NEENAH, WI – Plexus Corp. posted fiscal first-quarter revenue of $430 million, with profit up 4.7% sequentially, reaching $17.8 million.

The firm also guided above expectations for the second-quarter, expecting $470 million to $495 million in revenues, up 12% sequentially.
 
Improved demand from existing customers accounted for much of the growth. Demand is expected to carry into the second quarter, with Plexus expecting 15% sequential growth in three of its five segments, says Deutsche Bank Securities Inc.

Component shortages and a strong fiscal second-quarter outlook drove inventory significantly higher, up $50 million sequentially, according to DB. Plexus attributes this to the wireless and wireline segments.

Wireline was up 20% sequentially, while medical was up 15% compared to the prior quarter. Industrial was flat, and wireless dropped 4% sequentially. Defense dipped 14% compared to the last quarter, lower than expected.

The firm expects revenue to grow 15-20% in 2010 and 2011, respectively.

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