Plexus Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended January 2, 2016; Provides Earnings Guidance for the Second Quarter Ending April 2, 2016 and Full Year 2016
January 21, 2016 at 03:43 am IST
Share
Plexus Corp. reported unaudited consolidated earnings results for the first quarter ended January 2, 2016. For the quarter, the company reported net sales of $616.664 million compared to $664.690 million a year ago. Income before income taxes was $17.302 million compared to $26.041 million a year ago. Net income was $14.448 million or $0.42 per diluted share, compared to $23.079 million or $0.67 per diluted share, a year ago. Operating profit was $21.524 million against $28.783 million a year ago. Non-GAAP net income, before special items was $15.955 million or $0.47 per diluted share against $24.770 million or $0.72 per diluted share a year ago. Operating profit, as adjusted was $23.031 million compared to $30.474 million a year ago. The Company delivered $21.3 million in cash from operations and used $11.8 million for capital investments during the quarter.
For the second quarter ending April 2, 2016, the company expects revenue in the range of $600 to $630 million and diluted EPS in the range of $0.47 to $0.55. Effective tax rate of 12% to 14%. Gross margin is expected to be in the range of 8.1% to 8.4%, at the midpoint slightly above the fiscal first quarter of 2016. Depreciation expense is expected to be consistent with the fiscal first quarter at approximately $12 million. Free cash flow in the range of $20 million to $40 million.
For the full year, the company expected effective tax rate of 11% to 13%. The company reaffirms expectation of free cash flow in the range of $80 million to $100 million. Capital spending of approximately $40 million, which will be focused on maintenance capital and capital to support new program ramps.
Plexus Corp. is specialized in providing design and development, supply chain solutions, new product introduction, manufacturing, and sustaining services. The Company offers solutions to industrial, healthcare/life sciences and aerospace/defense market sectors by comprehensive solutions throughout the products lifecycle. Its segments include Americas (AMER), Asia-Pacific (APAC) and Europe, Middle East, and Africa (EMEA) regions. Its design and development services include user-centered design (UCD), mechanical engineering, electrical engineering, quality, and compliance engineering, project management, and software engineering. Its supply chain services include design for supply chain, supply chain risk management, actionable analytics, innovative sourcing, and others. Its new product introduction includes test engineering, rapid prototyping, and transition management. Its sustaining services include aftermarket services, product lifecycle extension, and distribution management.
Plexus Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended January 2, 2016; Provides Earnings Guidance for the Second Quarter Ending April 2, 2016 and Full Year 2016