NEENAH, WI -- Plexus announced fiscal third quarter revenue of $981 million, up 20.5% over last year. 

Gross profit was $93.6 million, up from $74.1 million a year ago. Operating income rose to $49.6 million from $36.4 million last year. Net income was $37.5 million, versus $27.6 million.

Gross margin rose 40 basis points to 9.5%, and operating margin rose 60 basis points to 5.1%.

During the quarter Plexus won 47 manufacturing programs representing $201 million in annualized revenue when fully ramped into production. Trailing four-quarter manufacturing wins continue to exceed $1 billion in annualized revenue when fully ramped into production.

The contract electronics assembler guided for fiscal fourth quarter revenue of $980 million to $1.02 billion.

“As we establish our fiscal fourth quarter guidance, I am pleased that Plexus is in position to deliver $1 billion in quarterly revenue, which would be a first for the company," Todd Kelsey, CEO, Plexus. "While understanding that the macroeconomic outlook is uncertain and that challenging supply chain conditions remain, the strength in substantial, early-stage new program ramps, our leading position in secular growth markets and commitment to operational excellence provides the opportunity for further revenue growth and GAAP EPS expansion into fiscal 2023.”

“We delivered another strong quarter of results given our increasing success in mitigating the impact of constrained component supplies. Our fiscal third quarter revenue of $981 million, representing year-over-year growth of 21%, 5.1% GAAP operating margin and GAAP EPS of $1.33 all exceeded our guidance range.”

“Our funnel of qualified manufacturing opportunities held steady at a record $3.4 billion, while quarterly new manufacturing program wins of $201 million declined following the superb performance last quarter. With our trailing four-quarter wins exceeding $1 billion, our momentum in program ramps and our increasing exposure to the secular growth markets of commercial space, warehouse and factory automation and robotic-assisted surgery, we remain positioned for sustained growth.”

Patrick Jermain, executive vice president and CFO, said" “The fiscal third quarter cash cycle of 102 days was consistent with our expectation. As anticipated, the quarter included strategic investments in working capital to support significant revenue growth delivered in the fiscal third quarter and continued revenue growth projected in the fiscal fourth quarter. While working capital investments will continue in support of our customers’ demand, we expect our cash cycle to improve for the fiscal fourth quarter through sequential revenue growth and continued focus on working capital initiatives. We anticipate this improvement will help deliver breakeven-to-positive free cash flow for the fiscal fourth quarter.”

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