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NEENAH, WI – Plexus Corp. reported third-quarter revenue rose 4.3% sequentially to $476 million. Gross profits dropped 7.2% to $53.7 million, while net profits were down 30.5% to $17.3 million.
For the quarter ended Sept. 27, return on invested capital was 20.1%. Cash flow used by operations was approximately $400,000. The top 10 customers comprised 61% of revenue during the quarter, down one point sequentially, with Juniper Networks (19% of revenue) the only customer above 10%.
The
gross margin was 10.5% and the operating margin was 4.4%. During the quarter,
Plexus took $2.1 million in pretax restructuring charges, primarily for the
closure of its Ayer, MA, facility.
For
its fiscal year ended Sept. 27, Plexus’s revenue jumped 19% to $1.84 billion,
bringing its five-year organic revenue CAGR to 18%. ROIC was 20.1%
Plexus guided for fiscal first-quarter revenue of $455 million to
$480 million. Citing the current macroeconomic environment and
uncertainty in customer forecasts, the company refrained from providing
full year fiscal 2009 revenue targets.
In
a press statement, president and CEO Dean Foate said, "We enjoyed an
exceptional quarter of new manufacturing business wins, which we currently
estimate will deliver approximately $200 million in annualized revenue when the
programs are fully ramped in production over the coming quarters, subject to
risks around the timing and ultimate realization of the forecasted revenues.
"We
have also won a confidential customer program in our Industrial/Commercial
sector to produce a complex, mechatronics product. This program is currently
forecasted to deliver approximately $30 million of revenue, largely in the
second half of fiscal 2009. Depending upon market acceptance, economic factors
and the general uncertainty and risks of new-to-market products, this program
could potentially result in a new top five customer."
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