Plexus Corp. reported unaudited consolidated earnings results for the first quarter ended January 3, 2015. For the quarter, the company reported net sales of $664.690 million compared to $533.905 million a year ago. Income before income taxes was $26.041 million compared to $19.825 million a year ago. Net income was $23.079 million or $0.67 per diluted share, compared to $17.633 million or $0.51 per diluted share, a year ago. Non-GAAP net income, before special items was $24.770 million or $0.72 per diluted share against $21.268 million or $0.61 per diluted share a year ago. Operating profit, as adjusted was $30.474 million compared to $25.366 million a year ago. Cash flow used in operations was $90.3 million for the quarter. Capital expenditures for the quarter were $9.6 million. Free cash flow for the quarter was negative at $99.9 million. Operating profit was $28,783,000 against $21,761,000 a year ago.

For the second quarter of 2015, the company expects revenue in the range of $630 to $660 million and diluted EPS in the range of $0.64 to $0.72 including $0.10 per share of stock-based compensation expense but excluding any unanticipated special items. Gross margin is expected to be in the range of 9.0% to 9.3%, comparable to the fiscal first quarter of 2015. Gross margin guidance includes the impact of merit increases implemented at the beginning of the calendar year and the reset of payroll taxes for U.S. employees. Depreciation and amortization expense is expected to be approximately $12.6 million in the fiscal second quarter. The company estimating a tax rate for the fiscal second quarter of 10% to 12%

The company announced that tax rate for the full fiscal year 2015 of 9% to 11%. Currently forecasting between $80 million to $100 million in free cash flow for fiscal 2015. The company continue to forecast capital spending at approximately $50 million for fiscal 2015. The majority of this capital is for equipment to support new capabilities, new program ramps and the refresh of older equipment.