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Sep 30, 2023
Plexus Q4 2023 Earnings Report
Announced fiscal fourth quarter and fiscal year 2023 financial results and initiated fiscal first quarter 2024 guidance.
Key Takeaways
Plexus reported fiscal fourth quarter revenue of $1.02 billion, GAAP operating margin of 5.2% and GAAP diluted EPS of $1.44. Fiscal year 2023 revenue reached a record $4.21 billion, with a GAAP operating margin of 4.7% and GAAP diluted EPS of $4.95.
Delivered fiscal fourth quarter revenue of $1.02 billion, in line with expectations.
Achieved a GAAP operating margin of 5.2% for the fiscal fourth quarter, meeting the high-end of guidance.
Reported GAAP EPS of $1.44 for the fiscal fourth quarter, exceeding guidance.
Generated $66 million in free cash flow for the fiscal fourth quarter.
Plexus
Plexus
Forward Guidance
Plexus is guiding fiscal first quarter revenue of $990 million to $1.03 billion, GAAP operating margin of 4.8% to 5.3% and GAAP EPS of $1.15 to $1.33.
Positive Outlook
- Sustained, robust commercial aerospace demand
- Improving semiconductor capital equipment demand
- New program ramps
- Accelerating revenue growth as fiscal 2024 progresses
- Operating margin expansion
Challenges Ahead
- Short-term inventory corrections with a small number of Healthcare/Life Sciences customers
- Ongoing supply chain challenges with certain lagging edge semiconductors
- Headwinds as a result of short-term inventory corrections
- Supply chain challenges
- Unfulfilled backlog of customer demand