NEENAH, WI – Plexus Corp. announced first-quarter revenue of $458 million, up 7.7% sequentially and 27% year-over-year. For the quarter, the EMS firm earned $27.3 million, up 44.7% year-over-year.

The company credits improvements at its Mexico site and some $1 million in income from the shipment of previously written-down inventories. Those operations cut operating losses to $395,000 in the quarter.

During the quarter, return on invested capital was 25.9% and gross margins were 12.1. Inventory days were 67, down one day, and cash cycle days were up two days to 61.

The company expects second-quarter revenues between $440 million and $460 million, as a major defense contract is set to expire.

President and CEO Dean Foate said, "We are cautiously optimistic that our customer forecasts and new business development efforts will support revenue growth in our target range of 15 to 18%, although we remain mindful of the potential impact of a turbulent global economy."