Plexus Corp (PLXS) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Plexus Announces Fiscal Third Quarter 2018 Financial Results


•	Record quarterly revenue of $726 million during the fiscal third quarter of 2018


•	GAAP diluted EPS of $0.79


•	Initiates fiscal fourth quarter 2018 revenue guidance of $735 to $775 million with GAAP diluted EPS of $0.82 to $0.92

NEENAH, WI – July 18, 2018 - Plexus (NASDAQ: PLXS) today announced financial results for its fiscal

third quarter ended June 30, 2018, and guidance for its fiscal fourth quarter ending September 29, 2018.



		Three Months Ended
		June 30, 2018		June 30, 2018	Sept 29, 2018
		Q3F18 Results		Q3F18 Guidance	Q4F18 Guidance
Summary GAAP Items
Revenue (in millions)		$726		$700 to $740	$735 to $775
Operating margin		4.5	%	4.6% to 5.0%	4.5% to 4.9%
Diluted earnings per share (1)		$0.79		$0.76 to $0.86	$0.82 to $0.92

Summary Non-GAAP Items (2)
Return on invested capital (ROIC)		15.9	%
Economic Return		6.4	%

(1)	Includes stock-based compensation expense of $0.14 for both Q3F18 results and Q4F18 guidance.
(2)	Refer to Non-GAAP Supplemental Information in Tables 1 and 2 for non-GAAP financial measures and a reconciliation to GAAP.

Fiscal Third Quarter 2018 Information


•	Won 45 manufacturing programs during the quarter representing $202 million in annualized revenue when fully ramped into production


•	Trailing four quarter manufacturing wins total $828 million in annualized revenue when fully ramped into production


•	Purchased $56.7 million of our shares at an average price of $59.81 per share under our existing share repurchase program

Todd Kelsey, President and CEO, commented, “Our fiscal third quarter revenue of $726 million marks the fourth consecutive quarter of record revenue and a 17% increase from the comparable quarter last fiscal year. We delivered higher than anticipated revenue associated with new program ramps while navigating a challenging supply chain environment, resulting in lower than expected operating margin. Within the quarter our teams continued their strong wins performance by exceeding $200 million in manufacturing wins and achieving record engineering wins, positioning us for meaningful growth.”

Patrick Jermain, Senior Vice President and CFO, commented, “During the fiscal third quarter, we continued to execute on our previously disclosed capital allocation strategy. In addition to the $280 million of offshore cash brought back to the U.S. in the fiscal second quarter, we repatriated approximately $100 million during the fiscal third quarter. We deployed the cash by investing in facilities and working capital, repurchasing approximately $57 million of shares under our repurchase program and reducing our borrowing.” Mr. Jermain continued, “In June, we successfully refinanced $150 million of the $175 million of senior notes that matured, reducing our debt by $25 million and lowering our

The following information was filed by Plexus Corp (PLXS) on Wednesday, July 18, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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