Plexus opens 2015 with solid quarter

Dean Foate, Chairman, President and CEO, commented, "Fiscal first quarter revenues were USD 665 million, relatively flat from the prior quarter and up approximately 25% from the comparable quarter last year. Revenues were above our guidance due to stronger than anticipated end-market demand in our Networking/Communications sector. Non-GAAP diluted EPS for the first quarter was above the mid-point of our guidance at USD 0.72. Return on invested capital was 14.4%, representing an Economic Return of 340 basis points." Plexus gross profit for the first quarter of 2015 amounted to USD 61.4 million, down from the previous quarter but up from the comparable quarter last year. Operating profit landed on USD 28.7 million during the first quarter of 2015, down from 31.6 million from the previous quarter but up from USD 21.7 million from 1Q14. First quarter Net income amounted to USD 23 million in 2015, up from 17.6 million in 1Q14, but down from the previous quarter. Mr. Foate continued, "During the quarter, we won 32 new programs in our Manufacturing Solutions group. We anticipate these wins will generate approximately USD 190 million in annualized revenue when fully ramped into production. The wins performance this quarter results in a trailing four quarter total of approximately USD 801 million in annualized revenue, or approximately 32% of our trailing four quarter revenue, well above our goal of 25%." ----- Images: © Plexus