Plexus Posts Record Revenue of $670M in 3QFY2015

Plexus earned record revenue of $670 million in the fiscal third quarter ended July 4, 2015.

"Our fiscal third quarter results were consistent with our announcement of preliminary results on July 13," said Dean Foate, chairman, president and CEO. "While revenue of $670 million set a new quarterly record for the company, our results were disappointing given the stronger expectations we had when we issued our initial guidance in April. Looking forward to next quarter, we expect continuing end-market weakness in our Networking/Communications sector to largely offset anticipated sequential growth in our other three market sectors. As a consequence, we are guiding fiscal fourth quarter 2015 revenue of $650 to $680 million. Achieving the midpoint of our guidance would result in full year revenue growth just shy of our 12% enduring goal. At this level of revenue, we expect diluted EPS in the range of $0.64 to $0.72 for the fiscal fourth quarter."

Patrick Jermain, senior vice president and CFO, said, "Although we met the low end of our initial revenue guidance, our earnings performance for the fiscal third quarter was below our guidance range. The disproportionate reduction in earnings was largely due to margin underperformance associated with missed product shipments out of one of our Defense/Security/Aerospace focus factories."

Plexus won 34 programs during the quarter, representing approximately $147 million in annualized revenue when fully ramped into production.

About Plexus

Plexus delivers optimized Product Realization solutions through a unique Product Realization Value Stream service model. This customer-focused services model seamlessly integrates innovative product conceptualization, design, commercialization, manufacturing, fulfillment and sustaining services to deliver comprehensive end-to-end solutions for customers in the America, European and Asia-Pacific regions.

Plexus is the industry leader in servicing mid-to-low volume, higher complexity customer programs characterized by unique flexibility, technology, quality and regulatory requirements. Award-winning customer service is provided to over 140 branded product companies in the Networking/Communications, Healthcare/Life Sciences, Industrial/Commercial and Defense/Security/Aerospace market sectors.