NEENAH, WI – Plexus reported fiscal first quarter revenue of $677.3 million, up 6.7% year-over-year and 1.1% sequentially.

For the quarter ended Dec. 30, the firm’s net loss was $98.5 million, compared to net income of $28.2 million in the prior-year quarter and net income of $29 million in the fiscal fourth quarter of 2017.

Operating income for the fiscal first quarter was $31.6 million, down 6.9% year-over-year and 7.1% sequentially.

During the quarter, Plexus won 44 manufacturing programs, representing approximately $200 million in annualized revenue when fully ramped into production.

“We achieved record revenue of $677 million in our fiscal first quarter of 2018,” said president and CEO Todd Kelsey. “We incurred $125 million of tax expense as a consequence of US Tax Reform, negatively impacting our GAAP diluted EPS.”

“During the fiscal first quarter, we generated $52 million in free cash flow, a result well above our projections,” said Patrick Jermain, senior vice president and CFO.
“As we look forward to the fiscal second quarter, we expect cash outflows of $30 million to $50 million to support higher capital spending and working capital investments necessary for anticipated growth.  With this in mind, we still project free cash flow for fiscal 2018 to exceed $100 million. We ended the quarter with a cash balance of $507 million, of which approximately 90% is held offshore.”

Plexus expects fiscal second quarter revenue between $670 million and $710 million. 

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