2020 was a record year for Plexus

During the quarter the company won 44 manufacturing programs representing USD 286 million in annualised revenue when fully ramped into production. During the fourth quarter of 2020 the company recorded revenues of USD 913 million, compared to USD 810 million during the same period last year. Gross profit for the last quarter of the year amounted to USD 89.19 million, up from USD 77.78 million during 4Q19. Operating income during the fourth quarter was USD 50.37 million, up from USD 45.85 million during the comparison period. Fourth quarter net income ended up USD 37.70 million, up from 35.82 million during the fourth quarter last year. For the full fiscal year of 2020 revenues of USD 3.4 billion, up 7% from USD 3.16 billion in 2019. Full year net income amounted to USD 117.47 million, up from USD 108.61 million during 2019. “Our team delivered outstanding results in the fiscal fourth quarter, achieving record revenue of $913 million and GAAP diluted earnings per share of $1.26, both exceeding the top end of our guidance ranges. Strong demand in our Healthcare/Life Sciences and Industrial/Commercial sectors fueled this growth. Our teams continued to drive improvements in our already exceptional operating performance as we navigated through the COVID-19 pandemic,” says president and CEO Todd Kelsey, in a press release. “We generated $109 million in free cash flow during the fiscal fourth quarter, a result well above our projections,” adds Patrick Jermain, Executive Vice President and CFO. “We exited the fiscal year with record free cash flow of $160 million, an outcome significantly above our fiscal 2020 net income.” Mr. Jermain continues, “We ended the year with a solid balance sheet. Cash of approximately $388 million was sequentially higher by $88 million due in part to our strong cash flows from operations.” “In alignment with our prior comments, we expect demand to moderate in the fiscal first quarter of 2021 and are guiding revenue in the range of $810 to $850 million. We project continued operating strength and are guiding GAAP operating margin for the quarter in the range of 4.9% to 5.3%,” says Mr. Kelsey. “Our guidance assumes that COVID-19 will not materially impact end markets or our operations beyond what has already occurred. We expect a return to quarterly sequential revenue growth by the second half of fiscal 2021. We also anticipate robust operating performance for the fiscal year.”