. Dean Foate, President and CEO, commented, "Our second quarter results were exceptional, as expected, with revenue growing 14% over the prior quarter to $491 million, a new record level for the Company. We experienced sequential revenue growth in each of our market sectors. Earnings leverage was strong with EPS of $0.51, up 16% over the prior quarter while including an additional $0.03 of stock-based compensation expense. With better working capital management, return on invested capital (ROIC) improved to 18.7%, moving this metric closer to our 20% target."

Mr. Foate continued, "Our pace of new business wins continued at a strong level. During the second fiscal quarter we won 18 new manufacturing programs that we currently anticipate will generate approximately $137 million in annualized revenue when fully ramped into production over the coming quarters. Our engineering services business continued to build a healthy backlog, winning approximately $16 million of new programs during the second fiscal quarter. All new business is subject to risks around the timing and ultimate realization of the anticipated revenues."

Mr. Foate added, "Our current expectation is that our third fiscal quarter will be another strong quarter. We believe that continued, healthy end-market conditions, in combination with new business wins that ramp during the quarter should result in strong revenue growth and earnings leverage. Therefore, we are establishing third fiscal quarter revenue guidance of $520 to $545 million with diluted EPS of $0.54 to $0.60, excluding any restructuring charges and including approximately $0.06 per share of stock-based compensation expense. We currently anticipate sequential revenue growth to continue in our fourth fiscal quarter, suggesting full fiscal year organic revenue growth could exceed 20%."
Ad
Ad
Ad
Ad
Load more news
January 11 2019 8:28 pm V11.10.27-1