Plexus delivered record thirds quarter revenues

The manufacturer managed to record third quarter revenues of USD 857 million, quite the increase from USD 799 million during the same period last year. Operating margin was at 5.3% compared to 4.5% last year. Gross profit amounted to USD 82.8 million during the quarter, compared to USD 71.0 million during the third quarter 2019. Third quarter net income ended up at USD 35.8 million compared to USD 24.8 million during the same quarter last year. “I am incredibly proud of our global Plexus team as they managed through the complexities arising from COVID-19 while delivering record quarterly revenue of USD 857 million and GAAP diluted earnings per share of USD 1.20,” says president and CEO Todd Kelsey, in a press release. “Further, our team overcame the challenges of the pandemic to deliver exceptional manufacturing wins of USD 252 million annualized when fully ramped into production. In addition to traditionally strong wins from our existing customers, our team’s innovative virtual business development efforts resulted in a meaningful number of new target customer wins.” Mr. Kelsey continues, “While we expect continued end market volatility, our aggregate demand is anticipated to remain strong in our fiscal fourth quarter. As a result, we are guiding revenue in the range of USD 850 to USD 890 million.” However, the CEO points out that the guidance assumes no large scale closures of its facilities, or those of its suppliers or customers, due to COVID-19.