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© roza-dreamstime.com Electronics Production | April 19, 2013

Plexus Q2 beats Q1 – but down from last year

Plexus hit their revenue mark for the second quarter of 2013 – the company recorded revenues of USD 558 million – relative to their guidance of USD 550 to 580 million.
Revenues for Q2 2013 hit USD 557.8 million, compared to USD 530.5 million in Q1 2013. However, this result is a decrease compared to the same period previous year of USD 573.4 million.

Operating profit was up from Q1 2013's USD 21.4 million to USD 23.1 million – but compared to Q2 in 2012 its a decrease from USD 25.7 million.

Looking at net income we see the same pattern – up to 17.9 million in Q2 2013 – from USD 16.6 million, But down from USD 19.9 million compared to the same period previous year.

Dean Foate, Chairman, President and CEO, commented, "Fiscal second quarter revenues were up 5% sequentially to USD 558 million, with diluted EPS of USD 0.52. Revenue performance in our Networking/Communications sector was meaningfully below our expectations as several customers struggled with end-market demand. While we experienced forecast volatility in other sectors, the end results for the quarter were relatively in line with our guidance. The previously disclosed disengagement of Juniper Networks remains on track, with production expected to cease as of the end of our fiscal third quarter of 2013."

Mr. Foate continued, "During the quarter, we won 33 new programs in our Manufacturing Solutions group; we anticipate these wins will generate approximately USD 143 million in annualized revenue, when fully ramped into production. While these results were below our strong performance in recent quarters, our funnel of qualified business opportunities improved about 10% during the quarter to USD 2.4 billion."

Outlook:

The company is expecting a revenue guidance of USD 550 to 580 million for the third quarter of 2013 – the midpoint of this range would suggest that revenue would be up slightly compared to Q2. The company is anticipating a USD 1 to 1.5 million of restructuring charges in their Q3, primarily for severance related to the disengagement of Juniper Networks.

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