NEENAH, WI – Plexus Corp. saw fiscal second quarter revenue of $888.7 million, up 0.89% year-over-year and 8.7% sequentially.

For the fiscal second quarter ended Apr. 2, net income was $26.9 million, down 35.7% compared to the same period last year and up 14.7% sequentially. Operating income was $35.8 million, a decrease of 29.3% year-over-year and an increase of 17.6% sequentially.

During the quarter, Plexus won 38 manufacturing programs, representing $313 million in annualized revenue when fully ramped into production. Trailing four-quarter manufacturing wins exceed $1.1 billion in annualized revenue when fully ramped into production.

“Our focus on delivering operational excellence for our customers resulted in fiscal second quarter revenue of $889 million and GAAP EPS of $0.95, both exceeding our guidance range,” said Todd Kelsey, CEO, Plexus. “Our engineering, supply chain, manufacturing and aftermarket services teams all played important roles in delivering the upside performance.

“Our go-to-market team continues to produce exceptional results, positioning us for sustained growth. Fiscal second quarter new manufacturing program wins totaled $313 million in annual revenue when fully ramped into production, reflecting the best quarterly performance in a decade and nearly an all-time record. This exceptional performance propelled our trailing four-quarter wins to another record high of more than $1.1 billion. In addition to the strong wins, our funnel of qualified manufacturing opportunities expanded to a record level of $3.4 billion. Momentum in manufacturing wins and qualified opportunities, when combined with robust new engineering engagements for the second consecutive quarter, supports our 9% to 12% revenue CAGR goal.”

“We generated $53 million in free cash flow during the fiscal second quarter, a result that was double our net income and exceeded our projections,” said Patrick Jermain, executive VP and CFO. “The fiscal second quarter cash cycle of 98 days was favorable to our expectations and sequentially lower by five days, as we benefited from increased revenue and continued progress on our working capital initiatives. While we expect an investment in working capital during the fiscal third quarter to support projected revenue growth, we anticipate generating positive free cash flow for the second half of fiscal 2022.”

Top 10 customers comprised 56% of revenue during both the fiscal first and second quarters, up one percentage point from the second quarter of fiscal 2021, when the top 10 customers comprised 55% of revenue.

For the fiscal third quarter, revenue guidance is $885 million to $925 million.

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