NEENAH, WI – Plexus reported revenue of $983 million for the first quarter of its fiscal year, a decrease of 10.6% from the $1.1 billion in revenue in the same quarter last year.

The company anticipates fiscal second quarter revenue of $930 million to $970 million.

"Consistent with revised expectations communicated on January 16, 2024, Plexus delivered fiscal first quarter revenue of $983 million, GAAP operating margin of 4.6% and GAAP EPS of $1.04," said CEO Todd Kelsey. "Our go-to-market organization is leveraging the current environment to create significant opportunity for future growth, delivering sequential increases in new manufacturing program wins and in our funnel of qualified manufacturing opportunities. For the fiscal first quarter, our team won 30 new manufacturing programs worth $261 million in annualized revenue. Concurrently, we significantly expanded our funnel of qualified manufacturing opportunities by more than $300 million from the prior quarter to $4.0 billion. This funnel continues to include a greater than typical number of large program opportunities.

"We are guiding fiscal second quarter revenue of $930 million to $970 million, non-GAAP operating margin of 4.0% to 4.4% and non-GAAP EPS of $0.80 to $0.95. The continued demand softening in the Healthcare/Lifesciences market and certain subsectors of our Industrial sector has created inefficiencies within our engineering and manufacturing teams. In order to generate greater long-term organizational efficiency and structurally reduce our fixed costs and operating expenses, we are implementing a series of actions that we believe will result in fiscal second quarter restructuring charges of approximately $10 million, or $0.32 per share. We expect to complete these actions by our fiscal third quarter, and believe they will result in approximately $20 million of annualized cost savings."

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