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• | Record fiscal fourth quarter revenue of $771 million and record fiscal 2018 revenue of $2.9 billion |
• | Fiscal fourth quarter GAAP diluted EPS of $2.20 |
• | Fiscal fourth quarter non-GAAP adjusted diluted EPS of $0.96, excluding $1.24 per share related to net non-recurring tax benefits |
• | Initiates fiscal first quarter 2019 revenue guidance of $750 to $790 million with GAAP diluted EPS of $0.85 to $0.95 |
Three Months Ended | ||||||||
Sept 29, 2018 | Sept 29, 2018 | Dec 29, 2018 | ||||||
Q4F18 Results | Q4F18 Guidance | Q1F19 Guidance | ||||||
Summary GAAP Items | ||||||||
Revenue (in millions) | $771 | $735 to $775 | $750 to $790 | |||||
Operating margin | 4.8 | % | 4.5% to 4.9% | 4.6% to 5.0% | ||||
Diluted EPS (1) | $2.20 | $0.82 to $0.92 | $0.85 to $0.95 | |||||
Summary Non-GAAP Items (2) | ||||||||
Adjusted diluted EPS (1) | $0.96 | |||||||
Return on invested capital (ROIC) | 16.1 | % | ||||||
Economic Return | 6.6 | % | ||||||
(1) | Includes stock-based compensation expense of $0.14 for Q4F18 results and $0.15 for Q1F19 guidance. | |||||||
(2) | Refer to Non-GAAP Supplemental Information in Tables 1 and 2 for non-GAAP financial measures and a reconciliation to GAAP. |
• | Won 44 manufacturing programs during the quarter representing $233 million in annualized revenue when fully ramped into production |
• | Trailing four quarter wins total $889 million in annualized revenue when fully ramped into production |
• | Purchased $39.2 million of our shares at an average price of $61.32 per share under our existing share repurchase programs |
• | Revenue of $2.9 billion, up 14% from fiscal 2017 |
• | GAAP diluted EPS of $0.38 |
• | Non-GAAP adjusted diluted EPS of $3.23, excluding $2.46 per share related to net non-recurring tax expenses and $0.39 per share related to the fiscal second quarter one-time bonus paid to full-time, non-executive employees |
• | ROIC of 16.1%, delivering an economic return of 660 basis points above our weighted average cost of capital |
• | Purchased $137 million of our shares at an average price of $60.68 per share under our existing share repurchase programs |
Quarterly & Annual Comparison | Three Months Ended | Twelve Months Ended | |||||||||||||||||
Sept 29, 2018 | Jun 30, 2018 | Sept 30, 2017 | Sept 29, 2018 | Sept 30, 2017 | |||||||||||||||
(in thousands, except EPS) | Q4F18 | Q3F18 | Q4F17 | F18 | F17 | ||||||||||||||
Revenue | $ | 771,178 | $ | 726,385 | $ | 669,852 | $ | 2,873,508 | $ | 2,528,052 | |||||||||
Gross profit | 73,304 | 67,821 | 66,514 | 257,600 | 255,855 | ||||||||||||||
Operating income | 36,965 | 32,446 | 33,965 | 118,283 | 129,908 | ||||||||||||||
Net income | 72,742 | 26,501 | 29,009 | 13,040 | 112,062 | ||||||||||||||
Diluted EPS | $ | 2.20 | $ | 0.79 | $ | 0.84 | $ | 0.38 | $ | 3.24 | |||||||||
Adjusted net income (1) | 31,615 | * | * | 109,600 | * | ||||||||||||||
Adjusted diluted EPS (1) | $ | 0.96 | * | * | $ | 3.23 | * | ||||||||||||
Gross margin | 9.5 | % | 9.3 | % | 9.9 | % | 9.0 | % | 10.1 | % | |||||||||
Adjusted gross margin (1) | * | * | * | 9.4 | % | * | |||||||||||||
Operating margin | 4.8 | % | 4.5 | % | 5.1 | % | 4.1 | % | 5.1 | % | |||||||||
Adjusted operating margin (1) | * | * | * | 4.6 | % | * | |||||||||||||
ROIC* | 16.1 | % | 15.9 | % | 16.2 | % | 16.1 | % | 16.2 | % | |||||||||
Economic Return* | 6.6 | % | 6.4 | % | 5.7 | % | 6.6 | % | 5.7 | % | |||||||||
(1) Refer to Non-GAAP Supplemental Information in Tables 1 and 2 for non-GAAP financial measures discussed in this release, such as adjusted gross margin, adjusted gross profit, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS, ROIC and Economic Return, and a reconciliation of these measures to GAAP. | |||||||||||||||||||
* No adjustments were made in the indicated periods. |
Business Segments ($ in millions) | Three Months Ended | Twelve Months Ended | |||||||||||||
Sept 29, 2018 | Sept 30, 2017 | Sept 29, 2018 | Sept 30, 2017 | ||||||||||||
Americas | $ | 320 | $ | 314 | $ | 1,219 | $ | 1,166 | |||||||
Asia-Pacific | 418 | 334 | 1,498 | 1,279 | |||||||||||
Europe, Middle East, and Africa | 69 | 55 | 281 | 193 | |||||||||||
Elimination of inter-segment sales | (36) | (33) | (124) | (110) | |||||||||||
Total Revenue | $ | 771 | $ | 670 | $ | 2,874 | $ | 2,528 |
Market Sectors ($ in millions) | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
Sept 29, 2018 Q4F18 | Jun 30, 2018 Q3F18 | Sept 30, 2017 Q4F17 | Sept 29, 2018 Q4F18 | Sept 30, 2017 Q4F17 | |||||||||||||||||||||||||
Healthcare/Life Sciences | $ | 289 | 37 | % | $ | 266 | 37 | % | $ | 233 | 35 | % | $ | 1,040 | 36 | % | $ | 859 | 34 | % | |||||||||
Industrial/Commercial | 244 | 32 | % | 225 | 31 | % | 189 | 28 | % | 918 | 32 | % | 788 | 31 | % | ||||||||||||||
Communications | 118 | 15 | % | 120 | 16 | % | 140 | 21 | % | 471 | 16 | % | 478 | 19 | % | ||||||||||||||
Aerospace/Defense | 120 | 16 | % | 115 | 16 | % | 108 | 16 | % | 445 | 16 | % | 403 | 16 | % | ||||||||||||||
Total Revenue | $ | 771 | $ | 726 | $ | 670 | $ | 2,874 | $ | 2,528 | |||||||||||||||||||
Cash Cycle Days | Three Months Ended | ||||
Sept 29, 2018 Q4F18 | Jun 30, 2018 Q3F18 | Sept 30, 2017 Q4F17 | |||
Days in Accounts Receivable | 47 | 48 | 50 | ||
Days in Inventory | 104 | 105 | 99 | ||
Days in Accounts Payable | (66) | (66) | (63) | ||
Days in Cash Deposits | (12) | (14) | (16) | ||
Annualized Cash Cycle* | 73 | 73 | 70 | ||
*We calculate cash cycle as the sum of days in accounts receivable and days in inventory, less days in accounts payable and days in cash deposits. |
What: | Plexus Fiscal Q4 2018 Earnings Conference Call and Webcast |
When: | Thursday, October 25, 2018 at 8:30 a.m. Eastern Time |
Where: | Participants are encouraged to join the live webcast at the investor relations section of the Plexus website, https://plexus.gcs-web.com/events-and-presentations/upcoming-events, where a slide presentation reviewing fiscal fourth quarter 2018 results will also be made available ahead of the conference call. Conference call at +1.800.773.2954 with passcode: 47612122 |
Replay: | The webcast will be archived on the Plexus website and available via telephone replay at +1.888.843.7419 or +1.630.652.3042 with passcode: 47612122 |
PLEXUS CORP. AND SUBSIDIARIES | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
Sept 29, | Sept 30, | Sept 29, | Sept 30, | ||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net sales | $ | 771,178 | $ | 669,852 | $ | 2,873,508 | $ | 2,528,052 | |||||||
Cost of sales | 697,874 | 603,338 | 2,615,908 | 2,272,197 | |||||||||||
Gross profit | 73,304 | 66,514 | 257,600 | 255,855 | |||||||||||
Selling and administrative expenses | 36,339 | 32,549 | 139,317 | 125,947 | |||||||||||
Operating income | 36,965 | 33,965 | 118,283 | 129,908 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (2,044 | ) | (3,748 | ) | (12,226 | ) | (13,578 | ) | |||||||
Interest income | 647 | 1,487 | 4,696 | 5,042 | |||||||||||
Miscellaneous | (1,268 | ) | (697 | ) | (3,143 | ) | 451 | ||||||||
Income before income taxes | 34,300 | 31,007 | 107,610 | 121,823 | |||||||||||
Income tax (benefit) expense | (38,442 | ) | 1,998 | 94,570 | 9,761 | ||||||||||
Net income | $ | 72,742 | $ | 29,009 | $ | 13,040 | $ | 112,062 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 2.27 | $ | 0.86 | $ | 0.40 | $ | 3.33 | |||||||
Diluted | $ | 2.20 | $ | 0.84 | $ | 0.38 | $ | 3.24 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 32,113 | 33,541 | 33,003 | 33,612 | |||||||||||
Diluted | 33,020 | 34,482 | 33,919 | 34,553 |
PLEXUS CORP. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands, except per share data) | |||||||
(unaudited) | |||||||
Sept 29, | Sept 30, | ||||||
2018 | 2017 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 297,269 | $ | 568,860 | |||
Restricted cash | 417 | 394 | |||||
Accounts receivable | 394,827 | 365,513 | |||||
Inventories | 794,346 | 654,642 | |||||
Prepaid expenses and other | 30,302 | 28,046 | |||||
Total current assets | 1,517,161 | 1,617,455 | |||||
Property, plant and equipment, net | 341,306 | 314,665 | |||||
Deferred income taxes | 10,825 | 5,292 | |||||
Intangible assets | 8,239 | — | |||||
Other | 55,111 | 38,770 | |||||
Total non-current assets | 415,481 | 358,727 | |||||
Total assets | $ | 1,932,642 | $ | 1,976,182 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Current portion of long-term debt and capital lease obligations | $ | 5,532 | $ | 286,934 | |||
Accounts payable | 506,322 | 413,999 | |||||
Customer deposits | 90,782 | 107,837 | |||||
Accrued salaries and wages | 66,874 | 49,376 | |||||
Other accrued liabilities | 68,163 | 49,445 | |||||
Total current liabilities | 737,673 | 907,591 | |||||
Long-term debt and capital lease obligations, net of current portion | 183,085 | 26,173 | |||||
Accrued income taxes payable | 56,130 | — | |||||
Deferred income taxes | 14,376 | — | |||||
Other liabilities | 20,235 | 16,479 | |||||
Total non-current liabilities | 273,826 | 42,652 | |||||
Total liabilities | 1,011,499 | 950,243 | |||||
Shareholders’ equity: | |||||||
Common stock, $.01 par value, 200,000 shares authorized, | |||||||
52,567 and 51,934 shares issued, respectively, | |||||||
and 31,838 and 33,464 shares outstanding, respectively | 526 | 519 | |||||
Additional paid-in-capital | 581,488 | 555,297 | |||||
Common stock held in treasury, at cost, 20,729 and 18,470, respectively | (711,138 | ) | (574,104 | ) | |||
Retained earnings | 1,062,246 | 1,049,206 | |||||
Accumulated other comprehensive loss | (11,979 | ) | (4,979 | ) | |||
Total shareholders’ equity | 921,143 | 1,025,939 | |||||
Total liabilities and shareholders’ equity | $ | 1,932,642 | $ | 1,976,182 | |||
PLEXUS CORP. AND SUBSIDIARIES | ||||||||||||||||||||
NON-GAAP SUPPLEMENTAL INFORMATION Table 1 | ||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
Sept 29, | Jun 30, | Sept 30, | Sept 29, | Sept 30, | ||||||||||||||||
2018 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
Gross profit, as reported | $ | 73,304 | $ | 67,821 | $ | 66,514 | $ | 257,600 | $ | 255,855 | ||||||||||
Gross margin, as reported | 9.5 | % | 9.3 | % | 9.9 | % | 9.0 | % | 10.1 | % | ||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||
One-time employee bonus (1) | — | — | — | 12,590 | — | |||||||||||||||
Adjusted gross profit | $ | 73,304 | $ | 67,821 | $ | 66,514 | $ | 270,190 | $ | 255,855 | ||||||||||
Adjusted gross margin | 9.5 | % | 9.3 | % | 9.9 | % | 9.4 | % | 10.1 | % | ||||||||||
Operating income, as reported | $ | 36,965 | $ | 32,446 | $ | 33,965 | $ | 118,283 | $ | 129,908 | ||||||||||
Operating margin, as reported | 4.8 | % | 4.5 | % | 5.1 | % | 4.1 | % | 5.1 | % | ||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||
One-time employee bonus (1) | — | — | — | 13,512 | — | |||||||||||||||
Adjusted operating income | $ | 36,965 | $ | 32,446 | $ | 33,965 | $ | 131,795 | $ | 129,908 | ||||||||||
Adjusted operating margin | 4.8 | % | 4.5 | % | 5.1 | % | 4.6 | % | 5.1 | % | ||||||||||
Net income, as reported | $ | 72,742 | $ | 26,501 | $ | 29,009 | $ | 13,040 | $ | 112,062 | ||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||
One-time employee bonus, net of tax (1) | — | — | — | 13,176 | — | |||||||||||||||
Non-recurring tax impacts (2) | (41,127 | ) | — | — | 83,384 | — | ||||||||||||||
Adjusted net income | $ | 31,615 | $ | 26,501 | $ | 29,009 | $ | 109,600 | $ | 112,062 | ||||||||||
Diluted earnings per share, as reported | $ | 2.20 | $ | 0.79 | $ | 0.84 | $ | 0.38 | $ | 3.24 | ||||||||||
Non-GAAP per share adjustments: | ||||||||||||||||||||
One-time employee bonus, net of tax (1) | — | — | — | 0.39 | — | |||||||||||||||
Non-recurring tax impacts (2) | (1.24 | ) | — | — | 2.46 | — | ||||||||||||||
Adjusted diluted earnings per share | $ | 0.96 | $ | 0.79 | $ | 0.84 | $ | 3.23 | $ | 3.24 | ||||||||||
(1) | During Q2F18, a $13.5 million one-time employee bonus was paid; of this amount, $12.6 million was recorded in cost of sales and $0.9 million was recorded in selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations. | |||||||||||||||||||
(2) | During the three months ended September 29, 2018, non-recurring tax benefits of $38.6 million resulted primarily from the use of current year tax losses and net operating loss carryforwards against the deemed repatriation tax as well as a $3.6 million benefit due to the reversal of a valuation allowance on U.S. deferred tax assets. These benefits were partially offset by a $1.1 million tax expense for other non-recurring tax items. During the twelve months ended September 29, 2018, non-recurring tax expenses of $85.9 million and $1.1 million were recorded as a result of U.S. Tax Reform and other non-recurring tax items, respectively, which were partially offset by a $3.6 million tax benefit from the reversal of a valuation allowance on U.S. deferred tax assets. |
PLEXUS CORP. AND SUBSIDIARIES | ||||||||||||||
NON-GAAP SUPPLEMENTAL INFORMATION Table 2 | ||||||||||||||
(in thousands) | ||||||||||||||
(unaudited) | ||||||||||||||
ROIC and Economic Return Calculations | Twelve Months Ended | Nine Months Ended | Twelve Months Ended | |||||||||||
Sept 29, | Jun 30, | Sept 30, | ||||||||||||
2018 | 2018 | 2017 | ||||||||||||
Operating income, as reported | $ | 118,283 | $ | 81,318 | $ | 129,908 | ||||||||
One-time employee bonus | + | 13,512 | + | 13,512 | + | — | ||||||||
Adjusted operating income | $ | 131,795 | $ | 94,830 | $ | 129,908 | ||||||||
÷ | 3 | |||||||||||||
$ | 31,610 | |||||||||||||
x | 4 | |||||||||||||
Adjusted annualized operating income | $ | 131,795 | $ | 126,440 | $ | 129,908 | ||||||||
Adjusted effective tax rate | x | 10 | % | x | 10 | % | x | 8 | % | |||||
Tax impact | 13,180 | 12,644 | 10,393 | |||||||||||
Adjusted operating income (tax effected) | $ | 118,615 | $ | 113,796 | $ | 119,515 | ||||||||
Average invested capital | ÷ | $ | 735,598 | ÷ | $ | 716,374 | ÷ | $ | 738,266 | |||||
ROIC | 16.1 | % | 15.9 | % | 16.2 | % | ||||||||
Weighted average cost of capital | - | 9.5 | % | - | 9.5 | % | - | 10.5 | % | |||||
Economic return | 6.6 | % | 6.4 | % | 5.7 | % |
Three Months Ended | |||||||||||||||||||
Average Invested Capital | Sept 29, | Jun 30, | Mar 31, | Dec 30, | Sept 30, | ||||||||||||||
Calculations | 2018 | 2018 | 2018 | 2017 | 2017 | ||||||||||||||
Equity | $ | 921,143 | $ | 882,360 | $ | 920,503 | $ | 933,849 | $ | 1,025,939 | |||||||||
Plus: | |||||||||||||||||||
Debt - current | 5,532 | 6,365 | 180,772 | 179,881 | 286,934 | ||||||||||||||
Debt - long-term | 183,085 | 180,204 | 27,217 | 26,047 | 26,173 | ||||||||||||||
Less: | |||||||||||||||||||
Cash and cash equivalents | (297,269) | (332,723) | (402,470) | (506,694) | (568,860) | ||||||||||||||
$ | 812,491 | $ | 736,206 | $ | 726,022 | $ | 633,083 | $ | 770,186 |
Three Months Ended | |||||||||||||||
Average Invested Capital | Jul 1, | Apr 1, | Dec 31, | Oct 1, | |||||||||||
Calculations | 2017 | 2017 | 2016 | 2016 | |||||||||||
Equity | $ | 991,306 | $ | 961,438 | $ | 927,542 | $ | 916,797 | |||||||
Plus: | |||||||||||||||
Debt - current | 267,297 | 92,623 | 78,879 | 78,507 | |||||||||||
Debt - long-term | 26,138 | 185,638 | 184,136 | 184,002 | |||||||||||
Less: | |||||||||||||||
Cash and cash equivalents | (519,172) | (524,520) | (496,505) | (432,964) | |||||||||||
$ | 765,569 | $ | 715,179 | $ | 694,052 | $ | 746,342 |
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Ticker: PLXSEvents:
CIK: 785786
Form Type: 8-K Corporate News
Accession Number: 0000785786-18-000047
Submitted to the SEC: Wed Oct 24 2018 4:22:24 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Wednesday, October 24, 2018
Industry: Printed Circuit Boards