NEENAH, WI – Plexus reported fiscal fourth quarter revenue of $843.2 million, down 7.7% year-over-year and up 3.5% sequentially.

Net income for the quarter ended Oct. 2 was $33.3 million, a decrease of 11.6% compared to the fiscal fourth quarter of 2020, up 20.8% sequentially. Operating income was $42.3 million, down 15.9% year-over-year, an increase of 16.4% compared to the fiscal third quarter of 2021.

During the fiscal fourth quarter, the company won 38 manufacturing programs representing $251 million in annualized revenue when fully ramped into production. Trailing four-quarter wins totaled $1 billion in annualized revenue when fully ramped into production.

For the three months ended Oct. 2, cash flow provided by operations was $11 million, less capital expenditures of $22.7 million, resulting in free cash flow of $(11.7) million.

Fiscal 2021 revenue was $3.37 billion, down 0.63% year-over-year. Net income for the fiscal year was $138.9 million, up 18.2%. Operating income increased 14.9% to $176.3 million.

For fiscal 2021, cash flow provided by operations was $142.6 million, less capital expenditures of $57.1 million, resulting in free cash flow of $85.5 million.

“I am proud of the resilience and unyielding focus on operational excellence of our more than 19,000 Plexus team members,” said Todd Kelsey, president and CEO. “Their actions during fiscal 2021 were foundational to advancing our vision to help create the products that build a better world. Plexus delivered robust 21% growth in GAAP EPS for fiscal 2021, as well as significant economic return on essentially flat revenue. Challenges associated with the Covid-19 pandemic and worsening supply chain shortages impacted our ability to support demand that was well in excess of our fiscal 2021 revenue. For our fiscal fourth quarter, we delivered revenue of $843 million, which fell short of our forecast given unanticipated supply chain shortages and workforce absences resulting from the pandemic. Despite the revenue shortfall, our GAAP operating margin of 5% and GAAP EPS of $1.16 were consistent with our guidance given our team’s focus on cost control, a strong start of a new aftermarket services program and continued robust demand for engineering solutions across all of our regions.

“Fiscal 2021 represented a record year for new manufacturing program wins. We exited fiscal 2021 with trailing four-quarter wins of $1.03 billion, an increase of 8% year-over-year. In addition, our team engaged with 22 new customers. These engagements create a significant opportunity to drive incremental new manufacturing program wins and, in turn, revenue growth in future quarters.”

For the fiscal first quarter, Plexus expects revenue of $825 million to $865 million.

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