NEENAH, WI -- Plexus reported fiscal second quarter revenue of $1.07 billion, up 21% year-over-year.

Gross profit was $102 million, up from $76.5 million from a year ago, and net income was $40.8 million, versus $26.9 million.

For the period ended Apr. 1, the GAAP operating margin was 5.3%. During the period, Plexus won 31 manufacturing programs representing $275 million in annualized revenue when fully ramped into production.

Free cash flow during the quarter was $80 million, close to double the net income and higher than projected.

The trailing four-quarter manufacturing wins of $847 million in annualized revenue when fully ramped into production.

In a press release, Todd Kelsey, chief executive, said: “Our team continues to execute well amidst ongoing market volatility and supply chain challenges. Plexus delivered fiscal second quarter revenue of $1.07 billion, representing 21% year over year growth. Second quarter results exceeded our guidance reflecting increased end of quarter shipments as a result of mitigating supply constraints, better than anticipated performance by our engineering and sustaining services teams and our ongoing focus on improving manufacturing efficiency.

"Concurrently, the team expanded an already record funnel of qualified manufacturing opportunities to $4.2 billion, an increase of nearly $600 million from our fiscal first quarter. The funnel includes several large opportunities across all of our market sectors, which we believe positions us to sustain strong win performance and industry-leading revenue growth.”

The EMS company guided for fiscal third quarter revenue of $1.0 billion to $1.05 billion.

"Our guidance is impacted by our strong late second quarter shipments, supply chain challenges and further semiconductor capital equipment market weakness," Kelsey said. The company plans to take $9 million in estimated restructuring and other charges associated with planned actions to realign spending.

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