NEENAH, WI – Plexus reported fiscal second quarter revenue of $789 million, up 13% year-over-year and 3.1% sequentially.

Net income for the quarter ended Mar. 30 was $24.8 million, an increase of 101.4% compared to the same period in 2018 and up 11.4% sequentially. Operating income was $33.2 million, up 91.6% year-over-year and down 10.2% sequentially.

Plexus won 36 manufacturing programs during the fiscal second quarter, representing $247 million in annualized revenue when fully ramped into production.

“In the fiscal second quarter, we continued to deliver meaningful growth with record quarterly revenue of $789 million, a 13% increase over the comparable quarter last year,” said Todd Kelsey, president and CEO. “Sizable customer mix changes that occurred within the quarter created cost inefficiencies, resulting in operating margin and EPS slightly below our guidance ranges.”

“During the fiscal second quarter, we continued our cash repatriation strategy by repatriating approximately $28 million of offshore cash,” said Patrick Jermain, executive VP and CFO. “We repurchased approximately $56 million of our shares, which was partially funded with repatriated cash. Since the enactment of US tax reform last year, we have brought back close to $480 million.

“Although working capital requirements were greater than anticipated during the fiscal second quarter, we are reconfirming our full fiscal year expectation for free cash flow in the range of $40 to $60 million.

“As we look to the fiscal third quarter, we expect weakness in our Communications sector to offset anticipated growth in our Aerospace/Defense and Healthcare/Life Sciences sectors.  As a result, we are guiding relatively flat revenue in the range of $760 to $800 million.”

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