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Dec 31, 2022
Plexus Q1 2023 Earnings Report
Reported fiscal first quarter 2023 results, including revenue of $1.09 billion and GAAP diluted EPS of $1.49.
Key Takeaways
Plexus Corp. announced strong fiscal first quarter results with revenue of $1.09 billion, a 34% year-over-year increase. GAAP operating margin was 5.2% and GAAP earnings per share nearly doubled year over year to $1.49. The company won 29 new manufacturing programs worth $158 million in annualized revenue.
Revenue expanded 34% year over year to $1.09 billion.
GAAP operating margin of 5.2%.
GAAP earnings per share nearly doubled year over year to $1.49.
Won 29 new manufacturing programs worth $158 million in annualized revenue.
Plexus
Plexus
Forward Guidance
Plexus is guiding fiscal second quarter revenue of $1.02 billion to $1.07 billion, GAAP operating margin of 4.5% to 5.0% and GAAP EPS of $1.06 to $1.24.
Positive Outlook
- Potential for strong performance in fiscal 2023.
- Industry-leading profitability.
- Revenue growth rates in excess of the markets served.
- Anticipate a return to sequential revenue growth for the second half of fiscal 2023.
- Focused on achieving 5.5% GAAP operating margin goal exiting the fiscal year.
Challenges Ahead
- Ongoing macroeconomic and geopolitical uncertainties.
- Near-term demand dynamics that affected our fiscal first quarter.
- Typical seasonal payroll cost increases.
- Sequential increase in interest and income tax expense.
- Higher cash cycle days for our fiscal second quarter related to additional working capital investments in support of customer demand and new programs ramps.