Plexus Reports Q4 Revenue Up 4% Sequentially
NEENAH, WI – Plexus announced fiscal fourth-quarter revenue of $393 million, up 4% sequentially and down 17.4% year-over-year.
The revenue was in line with previous company guidance, and was the company’s first sequential increase in revenue since the fourth fiscal quarter of 2008.
Net earnings for the quarter were $15.1 million, down 12.7% year-over-year, the EMS firm’s first full-year decline in revenue since fiscal 2003.
Full-year net sales were $1.6 billion, down 13% compared to fiscal 2008. Net income was $46.3 million, down 45% compared to last year.
“While overall revenues were within our guidance range, we experienced significant demand volatility during the quarter,” said Dean Foate, president and CEO of Plexus. “Compared to our expectations at the time we set guidance for the quarter, our wireless and industrial/commercial sectors performed substantially better, while our wireline/networking and medical sectors did not perform as well. Revenues in the defense/security/aerospace sector grew during the quarter, although slightly below earlier expectations.”
Foate added that the new business wins continued at a healthy level, with 13 new manufacturing programs during the quarter that could generate approximately $122 million in annualized revenue when fully ramped into production.
The firm expects first-quarter 2010 revenue of $405 million to $430 million.
