"2023 was an exceptional year for Plexus"
“Fiscal 2023 was an exceptional year for Plexus,” says Todd Kelsey, CEO of EMS provider PLexus. The company recorded full-year revenues of USD 4.21 billion, up from USD 3.81 billion in 2022.
During its fourth quarter of 2023, Plexus recorded revenues of USD 1.02 billion, an Operating income of USD 53.33 million and a net income of USD 40.26 million.
For the full fiscal year of 2023, revenues amounted to USD 4.21 billion, an Operating income of USD 195.82 million and a net income of USD 139.09 million.
"Fiscal 2023 was an exceptional year for Plexus. Our team’s focus on delivering operational and customer service excellence resulted in outstanding financial performance. For fiscal 2023, we delivered revenue growth in excess of 10%, 5.2% non-GAAP operating margin and free cash flow of USD 62 million," says Todd Kelsey, CEO, in a press release.
During the company's fourth quarter, Plexus won 30 manufacturing programs, representing USD 192 million in annualised revenue when fully ramped into production. The company delivered fiscal 2023 manufacturing wins of USD 946 million in annualised revenue when fully ramped into production.
Mr. Kelsey continues to say that the company is guiding fiscal first-quarter revenue of USD 990 million and that Plexus expects to benefit from sustained, robust commercial aerospace demand, improving semiconductor capital equipment demand and new program ramps, while also facing headwinds as a result of short-term inventory corrections with a small number of Healthcare/Life Sciences customers.
“We continue to forecast accelerating revenue growth as fiscal 2024 progresses, leveraging strong demand in our Aerospace/Defense and Industrial market sectors, increasing new program ramp momentum and lessening supply chain challenges, which creates the opportunity to capture our ongoing unfulfilled backlog of customer demand. As revenue growth accelerates, we also anticipate operating margin expansion. Consequently, we remain confident in achieving our goal of USD 5 billion in revenue with 5.5% GAAP operating margin by our fiscal 2025,” Mr. Kelsey concludes.
