Plexus' Revenue, Profits Grow in June Quarter
NEENAH, WI -- Plexus today announced fiscal third quarter of $1.02 billion, up 3.9% from $960.8 million a year ago.
Gross profit for the period ended June 28 rose $4.5 million to $103.3 million, and operating income was up 9% to $53.6 million.
Net income rose 15.6% to $45.1 million.
GAAP operating margin was 5.3%, up 30 basis points, and gross margin rose 10 basis points to 10.1%. Free cash flow was $13.2 million, contributing to fiscal year-to-date free cash flow of $56.8 million.
The EMS company guided for fiscal fourth quarter revenue of $1.025 billion to $1.065 billion.
Plexus won 41 manufacturing programs during the quarter representing $250 million in annualized revenue when fully ramped into production.
Todd Kelsey, president and chief executive, said: “Our Plexus team continues to execute at a high level in driving numerous efficiency initiatives, which resulted in another strong quarter of financial performance. Fiscal third quarter revenue of $1.018 billion grew sequentially and was inline with guidance, non-GAAP operating margin of 6.0% was near the high end of guidance and non-GAAP EPS of $1.90 exceeded guidance. Furthermore, free cash flow again surpassed our expectations.”
