NEENAH, WI -- Plexus last night reported fiscal fourth quarter net income of $24.5 million, up well over last year's $728,000 and the fiscal third quarter profits of $23.2 million. For the period ended Sept. 28, the electronics manufacturing services provider reported sales of $568 million, near the higher side of previous guidance of $545 million to $575 million.

Sales were down 4.6%, primarily on the loss of Juniper Networks, Plexus' largest customer in fiscal 2012. Sales were down 0.7% sequentially for the period ended Sept. 28.

Dean Foate, chairman, president and CEO, said, "Fiscal fourth quarter revenues were $568 million, above the midpoint of our guidance range, but down modestly from the prior quarter. Consistent with previous disclosures regarding the disengagement of Juniper, we completed shipment of all Juniper products and inventory this quarter. We expect no revenue from Juniper in fiscal 2014."

Plexus won 34 new programs worth an estimated $155 million in annualized revenue when fully ramped into production, the firm said. Gross margin was 9.6% for the quarter, including charges of approximately $400,000 related to the consolidation of manufacturing facilities in Neenah. Operating margin was 4.7%. Cash cycle days, including customer deposits, were 53 days, and cash flow from operations was $68 million during the quarter.

By sector, Networking/Communications made up 35% of sales, followed by Healthcare/Life Sciences (28%), Industrial/Commercial (25%) and Defense/Security/Aerospace (12%).

Plexus guided for fiscal first quarter 2014 revenue of $520 million to $550 million. "We anticipate a sequential decline in revenue in the fiscal first quarter of 2014 as we do not expect to overcome the full revenue headwind associated with the Juniper disengagement," Foate said. "Our current customer forecasts suggest we will return to sequential revenue growth in the fiscal second quarter of 2014."

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