Electronics Production | October 27, 2016
Plexus' CEO: 'I am pleased with our operational performance'
EMS provider Plexus ended its fiscal year of 2016 by winning 37 programs during its final quarter – representing about USD 200 million in yearly revenue when fully ramped into production
Full year revenues amounted to UD 2.6 billion, a decrease of 3.7% from 2015. Gross profit on a full year basis amounted to USD 227.35 million, down from USD 239.55 million for the full year of 2015. The operating profit for 2016 ended up at 99.43 million, a drop from 2015’s level of 115.43 million. Net income amounted to USD 76.42 million in 2016, down from USD 94.33 million in 2015. Todd Kelsey, President and CEO, commented, “Despite late fiscal fourth quarter revenue headwinds, we achieved solid operating performance and EPS, resulting in adjusted EPS firmly in our guidance range. Our revenue was slightly below guidance as a result of softness within our Networking/Communications sector and the temporary impact to our Xiamen, China operations from Typhoon Meranti that made landfall on September 15, 2016. When reflecting on fiscal 2016, I am pleased with our operational performance. We quickly executed our cost reduction and productivity improvement initiatives to overcome a challenging revenue environment in the first half of the fiscal year, enabling us to achieve adjusted operating margin at the high-end of our target range of 4.7% to 5.0% in the back half of the fiscal year.” Q416 revenues ended up at USD 653 million, down from USD 668.7 million in the same quarter last year. Gross profit amounted to USD 61.53 millions during the company’s forth quarter 2016, which is an increase when compared to Q415’s gross profit of USD 59.27 million. Operating profit in the last quarter of 2016 amounted to USD 23.65 million, down from USD 28.57 for the same period last year. Q416 net income ended up at USD 19.09 million, a decrease from USD 23.86 million for the same quarter in 2015. Patrick Jermain, Senior Vice President and CFO, commented, “During the quarter we successfully repatriated USD 100 million in cash from our overseas operations. We believe the additional cash will enable us to maximize shareholder value by returning excess cash to shareholders through our previously announced share repurchase program.” Mr. Jermain continued, “Fiscal fourth quarter cash cycle days were higher than anticipated at 71 days. The most significant contributing factor was an increase in accounts receivables due to the timing of customer shipments and mix. We exited the fiscal year with annual free cash flow of approximately USD 97 million, more than doubling our performance over the prior year.”
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