Plexus Posts Fiscal Q1 Revenue Down 7.2%
NEENAH, WI – Plexus reported fiscal first quarter revenue ended Jan. 2 of $616.7 million, down 7.2% year-over-year and 7.8% sequentially.
Net income for the quarter was $14.4 million, a decrease of 37.4% compared to the same period in 2015 and down 39.5% sequentially.
Operating profit for the EMS provider’s fiscal first quarter was $21.5 million, down 25.2% year-over-year and 24.6% sequentially.
During the quarter, Plexus won 34 programs, representing approximately $179 million in annualized revenue when fully ramped into production.
“Fiscal first quarter revenue and EPS results were largely in line with our guidance,” said Dean Foate, chairman, president and CEO.
The company guided for fiscal second quarter revenue of $600 million to $630 million.
“Consistent with the expectations we set last quarter, we are guiding our fiscal second quarter revenue sequentially flat at the midpoint of our guidance range, as new program ramps offset revenue lost from the two previously announced program disengagements,” Foate said.
