Plexus Announces Fiscal Q2 2015 Financial Results
NEENAH, WI – April 22, 2015 – Plexus PLXS, +1.67% today announced financial results for its fiscal second quarter ended April 4, 2015.
Three Months Ended April 4, 2015 April 4, 2015 July 4, 2015 Summary GAAP Items Q2F15 Results Q2F15 Guidance Q3F15 Guidance Revenue ($ in millions) $651 $630 to $660 $670 to $700 Operating margin 4.5% 4.4% to 4.7% 4.5% to 4.8% Diluted EPS $0.69* $0.64 to $0.72* $0.71 to $0.79** Summary Non-GAAP Items Return on invested capital (ROIC) 14.5% Economic Return 3.5% *Includes $0.10 per share of stock-based compensation expense **Includes $0.10 per share of stock-based compensation expense but excludes any unanticipated special items
Additional Q2 Fiscal 2015 Information
– Won 25 programs during the quarter representing approximately $209 million in annualized revenue when fully ramped into production
– Trailing four quarter wins total approximately $852 million in annualized revenue
– Purchased $7.7 million of our shares at an average price of $40.05 per share
Dean Foate, Chairman, President and CEO, commented, “Our fiscal second quarter revenue was above the midpoint of our guidance and up approximately 17% from the comparable quarter last year. While we guided sequential contraction in our Networking/Communications and Healthcare/Life Sciences sectors, both outperformed our expectations due to better than anticipated end-market demand. Our fiscal third quarter 2015 revenue guidance of $670 to $700 million suggests a 5% sequential increase at the midpoint of the range. We are guiding diluted EPS in the range of $0.71 to $0.79, reflecting a 9% sequential improvement at the midpoint.”
Patrick Jermain, Senior Vice President and CFO, commented, “Our earnings performance for the fiscal second quarter was consistent with our expectations. Fiscal second quarter cash cycle was 59 days, a significant improvement of 13 days compared to the fiscal first quarter. The improved cash cycle performance contributed to $124 million in free cash flow during the quarter.”
Quarterly Comparison Three Months Ended April 4, 2015 January 3, 2015 March 29, 2014 ($ in thousands, except per share data) Q2F15 Q1F15 Q2F14 Revenue $651,285 $664,690 $557,616 Gross profit $59,777 $61,414 $52,835 Operating profit $29,452 $28,783 $19,000 Net income $23,594 $23,079 $18,516 Diluted EPS $0.69 $0.67 $0.53 Adjusted net income* $23,594 $24,770 $20,831 Adjusted diluted EPS* $0.69 $0.72 $0.60 Gross margin 9.2 % 9.2 % 9.5 % Operating margin 4.5 % 4.3 % 3.4 % Adjusted operating margin* 4.5 % 4.6 % 4.5 % ROIC* 14.5 % 14.4 % 14.1 % Economic Return* 3.5 % 3.4 % 3.1 % *Refer to Non-GAAP Supplemental Information Tables 1 and 2 for a reconciliation to comparable GAAP measures
Plexus provides non-GAAP supplemental information, such as ROIC, Economic Return, and free cash flow, because such measures are used for internal management goals and decision making, and because they provide additional insight into financial performance. In addition, management uses these and other non-GAAP measures, such as adjusted net income and adjusted operating margin, to provide a better understanding of core performance for purposes of period-to-period comparisons. For a full reconciliation of non-GAAP measures to comparable GAAP measures, please refer to the attached non-GAAP supplemental data.