Plexus Q2 Revenue Rises 19% to $1.164B; Guides Q3 $1.2B–$1.25B
Plexus posted fiscal Q2 revenue of $1.164 billion, up 19% year-over-year, with non-GAAP EPS of $2.05, and guided fiscal Q3 revenue of $1.2–$1.25 billion and non-GAAP EPS of $2.02–$2.18. CFO Patrick Jermain will retire, with David Abuhl set to succeed him as CFO on May 11 and advise through July 31.
1. Fiscal Second Quarter Financial Results
Plexus recorded fiscal Q2 revenue of $1.164 billion, a 19% increase year-over-year, delivering GAAP operating margin of 5.3% and GAAP EPS of $1.82. On a non-GAAP basis, the company posted operating margin of 6.0% and EPS of $2.05, won 30 manufacturing programs worth $355 million in annualized revenue, generated $16 million of free cash flow, repurchased $20.6 million of shares, and issued Q3 guidance of $1.2–$1.25 billion in revenue with non-GAAP EPS of $2.02–$2.18.
2. CFO Succession Plan
Plexus CFO Patrick Jermain will retire and remain in an advisory role through July 31. David Abuhl, currently Senior Vice President–Finance, will assume the CFO role on May 11; he brings over 15 years of finance leadership at Kimberly-Clark, including oversight of $14 billion in cost of goods sold, and holds an MBA from SMU Cox School of Business and a BA in Business and Economics.