NEENAH, WI – Plexus reported fiscal first quarter revenue of $765.5 million, up 13% year-over-year and down 0.73% sequentially.
Net income for the quarter ended Dec. 29 was $22.2 million, compared to a net loss of $98.5 million in the same period of 2017.
Operating income was $37 million, an increase of 17.1% year-over-year and flat with the fiscal fourth quarter.
Plexus won 33 manufacturing programs during the fiscal first quarter, representing $230 million in annualized revenue when fully ramped into production.
“Our fiscal first quarter results were aligned with our expectations entering the quarter,” said Todd Kelsey, president and CEO. “We delivered revenue of $766 million and non-GAAP EPS of $0.91, which represented increases of 13% and 21%, respectively, over the comparable period in fiscal 2018.”
“During the quarter, we repurchased over $50 million of our shares, which was partially funded with repatriated cash,” said Patrick Jermain, senior vice president and CFO. “Since the enactment of US tax reform, we have brought back over $450 million.”
“As we look ahead to the fiscal second quarter, we expect new program ramps will offset weakness in the semiconductor capital equipment market,” said Kelsey. “Therefore, we are guiding revenue of $760 million to $800 million.”