Plexus Announces Q3 Financial Results
Plexus financial statement for Q3
Plexus Announces Fiscal Fourth Quarter and Fiscal Year 2018 Financial Results
• Record fiscal fourth quarter revenue of $771 million and record fiscal 2018 revenue of $2.9 billion
• Fiscal fourth quarter GAAP diluted EPS of $2.20
• Fiscal fourth quarter non-GAAP adjusted diluted EPS of $0.96, excluding $1.24 per share related
to net non-recurring tax benefits
• Initiates fiscal first quarter 2019 revenue guidance of $750 to $790 million with GAAP diluted EPS
of $0.85 to $0.95
Fiscal Fourth Quarter 2018 Information
• Won 44 manufacturing programs during the quarter representing $233 million in annualized
revenue when fully ramped into production
• Trailing four quarter wins total $889 million in annualized revenue when fully ramped into
production
• Purchased $39.2 million of our shares at an average price of $61.32 per share under our existing
share repurchase programs
Fiscal Year 2018 Information
• Revenue of $2.9 billion, up 14% from fiscal 2017
• GAAP diluted EPS of $0.38
• Non-GAAP adjusted diluted EPS of $3.23, excluding $2.46 per share related to net non-recurring
tax expenses and $0.39 per share related to the fiscal second quarter one-time bonus paid to fulltime,
non-executive employees
• ROIC of 16.1%, delivering an economic return of 660 basis points above our weighted average
cost of capital
• Purchased $137 million of our shares at an average price of $60.68 per share under our existing
share repurchase programs
Todd Kelsey, President and CEO, commented, “We continue to produce meaningful growth, finishing our
fiscal fourth quarter with record revenue of $771 million, near the high end of our guidance range. In
addition, as a result of strong execution, we delivered fiscal fourth quarter 2018 operating margin of 4.8%,
comfortably within our target range of 4.7% to 5.0%. Our solid growth and operating performance led to
non-GAAP diluted EPS of $0.96, a result that was above our guidance range. Further, we delivered fiscal
year 2018 revenue of $2.9 billion, representing a 14% increase over fiscal 2017.”
Patrick Jermain, Senior Vice President and CFO, commented, “During the fiscal fourth quarter, we
repatriated over $50 million of offshore cash which we deployed by investing in facilities and working capital
and repurchasing approximately $39 million of shares under our repurchase programs. In total, we brought
back approximately $430 million in fiscal 2018.”
Mr. Jermain continued, “Fiscal fourth quarter GAAP diluted EPS included a net benefit of $1.24 per share
related to U.S. tax reform. The benefit resulted from adjustments made in applying additional guidance
from the U.S. Department of the Treasury, as well as our utilization of accumulated U.S. net operating loss
carryforwards, which reduced the repatriation tax. We also recognized a benefit from the reversal of our
valuation allowance previously maintained on our U.S. net deferred tax assets. With future projected
taxable income in the U.S. due to tax reform, the valuation allowance is no longer required.”
Mr. Kelsey continued, “As we look to the fiscal first quarter of 2019, we are guiding revenue of $750 million
to $790 million. We expect continued strong operating performance with operating margin in the range of
4.6% to 5.0% and GAAP diluted EPS in the range of $0.85 to $0.95. We believe that our operating
performance strength in the fiscal first quarter of 2019 will alleviate the impact of increased tax expense,
estimated at $0.05 per share above the previous quarter.”
Mr. Kelsey concluded, “We anticipate fiscal 2019 to be another strong growth year as we achieve full
production volumes of recently launched programs and expect to capitalize on our robust fiscal 2018 wins
performance. Further, we currently see overall strength in our end markets and believe we can navigate
the ongoing supply chain constraints. This growth, when combined with operating margin within our 4.7%
to 5.0% target range and our share repurchase program, should result in meaningful EPS expansion.”
