Plexus today announced financial results for its fiscal first quarter ended January 2, 2016, and guidance for its fiscal second quarter ending April 2, 2016.
Fiscal First Quarter 2016 Highlights:
- Fiscal first quarter 2016 revenue of $617 million
- GAAP diluted EPS of $0.42, non-GAAP diluted EPS of $0.47, excluding $0.05 per share of restructuring charges
- Initiates fiscal second quarter 2016 revenue guidance of $600 - $630 million with diluted EPS of $0.47 to $0.55, excluding any restructuring or other charges
- Won 34 programs during the quarter representing approximately $179 million in annualized revenue when fully ramped into production
- Trailing four quarter program wins total approximately $702 million in annualized revenue
- Purchased $8.5 million of our shares at an average price of $37.23 per share
Dean Foate, Chairman, President and CEO, commented, “Fiscal first quarter revenue and EPS results were largely in-line with our guidance. Consistent with the expectations we set last quarter, we are guiding our fiscal second quarter revenue sequentially flat at the midpoint of our guidance range, as new program ramps offset revenue lost from the two previously announced program disengagements. Fiscal second quarter 2016 revenue guidance is $600 to $630 million with diluted EPS in the range of $0.47 to $0.55 before restructuring charges.”
Patrick Jermain, Senior Vice President and CFO, commented, “Our working capital initiatives resulted in the fiscal first quarter cash cycle exceeding our expectations at 71 days and contributed to approximately $10 million in free cash flow during the quarter. The two lower-margin program disengagements that we outlined during our fiscal 2015 year-end earnings call continue to progress largely as planned. The subsequent announcements to close our Fremont, California site and end volume manufacturing at our Livingston, Scotland facility are both advancing as communicated. Assuming stability of our fiscal second half 2016 revenue forecasts, these actions, in combination with other productivity initiatives, further our belief that we will exit fiscal 2016 in our target operating margin range of 4.7 to 5.0 percent.”