NEENAH, WI – Plexus reported fiscal first quarter revenue of $852.4 million, up 11.3% year-over-year and 5.2% sequentially.

Net income for the quarter was $31 million, up 39.5% year-over-year and down 15.8% sequentially. Operating income was $39.9 million, an increase of 8.1% compared to the same period the prior year and up 6.4% sequentially.

During the quarter ended Jan. 4, Plexus won 30 manufacturing programs, representing $167 million in annualized revenue when fully ramped into production.

Trailing four-quarter wins total $843 million in annualized revenue when fully ramped into production.

“I am pleased with our strong performance in the fiscal first quarter, during which we delivered record quarterly revenue of $852 million and adjusted diluted EPS of $1.00, each result exceeding the high end of our expectations entering the quarter,” said Todd Kelsey, president and CEO. “This revenue represents 11% growth over the comparable period in fiscal 2019 and 5% growth sequentially. Our Healthcare/Life Sciences sector exceeded our expectations coming into the quarter as our team responded to increased demand from several of our customers. The Industrial/Commercial sector was exceptionally strong as we capitalized on further strengthening in the semiconductor capital equipment sub-sector. Our global teams continue to prioritize operational excellence, and through that focus delivered fiscal first quarter operating margin of 4.7%."

“During the fiscal first quarter, we generated $61 million in free cash flow, a result that was above our projections,” said Patrick Jermain, executive vice president and CFO. “Compared to the prior year fiscal first quarter during which we had cash outflows of $58 million, this quarter’s strong result positions us well to generate over $100 million in free cash flow for fiscal 2020. Fiscal first quarter cash cycle of 71 days was favorable to our expectations and sequentially lower by 9 days, as we benefited from continued progress on our working capital initiatives. Over the past two quarters we have reduced our cash cycle by 18 days, largely due to our success with these initiatives.

“As we look ahead to the fiscal second quarter, we expect revenue to moderate from the exceptionally strong fiscal first quarter. As such, we are guiding revenue in the range of $790 to $830 million.”

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