Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Plexus beats Q2 earnings estimates, guides below consensus

EditorRachael Rajan
Published 25/04/2024, 06:54 am
© Reuters.

NEENAH, WI - Plexus Corp . (NASDAQ: NASDAQ:PLXS) has reported its fiscal second quarter results, surpassing analyst expectations for adjusted earnings per share (EPS) but providing guidance for the next quarter that falls short of consensus estimates.

The company announced an adjusted EPS of $0.94 for the quarter, which was $0.07 higher than the analyst estimate of $0.87. Revenue for the quarter was also above expectations, coming in at $966.9 million compared to the consensus estimate of $950.75 million.

Despite the positive performance in the second quarter, Plexus provided guidance for the third quarter of 2024 that was below analyst expectations. The company anticipates an adjusted EPS between $0.80 and $0.95, which is lower than the consensus estimate of $1.09. Additionally, the revenue guidance for the third quarter is set between $960 million and $1 billion, compared to the expected $1.022 billion.

Todd Kelsey, Chief Executive Officer, remarked on the company's achievements, "Plexus delivered fiscal second quarter revenue of $967 million and non-GAAP EPS of $0.94, each of which met the top end of our guidance. Non-GAAP operating margin of 4.2% met our expectation entering the quarter. In addition, we generated free cash flow of $65 million, a particularly strong result." Kelsey attributed the successful quarter to the company's differentiated service offering and superior execution, which led to winning 32 new manufacturing programs worth $255 million in annualized revenue.

Looking forward, Plexus anticipates a strong finish to fiscal 2024 with expected expansion in revenue and non-GAAP operating margin each quarter, as well as robust free cash flow generation. This optimistic outlook is supported by robust demand within the Aerospace and Defense market sector, recovering semiconductor capital equipment demand, and new program ramps.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.