NEENAH, WI – Plexus reported fiscal fourth quarter revenue of $810.2 million, up 5% year-over-year and 1.3% sequentially.

Net income for the quarter ended Sept. 28 was $36.8 million, down 49.4% compared to the same period in 2018 and up 48.5% sequentially. Operating income was $37.5 million, an increase of 1.5% year-over-year and 9% sequentially.

During the fiscal fourth quarter, Plexus won 35 manufacturing programs, representing $202 million in annualized revenue when fully ramped into production. The company generated $92 million in free cash flow.  

For fiscal year 2019, the EMS firm reported revenue of $3.2 billion, up 10.1% year-over-year. Net income for the 12 months ended Sept. 28 was $108.6 million, up 733% compared to fiscal 2018. Operating income was $142.1 million, an increase of 20.1%.

“I am pleased with our strong performance in the fiscal fourth quarter,” said Todd Kelsey, president and CEO. “We delivered record revenue of $810 million, which exceeded the top end of our guidance range.  Our Aerospace/Defense and Industrial/Commercial sectors were exceptionally strong in the quarter, delivering 15% and 6% quarter-over-quarter revenue growth, respectively. In addition, we achieved fiscal 2019 revenue of $3.2 billion, representing a 10% increase over fiscal 2018 and marking the second consecutive year of double-digit growth. This growth was led by our Aerospace/Defense and Healthcare/Life Sciences sectors, whose revenue increased 32% and 17%, respectively, from the previous fiscal year. The combination of these two sectors now represents approximately 60% of our overall revenue.”

The firm expects fiscal first quarter revenue of $780 million to $820 million.

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