NEENAH, WI – Plexus posted fiscal first quarter revenue of $817.5 million, down 1.6% year-over-year and 3% sequentially.

For the quarter ended Jan. 1, the EMS firm reported net income was $23.4 million, a decrease of 35.3% compared to the fiscal first quarter of 2021, down 29.7% sequentially.

Operating income was $30.5 million, down 35% year-over-year and 28% sequentially.

During the fiscal first quarter, Plexus won 41 manufacturing programs, representing $271 million in annualized revenue when fully ramped into production. Trailing four-quarter manufacturing wins totaled $1.1 billion in annualized revenue when fully ramped into production. The company purchased $10.2 million of its shares at an average price of $91.74 per share under the share repurchase program.

"Fiscal first quarter revenue of $817 million and GAAP diluted EPS of $0.82 were consistent with our preliminary results issued on Jan. 18, 2022, which reflected the impact from unanticipated supply chain constraints in the Americas region that worsened in the final weeks of the quarter," said CEO Todd Kelsey. "Strong manufacturing program win performance, a multi-year high in the value of engineering wins and expansion of an already robust funnel of qualified manufacturing opportunities represented notable successes in the fiscal first quarter. Our trailing four-quarter new manufacturing program wins expanded 7% year-over-year to a record of $1.1 billion. Additionally, our funnel of qualified manufacturing opportunities reached an all-time high of $3.3 billion. The significant quantity of new engineering engagements, expansion in our funnel of manufacturing opportunities and acceleration in our win rate positions us to sustain our program win momentum and supports our long-term revenue growth goal.

"We are guiding fiscal second quarter revenue of $820 million to $860 million, which reflects the supply chain constraints that are again limiting our ability to meet robust customer demand. In addition, profitability will remain pressured given the operating infrastructure in place to support the strong customer forecasts and a seasonal increase in compensation costs.

"We are committed to delivering our goals of 9% to 12% annual revenue growth with 5.5% GAAP operating margin and 15% ROIC over the long-term. We anticipate sequential improvement in revenue and GAAP EPS through the remainder of fiscal 2022, supported by new program ramps as we progress toward these goals.”

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