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Jan 01, 2022
Plexus Q1 2022 Earnings Report
Reported fiscal first quarter revenue and GAAP diluted EPS consistent with preliminary results, reflecting the impact of unanticipated supply chain constraints.
Key Takeaways
Plexus Corp. reported fiscal first quarter revenue of $817 million and GAAP diluted EPS of $0.82. The results were consistent with preliminary results issued on January 18, 2022, and reflected the impact from unanticipated supply chain constraints in the Americas region.
Won 41 manufacturing programs during the quarter representing $271 million in annualized revenue when fully ramped into production.
Trailing four quarter manufacturing wins total $1.1 billion in annualized revenue when fully ramped into production.
Purchased $10.2 million of shares at an average price of $91.74 per share under the share repurchase program.
Funnel of qualified manufacturing opportunities reached an all-time high of $3.3 billion.
Plexus
Plexus
Forward Guidance
Plexus is guiding fiscal second quarter revenue of $820 to $860 million and GAAP operating margin of 3.6% to 4.0% and GAAP EPS $0.76 to $0.92.
Positive Outlook
- Anticipate sequential improvement in revenue and GAAP EPS through the remainder of fiscal 2022.
- Supported by new program ramps.
- Significant quantity of new engineering engagements.
- Expansion in funnel of manufacturing opportunities.
- Acceleration in win rate positions us to sustain our program wins momentum and supports our long-term revenue growth goal.
Challenges Ahead
- Supply chain constraints are again limiting our ability to meet robust customer demand.
- Profitability will remain pressured given the operating infrastructure in place to support the strong customer forecasts.
- Seasonal increase in compensation costs.
- Effect of inflationary pressures on our costs of production, profitability, and on the economic outlook of our markets
- Effects of shortages and delays in obtaining components as a result of economic cycles, natural disasters or otherwise