Plexus Announces Preliminary Fiscal First Quarter 2024 Results And Additional Share Repurchase Program
January 19, 2024 | PlexusEstimated reading time: Less than a minute
Plexus Corp. announced that it will not meet its fiscal first quarter revenue guidance 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, as issued October 25, 2023. As the fiscal first quarter progressed, the company experienced continued market-driven inventory corrections and incrementally weaker demand from the Healthcare/Lifesciences and Industrial market sectors. Plexus now expects to announce fiscal first quarter revenue of $980 to $985 million, GAAP operating margin of approximately 4.6% and GAAP diluted EPS of $1.02 to $1.06.
Todd Kelsey, Chief Executive Officer, commented, “I remain confident in my expectations that, over the long-term, Plexus’ strategy will continue to deliver industry-leading revenue growth and superior returns for our shareholders. In the near term, Plexus is focused on continuing to deliver customer service excellence, tightly managing costs and generating cash. In support of our commitment to return any excess cash to shareholders, I am pleased to announce that our Board of Directors approved a new $50 million share repurchase program. We believe repurchasing our common stock at current market prices is an attractive use of our capital and creates an additional opportunity to create long-term shareholder value.”
Suggested Items
Plexus Provides Update On Unverified List Designation
12/22/2023 | PlexusOn December 19, 2023, Plexus Corp. learned that the U.S Department of Commerce placed its Xiamen, China subsidiary on the Bureau of Industry and Security’s (BIS) Unverified List.
Plexus Joins the United Nations Global Compact
12/18/2023 | Plexus Corp.Plexus Corp. announced that it has joined the United Nations (UN) Global Compact, a voluntary leadership platform for the development, implementation and disclosure of socially responsible business practices.
Arch Systems Announces Partnership to Empower Plexus with Cutting-Edge Industry 4.0 Capabilities
12/05/2023 | Arch SystemsArch Systems, the leading provider of data, analytics, and insightful actions for manufacturing operations, announced this week its collaboration with Plexus Corp., a global leader in complex product design, supply chain, manufacturing, and sustaining services.
Plexus Issues Inaugural Sustainability Report
07/05/2023 | Plexus Corp.Plexus Corp released its inaugural Sustainability Report. The report, which is now available on the company’s Sustainability web page, highlights the impact from Plexus’ long-standing commitment to Environmental, Social and Governance (ESG).
Plexus Joins Semiconductor Climate Consortium as Founding Member
11/04/2022 | Plexus Corp.Plexus Corp. is pleased to announce its position as a founding member of the Semiconductor Climate Consortium (SCC). This newly formed group, supported by SEMI, a leading industry association representing the electronics manufacturing and design supply chain, was created to accelerate the reduction of greenhouse gas emissions throughout the semiconductor value stream.