NEENAH, WI – Plexus has announced that it will not meet its first quarter revenue guidance of $990 million to $1.03 billion.

The company said continued market-driven inventory corrections and incrementally weaker demand from the healthcare/lifesciences and industrial market sectors mean it now expects to announce first quarter revenue of $980 million to $985 million.

"I remain confident in my expectations that, over the long-term, Plexus’ strategy will continue to deliver industry-leading revenue growth and superior returns for our shareholders," said CEO Todd Kelsey. "In the near term, Plexus is focused on continuing to deliver customer service excellence, tightly managing costs and generating cash. In support of our commitment to return any excess cash to shareholders, I am pleased to announce that our board of directors approved a new $50 million share repurchase program. We believe repurchasing our common stock at current market prices is an attractive use of our capital and creates an additional opportunity to create long-term shareholder value."

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