Plexus Announces Fiscal Second Quarter Financial Results
Plexus (NASDAQ: PLXS) reported strong fiscal Q2 2025 results with revenue of $980 million, GAAP operating margin of 5.0%, and GAAP diluted EPS of $1.41. Non-GAAP EPS reached $1.66, exceeding guidance.
Key highlights include:
- Won 42 manufacturing programs worth $205 million in annualized revenue
- Generated $16.5 million in free cash flow
- Purchased $12.2 million of shares at $141.18 per share
- Achieved 13.7% return on invested capital
For Q3 2025, Plexus guides revenue of $1.00-1.04 billion with GAAP diluted EPS of $1.40-1.55 and non-GAAP EPS of $1.65-1.80. The company maintains a positive outlook for fiscal 2025, expecting meaningful EPS growth across all market sectors.
Plexus (NASDAQ: PLXS) ha riportato risultati solidi per il secondo trimestre fiscale 2025 con un fatturato di 980 milioni di dollari, un margine operativo GAAP del 5,0% e un EPS diluito GAAP di 1,41 dollari. L'EPS non-GAAP ha raggiunto 1,66 dollari, superando le previsioni.
I punti salienti includono:
- Acquisizione di 42 programmi di produzione per un fatturato annualizzato di 205 milioni di dollari
- Generazione di 16,5 milioni di dollari di flusso di cassa libero
- Acquisto di azioni per 12,2 milioni di dollari a 141,18 dollari per azione
- Rendimento del capitale investito del 13,7%
Per il terzo trimestre 2025, Plexus prevede un fatturato tra 1,00 e 1,04 miliardi di dollari, un EPS diluito GAAP tra 1,40 e 1,55 dollari e un EPS non-GAAP tra 1,65 e 1,80 dollari. L’azienda mantiene una prospettiva positiva per il 2025, aspettandosi una crescita significativa dell’EPS in tutti i settori di mercato.
Plexus (NASDAQ: PLXS) reportó sólidos resultados en el segundo trimestre fiscal de 2025 con ingresos de 980 millones de dólares, margen operativo GAAP del 5.0% y EPS diluido GAAP de 1.41 dólares. El EPS no-GAAP alcanzó 1.66 dólares, superando las previsiones.
Los aspectos destacados incluyen:
- Ganó 42 programas de manufactura por un ingreso anualizado de 205 millones de dólares
- Generó 16.5 millones de dólares en flujo de caja libre
- Compró acciones por 12.2 millones de dólares a 141.18 dólares por acción
- Logró un retorno sobre el capital invertido del 13.7%
Para el tercer trimestre de 2025, Plexus proyecta ingresos entre 1.00 y 1.04 mil millones de dólares, EPS diluido GAAP entre 1.40 y 1.55 dólares y EPS no-GAAP entre 1.65 y 1.80 dólares. La compañía mantiene una perspectiva positiva para el año fiscal 2025, esperando un crecimiento significativo del EPS en todos los sectores del mercado.
Plexus (NASDAQ: PLXS)는 2025 회계연도 2분기 실적을 발표하며 매출액 9억 8천만 달러, GAAP 영업이익률 5.0%, GAAP 희석 주당순이익(EPS) 1.41달러를 기록했습니다. 비-GAAP EPS는 1.66달러로 가이던스를 상회했습니다.
주요 내용은 다음과 같습니다:
- 연간 매출 2억 500만 달러 규모의 제조 프로그램 42건 수주
- 1,650만 달러의 자유 현금 흐름 창출
- 주당 141.18달러에 1,220만 달러 상당의 자사주 매입
- 투자자본수익률 13.7% 달성
2025년 3분기 Plexus는 매출 10억~10억 4천만 달러, GAAP 희석 EPS 1.40~1.55달러, 비-GAAP EPS 1.65~1.80달러를 전망합니다. 회사는 2025 회계연도에 모든 시장 부문에서 의미 있는 EPS 성장을 기대하며 긍정적인 전망을 유지하고 있습니다.
Plexus (NASDAQ : PLXS) a annoncé de solides résultats pour le deuxième trimestre fiscal 2025 avec un chiffre d'affaires de 980 millions de dollars, une marge opérationnelle GAAP de 5,0 % et un BPA dilué GAAP de 1,41 dollar. Le BPA non-GAAP a atteint 1,66 dollar, dépassant les prévisions.
Les points clés incluent :
- Obtention de 42 programmes de fabrication générant un chiffre d'affaires annualisé de 205 millions de dollars
- Génération de 16,5 millions de dollars de flux de trésorerie disponible
- Achat d'actions pour 12,2 millions de dollars au prix de 141,18 dollars par action
- Réalisation d'un rendement du capital investi de 13,7 %
Pour le troisième trimestre 2025, Plexus prévoit un chiffre d'affaires entre 1,00 et 1,04 milliard de dollars, un BPA dilué GAAP entre 1,40 et 1,55 dollar et un BPA non-GAAP entre 1,65 et 1,80 dollar. L'entreprise maintient une perspective positive pour l'exercice 2025, anticipant une croissance significative du BPA dans tous les secteurs du marché.
Plexus (NASDAQ: PLXS) meldete starke Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 mit einem Umsatz von 980 Millionen US-Dollar, einer GAAP-Betriebsmarge von 5,0 % und einem verwässerten GAAP-Gewinn je Aktie (EPS) von 1,41 US-Dollar. Der Non-GAAP EPS lag bei 1,66 US-Dollar und übertraf die Prognosen.
Wichtige Highlights umfassen:
- Gewinn von 42 Fertigungsprogrammen mit einem jährlichen Umsatz von 205 Millionen US-Dollar
- Erzielung von 16,5 Millionen US-Dollar freiem Cashflow
- Rückkauf von Aktien im Wert von 12,2 Millionen US-Dollar zu 141,18 US-Dollar pro Aktie
- Erzielung einer Kapitalrendite von 13,7 %
Für das dritte Quartal 2025 prognostiziert Plexus einen Umsatz von 1,00 bis 1,04 Milliarden US-Dollar, einen verwässerten GAAP EPS von 1,40 bis 1,55 US-Dollar und einen Non-GAAP EPS von 1,65 bis 1,80 US-Dollar. Das Unternehmen bleibt optimistisch für das Geschäftsjahr 2025 und erwartet ein bedeutendes EPS-Wachstum in allen Marktsegmenten.
- Revenue increased to $980 million, up from $967 million year-over-year
- Non-GAAP operating margin improved to 5.7%, at high-end of guidance
- Won 42 new manufacturing programs worth $205M in annualized revenue
- Strong free cash flow generation of $16.5 million in Q2
- Improved cash cycle to 68 days from 91 days year-over-year
- Q3 guidance shows sequential revenue growth to $1.00-1.04 billion
- Gross margin declined to 10.0% from 10.3% quarter-over-quarter
- Top 10 customer concentration increased to 51%, up 3% year-over-year
Insights
Plexus delivers strong Q2 results with significant EPS growth, improved margins, and healthy new business wins while maintaining solid operational metrics.
Plexus delivered exceptional fiscal Q2 profitability growth while maintaining revenue stability. The
This substantial profitability expansion occurred despite modest revenue growth of just
The company's operational discipline is evident in its cash cycle of 68 days, dramatically improved from 91 days in the year-ago period. This more efficient working capital management contributed to quarterly free cash flow of
New business momentum remains strong with 42 new manufacturing program wins totaling
Looking ahead, Q3 guidance indicates continued positive momentum with projected revenue of
The return on invested capital (ROIC) of
NEENAH, WI, April 23, 2025 (GLOBE NEWSWIRE) -- Plexus Corp. (NASDAQ: PLXS) today announced financial results for our fiscal second quarter ended March 29, 2025, and guidance for our fiscal third quarter ending June 28, 2025.
- Reports fiscal second quarter 2025 revenue of
$980 million , GAAP operating margin of5.0% and GAAP diluted EPS of$1.41 . - Reports fiscal second quarter 2025 non-GAAP operating margin of
5.7% and non-GAAP diluted EPS of$1.66 , excluding$0.25 of stock-based compensation expense. - Initiates fiscal third quarter 2025 revenue guidance of
$1.00 billion to$1.04 billion with GAAP diluted EPS of$1.40 t o$1.55 , including$0.25 of stock-based compensation expense. Fiscal third quarter non-GAAP EPS guidance of$1.65 t o$1.80 excludes stock-based compensation expense.
| Three Months Ended | |||||||||||||
| Mar 29, 2025 | Mar 29, 2025 | Jun 28, 2025 | |||||||||||
| Q2F25 Results | Q2F25 Guidance | Q3F25 Guidance | |||||||||||
| Summary GAAP Items | |||||||||||||
| Revenue (in millions) | $ | 980 | |||||||||||
| Operating margin | 5.0 | % | |||||||||||
| Diluted EPS | $ | 1.41 | |||||||||||
| Summary Non-GAAP Items (1) | |||||||||||||
| Adjusted operating margin (2) | 5.7 | % | |||||||||||
| Adjusted EPS (3) | $ | 1.66 | |||||||||||
| Return on invested capital (ROIC) | 13.7 | % | |||||||||||
| Economic return | 4.8 | % | |||||||||||
| (1 | ) | Refer to Non-GAAP Supplemental Information tables for additional information regarding non-GAAP financial measures. |
| (2 | ) | Excludes stock-based compensation expense of approximately 70 bps for Q2F25 results,Q2F25 guidance and Q3F25 guidance. |
| (3 | ) | Excludes stock-based compensation expense, net of tax, of |
Fiscal Second Quarter 2025 Information
- Won 42 manufacturing programs during the quarter representing
$205 million in annualized revenue when fully ramped into production. - Generated fiscal second quarter free cash flow of
$16.5 million , contributing to fiscal year-to-date free cash flow of$43.6 million . - Purchased
$12.2 million of our shares at an average price of$141.18 per share under our 2025 Share Repurchase Program, leaving$25.0 million available under our existing$50.0 million authorization.
Todd Kelsey, President and Chief Executive Officer, commented, “Plexus generated strong fiscal second quarter financial performance, demonstrating the continued momentum of our operational and working capital efficiency initiatives. We achieved revenue of
Patrick Jermain, Executive Vice President and Chief Financial Officer, commented, "Fiscal second quarter cash cycle of 68 days was favorable to expectations and consistent with the fiscal first quarter. We continue to drive reductions in our gross inventory balance, with this quarter representing the fifth consecutive quarter of improvement. Our favorable cash cycle performance benefited our fiscal second quarter return on invested capital of
Mr. Kelsey added, “We delivered 42 fiscal second quarter manufacturing wins, representing
Mr. Kelsey continued, “We are guiding fiscal third quarter revenue of
Mr. Kelsey concluded, “Plexus uniquely supports customer success, leveraging our comprehensive product lifecycle solutions and passion for operational excellence delivered through our globally united team. Our ongoing strategic investments in talent, technology, facilities and advanced capabilities position Plexus to proactively navigate evolving landscapes and dynamic environments to enable our customers’ success.”
| Quarterly Comparison | Three Months Ended | ||||||||||
| (in thousands, except EPS) | Mar 29, 2025 | Dec 28, 2024 | Mar 30, 2024 | ||||||||
| Revenue | $ | 980,170 | $ | 976,122 | $ | 966,900 | |||||
| Gross profit | 97,751 | 100,692 | 88,063 | ||||||||
| Operating income | 48,791 | 46,860 | 29,470 | ||||||||
| Net income | 39,073 | 37,267 | 16,239 | ||||||||
| Diluted EPS | $ | 1.41 | $ | 1.34 | $ | 0.58 | |||||
| Gross margin | 10.0 | % | 10.3 | % | 9.1 | % | |||||
| Operating margin | 5.0 | % | 4.8 | % | 3.0 | % | |||||
| ROIC (1) | 13.7 | % | 13.8 | % | 9.9 | % | |||||
| Economic return (1) | 4.8 | % | 4.9 | % | 1.7 | % | |||||
| (1 | ) | Refer to Non-GAAP Supplemental Information tables for non-GAAP financial measures discussed and/or disclosed in this release, such as adjusted operating margin, adjusted net income, adjusted diluted EPS, ROIC and economic return. |
Business Segment and Market Sector Revenue
Plexus measures operational performance and allocates resources on a geographic segment basis. Plexus also reports revenue based on the market sector breakout set forth in the table below, which reflects Plexus’ market sector focused strategy. Top 10 customers comprised
| Business Segments ($ in millions) | Three Months Ended | |||||||||||
| Mar 29, 2025 | Dec 28, 2024 | Mar 30, 2024 | ||||||||||
| Americas | $ | 295 | $ | 274 | $ | 296 | ||||||
| Asia-Pacific | 587 | 607 | 522 | |||||||||
| Europe, Middle East and Africa | 103 | 101 | 152 | |||||||||
| Elimination of inter-segment sales | (5 | ) | (6 | ) | (3 | ) | ||||||
| Total Revenue | $ | 980 | $ | 976 | $ | 967 | ||||||
| Market Sectors ($ in millions) | Three Months Ended | |||||||||||||
| Mar 29, 2025 | Dec 28, 2024 | Mar 30, 2024 | ||||||||||||
| Aerospace/Defense | $ | 172 | 18 | % | $ | 160 | 16 | % | $ | 170 | 18 | % | ||
| Healthcare/Life Sciences | 411 | 42 | % | 374 | 38 | % | 379 | 39 | % | |||||
| Industrial | 397 | 40 | % | 442 | 46 | % | 418 | 43 | % | |||||
| Total Revenue | $ | 980 | $ | 976 | $ | 967 | ||||||||
Non-GAAP Supplemental Information
Plexus provides non-GAAP supplemental information, such as ROIC, economic return and free cash flow, because such measures are used for internal management goals and decision-making, and because they provide management and investors with additional insight into financial performance. In addition, management uses these and other non-GAAP measures, such as adjusted operating income, adjusted operating margin, adjusted net income and adjusted diluted EPS, to provide a better understanding of core performance for purposes of period-to-period comparisons. Plexus believes that these measures are also useful to investors because they provide further insight by eliminating the effect of non-recurring items that are not reflective of continuing operations. For additional information on non-GAAP measures, please refer to the attached Non-GAAP Supplemental Information tables.
ROIC and Economic Return
ROIC for the second quarter of fiscal 2025 was
Free Cash Flow
Plexus defines free cash flow as cash flows provided by operations less capital expenditures. For the three months ended March 29, 2025, cash flows provided by operations was
| Cash Cycle Days | Three Months Ended | ||||||||||||
| Mar 29, 2025 | Dec 28, 2024 | Mar 30, 2024 | |||||||||||
| Days in Accounts Receivable | 57 | 56 | 61 | ||||||||||
| Days in Contract Assets | 12 | 12 | 12 | ||||||||||
| Days in Inventory | 132 | 134 | 158 | ||||||||||
| Days in Accounts Payable | (70) | (69) | (65) | ||||||||||
| Days in Advanced Payments | (63) | (65) | (75) | ||||||||||
| Annualized Cash Cycle (1) | 68 | 68 | 91 | ||||||||||
| (1 | ) | Plexus calculates cash cycle as the sum of days in accounts receivable, days in contract assets and days in inventory, less days in accounts payable and days in advanced payments. |
Conference Call and Webcast Information
| What: | Plexus Fiscal 2025 Q2 Earnings Conference Call and Webcast |
| When: | Thursday, April 24, 2025 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, plexus.com. Participants can also join utilizing the links below: Webcast link: https://events.q4inc.com/attendee/242810884 |
| Replay: | The webcast will be archived on the Plexus website and will be available as on-demand for 12 months |
Investor and Media Contact
Shawn Harrison
+1.920.969.6325
shawn.harrison@plexus.com
About Plexus
Since 1979, Plexus has helped create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive global companies in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial sectors, supported by a global team of over 20,000 members across our 26 facilities in the Americas ("AMER"), Asia-Pacific ("APAC") and Europe, Middle East and Africa ("EMEA") regions. For more information about Plexus, visit our website at www.plexus.com.
Safe Harbor and Fair Disclosure Statement
The statements contained in this press release that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include the effects of tariffs, trade disputes, trade agreements and other trade protection measures; the effect of inflationary pressures on our costs of production, profitability, and on the economic outlook of our markets; the effects of shortages and delays in obtaining components as a result of economic cycles, natural disasters or otherwise; the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; the lack of visibility of future orders, particularly in view of changing economic conditions; the economic performance of the industries, sectors and customers we serve; the outcome of litigation and regulatory investigations and proceedings, including the results of any challenges with regard to such outcomes; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customer base and deliver product on a timely basis; the risks of concentration of work for certain customers; the particular risks relative to new or recent customers, programs or services, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate terms of agreements, and the lack of a track record of order volume and timing; the effects of start-up costs of new programs and facilities or the costs associated with the closure or consolidation of facilities; possible unexpected costs and operating disruption in transitioning programs, including transitions between Company facilities; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the fact that customer orders may not lead to long-term relationships; our ability to manage successfully and execute a complex business model characterized by high product mix and demanding quality, regulatory, and other requirements; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; risks related to information technology systems and data security; increasing regulatory and compliance requirements; any tax law changes and related foreign jurisdiction tax developments; current or potential future barriers to the repatriation of funds that are currently held outside of the United States as a result of actions taken by other countries or otherwise; the potential effects of jurisdictional results on our taxes, tax rates, and our ability to use deferred tax assets and net operating losses; the weakness of areas of the global economy; the effect of changes in the pricing and margins of products; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the effects of changes in economic conditions, political conditions and regulatory matters in the United States and in the other countries in which we do business; the potential effect of other world or local events or other events outside our control (such as the conflict between Russia and Ukraine, conflict in the Middle East, escalating tensions between China and Taiwan or China and the United States, changes in energy prices, terrorism, global health epidemics and weather events); the impact of increased competition; an inability to successfully manage human capital; changes in financial accounting standards; and other risks detailed herein and in our other Securities and Exchange Commission filings, particularly in Risk Factors contained in our fiscal 2024 Form 10-K.
| PLEXUS CORP. AND SUBSIDIARIES | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (in thousands, except per share data) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| Mar 29, | Mar 30, | Mar 29, | Mar 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net sales | $ | 980,170 | $ | 966,900 | $ | 1,956,292 | $ | 1,949,507 | |||||||
| Cost of sales | 882,419 | 878,837 | 1,757,849 | 1,773,304 | |||||||||||
| Gross profit | 97,751 | 88,063 | 198,443 | 176,203 | |||||||||||
| Operating expenses: | |||||||||||||||
| Selling and administrative expenses | 48,960 | 47,555 | 98,109 | 90,537 | |||||||||||
| Restructuring and other charges, net | — | 11,038 | 4,683 | 11,038 | |||||||||||
| Operating income | 48,791 | 29,470 | 95,651 | 74,628 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest expense | (3,137 | ) | (8,293 | ) | (6,691 | ) | (15,910 | ) | |||||||
| Interest income | 871 | 817 | 2,105 | 1,625 | |||||||||||
| Miscellaneous, net | (1,502 | ) | (3,027 | ) | (2,548 | ) | (6,529 | ) | |||||||
| Income before income taxes | 45,023 | 18,967 | 88,517 | 53,814 | |||||||||||
| Income tax expense | 5,950 | 2,728 | 12,177 | 8,360 | |||||||||||
| Net income | $ | 39,073 | $ | 16,239 | $ | 76,340 | $ | 45,454 | |||||||
| Earnings per share: | |||||||||||||||
| Basic | $ | 1.44 | $ | 0.59 | $ | 2.82 | $ | 1.65 | |||||||
| Diluted | $ | 1.41 | $ | 0.58 | $ | 2.75 | $ | 1.62 | |||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 27,109 | 27,542 | 27,098 | 27,513 | |||||||||||
| Diluted | 27,662 | 27,929 | 27,726 | 27,982 | |||||||||||
| PLEXUS CORP. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands, except per share data) | |||||||
| (unaudited) | |||||||
| Mar 29, | Sep 28, | ||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 310,531 | $ | 345,109 | |||
| Restricted cash | 31 | 2,353 | |||||
| Accounts receivable | 609,493 | 622,366 | |||||
| Contract assets | 136,131 | 120,560 | |||||
| Inventories | 1,280,385 | 1,311,434 | |||||
| Prepaid expenses and other | 59,740 | 75,328 | |||||
| Total current assets | 2,396,311 | 2,477,150 | |||||
| Property, plant and equipment, net | 511,865 | 501,112 | |||||
| Operating lease right-of-use assets | 76,217 | 74,360 | |||||
| Deferred income taxes | 73,841 | 73,919 | |||||
| Other assets | 27,506 | 27,280 | |||||
| Total non-current assets | 689,429 | 676,671 | |||||
| Total assets | $ | 3,085,740 | $ | 3,153,821 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Current portion of long-term debt and finance lease obligations | $ | 121,014 | $ | 157,325 | |||
| Accounts payable | 680,078 | 606,378 | |||||
| Advanced payments from customers | 611,590 | 709,152 | |||||
| Accrued salaries and wages | 83,650 | 94,448 | |||||
| Other accrued liabilities | 69,499 | 75,991 | |||||
| Total current liabilities | 1,565,831 | 1,643,294 | |||||
| Long-term debt and finance lease obligations, net of current portion | 88,761 | 89,993 | |||||
| Accrued income taxes payable | — | 17,198 | |||||
| Long-term operating lease liabilities | 32,720 | 32,275 | |||||
| Deferred income taxes | 7,224 | 8,234 | |||||
| Other liabilities | 39,529 | 38,002 | |||||
| Total non-current liabilities | 168,234 | 185,702 | |||||
| Total liabilities | 1,734,065 | 1,828,996 | |||||
| Shareholders’ equity: | |||||||
| Common stock | 547 | 545 | |||||
| Additional paid-in-capital | 680,880 | 680,638 | |||||
| Common stock held in treasury | (1,215,481 | ) | (1,190,115 | ) | |||
| Retained earnings | 1,899,483 | 1,823,143 | |||||
| Accumulated other comprehensive (loss) income | (13,754 | ) | 10,614 | ||||
| Total shareholders’ equity | 1,351,675 | 1,324,825 | |||||
| Total liabilities and shareholders’ equity | $ | 3,085,740 | $ | 3,153,821 | |||
| PLEXUS CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| NON-GAAP SUPPLEMENTAL INFORMATION Table 1 | ||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| Mar 29, | Dec 28, | Mar 30, | Mar 29, | Mar 30, | ||||||||||||||||
| 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||
| Operating income, as reported | $ | 48,791 | $ | 46,860 | $ | 29,470 | $ | 95,651 | $ | 74,628 | ||||||||||
| Operating margin, as reported | 5.0 | % | 4.8 | % | 3.0 | % | 4.9 | % | 3.8 | % | ||||||||||
| Non-GAAP adjustments: | ||||||||||||||||||||
| Restructuring costs (1) | — | 4,683 | 13,288 | 4,683 | 13,288 | |||||||||||||||
| Other non-recurring income (2) | — | — | (2,250 | ) | — | (2,250 | ) | |||||||||||||
| Stock-based compensation | 7,132 | 6,990 | 7,096 | 14,122 | 12,431 | |||||||||||||||
| Non-GAAP operating income | $ | 55,923 | $ | 58,533 | $ | 47,604 | $ | 114,456 | $ | 98,097 | ||||||||||
| Non-GAAP operating margin | 5.7 | % | 6.0 | % | 4.9 | % | 5.9 | % | 5.0 | % | ||||||||||
| Net income, as reported | $ | 39,073 | $ | 37,267 | $ | 16,239 | $ | 76,340 | $ | 45,454 | ||||||||||
| Non-GAAP adjustments: | ||||||||||||||||||||
| Restructuring costs, net of tax (1) | — | 4,191 | 11,893 | 4,191 | 11,893 | |||||||||||||||
| Other non-recurring income, net of tax (2) | — | — | (2,014 | ) | — | (2,014 | ) | |||||||||||||
| Stock-based compensation, net of tax | 6,775 | 6,640 | 7,096 | 13,415 | 12,431 | |||||||||||||||
| Adjusted net income | $ | 45,848 | $ | 48,098 | $ | 33,214 | $ | 93,946 | $ | 67,764 | ||||||||||
| Diluted earnings per share, as reported | $ | 1.41 | $ | 1.34 | $ | 0.58 | $ | 2.75 | $ | 1.62 | ||||||||||
| Non-GAAP per share adjustments: | ||||||||||||||||||||
| Restructuring costs, net of tax (1) | — | 0.15 | 0.43 | 0.15 | 0.43 | |||||||||||||||
| Other non-recurring income, net of tax (2) | — | — | (0.07 | ) | — | (0.07 | ) | |||||||||||||
| Stock-based compensation, net of tax | 0.25 | 0.24 | 0.25 | 0.49 | 0.44 | |||||||||||||||
| Adjusted diluted earnings per share | $ | 1.66 | $ | 1.73 | $ | 1.19 | $ | 3.39 | $ | 2.42 | ||||||||||
| (1 | ) | During the three months ended December 28, 2024, restructuring costs of |
| During the three and six months ended March 30, 2024, restructuring and impairment charges of | ||
| (2 | ) | During the three and six months ended March 30, 2024, insurance proceeds of |
| PLEXUS CORP. AND SUBSIDIARIES | |||||||||||||
| NON-GAAP SUPPLEMENTAL INFORMATION Table 2 | |||||||||||||
| (in thousands) | |||||||||||||
| (unaudited) | |||||||||||||
| ROIC and Economic Return Calculations | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||
| Mar 29, | Dec 28, | Mar 30, | |||||||||||
| 2025 | 2024 | 2024 | |||||||||||
| Operating income, as reported | $ | 95,651 | $ | 46,860 | $ | 74,628 | |||||||
| Restructuring and other charges, net | 4,683 | + | 4,683 | + | 11,038 | ||||||||
| Adjusted operating income | $ | 100,334 | $ | 51,543 | $ | 85,666 | |||||||
| 2 | x | 4 | x | 2 | |||||||||
| Adjusted annualized operating income | $ | 200,668 | $ | 206,172 | $ | 171,332 | |||||||
| Adjusted effective tax rate | 13 | % | x | 15 | % | x | 15 | % | |||||
| Tax impact | 26,087 | 30,926 | 25,700 | ||||||||||
| Adjusted operating income (tax-effected) | $ | 174,581 | $ | 175,246 | $ | 145,632 | |||||||
| Average invested capital | $ | 1,276,742 | ÷ | $ | 1,268,309 | ÷ | $ | 1,478,062 | |||||
| ROIC | 13.7 | % | 13.8 | % | 9.9 | % | |||||||
| Weighted average cost of capital | 8.9 | % | - | 8.9 | % | - | 8.2 | % | |||||
| Economic return | 4.8 | % | 4.9 | % | 1.7 | % | |||||||
| Average Invested Capital Calculations | Mar 29, | Dec 28, | Sep 28, | Jun 29, | Mar 30, | Dec 30, | Sep 30, | ||||||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||||||||||||
| Equity | $ | 1,351,675 | $ | 1,319,069 | $ | 1,324,825 | $ | 1,266,360 | $ | 1,259,762 | $ | 1,266,755 | $ | 1,214,382 | |||||||||||||
| Plus: | |||||||||||||||||||||||||||
| Debt and finance lease obligations - current | 121,014 | 121,977 | 157,325 | 258,175 | 245,964 | 251,119 | 240,205 | ||||||||||||||||||||
| Operating lease obligations - current (1) | 9,968 | 14,875 | 14,697 | 7,990 | 8,281 | 9,172 | 8,363 | ||||||||||||||||||||
| Debt and finance lease obligations - long-term | 88,761 | 88,728 | 89,993 | 90,715 | 192,025 | 192,118 | 190,853 | ||||||||||||||||||||
| Operating lease obligations - long-term | 32,720 | 35,124 | 32,275 | 31,923 | 33,915 | 35,989 | 38,552 | ||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||
| Cash and cash equivalents | (310,531 | ) | (317,161 | ) | (345,109 | ) | (269,868 | ) | (265,053 | ) | (231,982 | ) | (256,233 | ) | |||||||||||||
| $ | 1,293,607 | $ | 1,262,612 | $ | 1,274,006 | $ | 1,385,295 | $ | 1,474,894 | $ | 1,523,171 | $ | 1,436,122 | ||||||||||||||
| (1 | ) | Included in other accrued liabilities on the Condensed Consolidated Balance Sheets. |
FAQ
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