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Mar 30, 2024
Plexus Q2 2024 Earnings Report
Reported fiscal second quarter revenue of $967 million and non-GAAP EPS of $0.94.
Key Takeaways
Plexus reported fiscal second quarter revenue of $967 million and non-GAAP EPS of $0.94, which met the top end of guidance. The company generated free cash flow of $65 million.
Won 32 manufacturing programs during the quarter representing $255 million in annualized revenue when fully ramped into production.
Purchased $17.6 million of shares at an average price of $94.39 per share under repurchase programs.
Generated free cash flow of $65 million.
Cash cycle of 91 days, 10 days favorable to expectations and sequentially lower by four days.
Forward Guidance
Plexus is guiding fiscal third quarter revenue of $960 million to $1.00 billion, non-GAAP operating margin of 5.2% to 5.6% and non-GAAP EPS of $1.22 to $1.37.
Positive Outlook
- Revenue growth is in the early stages of inflecting higher.
- Benefiting from robust demand within the Aerospace and Defense market sector.
- Gradually recovering semiconductor capital equipment demand.
- New program ramps are mitigating inventory correction headwinds in Healthcare/Lifesciences.
- New program ramps are mitigating inventory correction headwinds in Industrial market sectors.
Challenges Ahead
- Non-GAAP operating margin excludes approximately $6.5 million of restructuring charges associated with realigning manufacturing capabilities to best support long-term customer needs
- Non-GAAP operating margin excludes approximately $6.2 million of stock-based compensation expense.
- Inventory correction headwinds in Healthcare/Lifesciences market sectors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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