Plexus Announces Fiscal Third Quarter Financial Results
- Fiscal third quarter 2021 revenue of $814 million
- GAAP diluted EPS of $0.95, including $0.04 of restructuring charges and $0.21 of stock-based compensation expense
- Initiates fiscal fourth quarter 2021 revenue guidance of $875 to $915 million with GAAP diluted EPS guidance of $1.13 to $1.29
NEENAH, WI – Plexus (NASDAQ: PLXS) today announced financial results for our fiscal third quarter ended July 3, 2021, and guidance for our fiscal fourth quarter ending October 2, 2021.
| Three Months Ended | ||||||
| July 3, 2021 | Oct 2, 2021 | |||||
| Q3F21 Results (3) | Q4F21 Guidance | |||||
| Summary GAAP Items | ||||||
| Revenue (in millions) | $ | 814 | $875 to $915 | |||
| Operating margin | 4.5 | % | 4.8% to 5.2% | |||
| Diluted EPS (1) | $ | 0.95 | $1.13 to $1.29 | |||
| Summary Non-GAAP Items (2) | ||||||
| Return on invested capital (ROIC) | 15.9 | % | ||||
| Economic return | 7.8 | % | ||||
| (1) Includes $0.04 of restructuring charges and $0.21 of stock-based compensation expense for Q3F21 results and $0.22 of stock-based compensation expense for Q4F21 guidance. | ||||||
| (2) Refer to Non-GAAP Supplemental Information in Tables 1 and 2 for non-GAAP financial measures and a reconciliation to GAAP. | ||||||
| (3) On May 24, 2021, Plexus announced an update to its fiscal third quarter revenue and GAAP diluted EPS outlook. Plexus detailed the update on June 8, 2021. The Company stated that it no longer expected to meet fiscal third quarter guidance ranges previously issued due to the COVID-19-related Malaysian government workforce curtailment. As a result, Plexus is not providing a comparison to the guidance ranges issued on April 21, 2021. | ||||||
Fiscal Third Quarter 2021 Information
- Won 31 manufacturing programs during the quarter representing approximately $275 million in annualized revenue when fully ramped into production
- Trailing four quarter wins total a record $1.1 billion in annualized revenue when fully ramped into production
- Purchased $27.3 million of our shares at an average price of $93.53 per share under our existing share repurchase program. A balance of $26.1 million remains outstanding under the $100 million fiscal 2021 programs.
Todd Kelsey, President and CEO, commented, “We delivered fiscal third quarter revenue of $814 million, GAAP operating margin of 4.5% and GAAP EPS of $0.95. Revenue met the high end of our revised expectation provided at the June 8, 2021, Stifel Virtual Cross Sector Insight Conference. This result was primarily due to the resilience and outstanding efforts of our team members in Penang, Malaysia amidst the challenging conditions created by government mandated workforce curtailments in response to the COVID-19 pandemic. GAAP operating margin and EPS significantly exceeded our updated outlook on the better than anticipated revenue performance of our Penang operations, an outstanding contribution from our Engineering Solutions team and lower than anticipated healthcare costs.”
Mr. Kelsey continued, “Our strong business development performance continued during our fiscal third quarter. We won 31 new manufacturing programs that represent approximately $275 million in annualized revenue when fully ramped into production. In addition, our trailing four-quarter wins expanded from the prior quarter to $1.1 billion. The wins reflect ongoing momentum in new customer engagements and multiple opportunities for our Aftermarket Services team, including an expansion of the notable new relationship highlighted last quarter.”
