Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | --- | --- | --- | |-------|-----------|--------------------------------------------------------------------------------------------------------------------------------------| | | | ____________________________________________________________________________________________________________________________________ | | | FORM 10-Q | | ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1 ...

Financial Data and Key Metrics - Non-GAAP operating margin for Q3 FY2024 was 5.8%, exceeding the guidance range of 5.2% to 5.6%, representing a nearly 90 basis point sequential increase [13] - Non-GAAP EPS for Q3 FY2024 was $1.45, exceeding the guidance range due to robust operating margin performance and lower interest expense [13] - Free cash flow for Q3 FY2024 was $114 million, the second highest quarterly performance in company history [45] - Revenue for Q3 FY2024 was $961 million, within the guidance range [123] - Gross margin for Q3 FY2024 was 9.8%, exceeding guidance and sequentially higher by 70 basis points [41] Business Line Performance - Industrial sector revenue decreased 4% sequentially in Q3 FY2024, below expectations of flat revenue, primarily due to customer design revisions and regulatory issues [18] - Healthcare life sciences sector revenue was flat sequentially in Q3 FY2024, meeting expectations, with a mid-single-digit sequential growth expected for Q4 FY2024 [24] - Aerospace and defense sector revenue increased 4% sequentially in Q3 FY2024, below expectations of a high single-digit increase, due to supply constraints and customer design changes [36] - Engineering solutions organization achieved the highest level of new business wins in the past four quarters, indicating positive leading indicators for overall business health [5] Market Performance - Americas region wins were exceptionally strong at $163 million in Q3 FY2024, including a new healthcare life sciences sector customer for the Chicago facility [30] - APAC region wins in Q3 FY2024 were $57 million, including a substantial semi cap program with an existing customer for the Penang, Malaysia campus [52] - EMEA region wins in Q3 FY2024 were $59 million, including a healthcare life sciences sector drug delivery device to be produced in the Oradea, Romania facility [53] Company Strategy and Industry Competition - The company expects 9% to 12% revenue growth for FY2025, with 5.5% GAAP and greater than 6% non-GAAP operating margin exiting FY2025 [12] - The company is focusing on environmental impact reductions, such as installing 1,600 solar panels at the Kelso, Scotland facility [14] - The company is committed to customer service excellence, as evidenced by awards from Honeywell Aerospace and Medtronic [4] Management Commentary on Business Environment and Future Outlook - Management expects sustained momentum into FY2025, with revenue benefits from share gains, new program wins, and healthy growth across market sectors [129] - The company anticipates continued strong demand in aerospace and defense, healthcare life sciences, and semiconductor capital equipment markets [16] - Management highlighted the importance of operational excellence and customer service excellence in driving market share gains and customer loyalty [89][90] Other Important Information - The company reduced borrowing by $89 million in Q3 FY2024 while continuing to support its share repurchase program, purchasing approximately 185,000 shares for $18.6 million [46] - The company expects capital spending in the range of $90 million to $110 million for FY2024, equating to less than 3% of revenue [50] - The company achieved an 8.4% energy intensity reduction across global manufacturing sites and launched two new employee resource groups [19] Q&A Session Summary Question: Gross Margin and SG&A Outlook - Gross margin is expected to remain in the high 9s (9.8% to 10%) due to manufacturing efficiencies and automation efforts [64] - SG&A is expected to be in the mid-4s to lower 4% range on a GAAP basis, with additional incentive compensation tied to revenue growth and return on invested capital [65] Question: Customer Tone and Demand Trends - Customer sentiment is incrementally positive, with strong demand in aerospace and defense, semi cap, and healthcare life sciences, while industrial markets show some weakness [72][73] Question: Operating Margin Drivers - Operating margin improvements are driven by gross margin gains, restructuring efficiencies, and automation efforts, with potential for further improvements [75] Question: Regional Profitability in Europe - Margins in Europe are improving, with additional wins expected to benefit profitability, particularly in Oradea and Livingston facilities [79] Question: Market Share Gains - Market share gains are driven by customer service excellence, operational excellence, and strong execution, with many wins coming from existing customers [89][90] Question: Healthcare Life Sciences Headwinds - The headwind from purchasing components at inflated prices is expected to normalize in FY2025, with minimal impact on revenue [102] Question: Power Generation and AI-Driven Opportunities - The company is seeing increased demand for power generation and AI-related infrastructure, with potential for growth in FY2025 [109] Question: Aerospace and Defense Funnel Composition - The aerospace and defense funnel is balanced between commercial and defense sectors, with robust demand for engineering solutions [110]

Plexus Corp (PLXS) reported third-quarter fiscal 2024 adjusted earnings per share (EPS) of $1.45, down 0.7% year over year. The figure outpaced the Zacks Consensus Estimate of $1.28 per share. In the reported quarter, revenues from the Asia-Pacific and America declined 8.7% and 10.5%, respectively. Revenues from Europe, the Middle East and Africa rose 30.5%. Market Sector Details Healthcare/Life Sciences' revenues declined 15.7% from the year-ago quarter's levels to $380 million, contributing 40% to total r ...

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Revenue- Market Sector- Healthcare/Life Sciences: $380 million versus $379.01 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -15.7% change. Revenue- Market Sector- Aerospace ...

Plexus (PLXS) came out with quarterly earnings of $1.45 per share, beating the Zacks Consensus Estimate of $1.28 per share. This compares to earnings of $1.32 per share a year ago. These figures are adjusted for nonrecurring items. Over the last four quarters, the company has surpassed consensus EPS estimates three times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earn ...

Plexus Announces Fiscal Third Quarter Financial Results • Reports fiscal third quarter 2024 revenue of $961 million, GAAP operating margin of 4.1% and GAAP diluted EPS of $0.91. • Initiates fiscal fourth quarter 2024 revenue guidance of $990 million to $1.03 billion with GAAP diluted EPS of $1.14 to $1.29, including $0.36 of stock-based compensation expense. Fiscal fourth quarter 2024 non-GAAP EPS guidance of $1.50 to $1.65 excludes stock-based compensation expense. | --- | --- | --- | --- | |-------------- ...

NEENAH, WI, July 24, 2024 (GLOBE NEWSWIRE) -- Plexus Corp. (NASDAQ: PLXS) today announced financial results for our fiscal third quarter ended June 29, 2024, and guidance for our fiscal fourth quarter ending September 28, 2024. | --- | --- | --- | --- | |-----------------------------------|-----------------------------------|----------------|----------------| | | Three Months Ended \nJun 29, 2024 | Jun 29, 2024 | Sep 28, 2024 | | | Q3F24 Results | Q3F24 Guidance | Q4F24 Guidance | | Summary GAAP Items | | | ...

The Zacks Consensus Estimate for fiscal third-quarter revenues is pegged at $979.9 million, which suggests a decline of 4.1% from the year-ago quarter's reported figure. The consensus mark for earnings per share (EPS) is pegged at $1.28, indicating a year-over-year decrease of 3%. For fiscal third-quarter 2024, the company projects revenues between $960 million and $1 billion. Non-GAAP EPS is expected to be in the range of $1.22-$1.37. Plexus' performance in the fiscal third quarter is likely to have benefi ...

What: Plexus Fiscal 2024 Q3 Earnings Conference Call and Webcast When: Thursday, July 25, 2024 at 8:30 a.m. Eastern Time NEENAH, WI, July 10, 2024 (GLOBE NEWSWIRE) -- Plexus Corp. (NASDAQ: PLXS) announced today it will release its fiscal third quarter 2024 results after market close on Wednesday, July 24, 2024. Plexus' management will host a conference call to discuss its fiscal third quarter results on Thursday, July 25, 2024 at 8:30 a.m. Eastern Time. An audio webcast of the call and accompanying slides w ...

NEENAH, WI, July 10, 2024 (GLOBE NEWSWIRE) -- Plexus Corp. (NASDAQ: PLXS) announced today it will release its fiscal third quarter 2024 results after market close on Wednesday, July 24, 2024. Plexus' management will host a conference call to discuss its fiscal third quarter results on Thursday, July 25, 2024 at 8:30 a.m. Eastern Time. An audio webcast of the call and accompanying slides will be available in the investor relations section of the company website, plexus.com. What: Plexus Fiscal 2024 Q3 Earnin ...