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Dec 30, 2023
Plexus Q1 2024 Earnings Report
Plexus reported fiscal first quarter 2024 results and initiated fiscal second quarter 2024 revenue guidance.
Key Takeaways
Plexus announced fiscal first quarter 2024 revenue of $983 million, GAAP operating margin of 4.6% and GAAP diluted EPS of $1.04. They initiated fiscal second quarter 2024 revenue guidance of $930 million to $970 million with GAAP diluted EPS of $0.48 to $0.63.
Won 30 manufacturing programs during the quarter representing $261 million in annualized revenue when fully ramped into production.
Trailing four-quarter manufacturing wins of $1.05 billion in annualized revenue when fully ramped into production.
The Board of Directors approved a new $50.0 million share repurchase program that will commence upon completion of the current share repurchase authorization, which has $5.7 million remaining.
Funnel of qualified manufacturing opportunities significantly expanded by more than $300 million from the prior quarter to $4.0 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Plexus is guiding fiscal second quarter revenue of $930 million to $970 million, non-GAAP operating margin of 4.0% to 4.4% and non-GAAP EPS of $0.80 to $0.95. The fiscal second quarter is anticipated to represent a revenue trough, with sequential expansion in revenue and operating margin during the second half of fiscal 2024.
Positive Outlook
- Expect to deliver improved profitability resulting from the restructuring actions.
- Expect to deliver improved profitability resulting from increased manufacturing revenue.
- Expect to deliver improved profitability resulting from improved utilization of our engineering team.
- Remain committed to delivering 5.5% GAAP operating margin in fiscal 2025.
- Expect Plexus will continue to drive share gain from large and increasing addressable markets by leveraging our differentiated service offering.
Challenges Ahead
- Continued demand softening in the Healthcare/Lifesciences market has created inefficiencies within our engineering and manufacturing teams.
- Continued demand softening in certain subsectors of our Industrial sector has created inefficiencies within our engineering and manufacturing teams.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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