NASDAQ$PLXS
Plexus Corp · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Plexus reported fiscal first quarter 2024 results and initiated fiscal second quarter 2024 revenue guidance.
Plexus announced fiscal first quarter 2024 revenue of $983 million, GAAP operating margin of 4.6% and GAAP diluted EPS of $1.04. They initiated fiscal second quarter 2024 revenue guidance of $930 million to $970 million with GAAP diluted EPS of $0.48 to $0.63.
- Won 30 manufacturing programs during the quarter representing $261 million in annualized revenue when fully ramped into production.
- Trailing four-quarter manufacturing wins of $1.05 billion in annualized revenue when fully ramped into production.
- The Board of Directors approved a new $50.0 million share repurchase program that will commence upon completion of the current share repurchase authorization, which has $5.7 million remaining.
- Funnel of qualified manufacturing opportunities significantly expanded by more than $300 million from the prior quarter to $4.0 billion.
Headline financials
Revenue & EPS history
Plexus · Revenue · Quarterly
$1.01B
Revenue by segment
Plexus · $946M total across 2 segments · Q4 2023
- Asia-Pacific$557M—58.9%
- Americas$389M—41.1%
Forward guidance
Plexus is guiding fiscal second quarter revenue of $930 million to $970 million, non-GAAP operating margin of 4.0% to 4.4% and non-GAAP EPS of $0.80 to $0.95. The fiscal second quarter is anticipated to represent a revenue trough, with sequential expansion in revenue and operating margin during the second half of fiscal 2024.
Tailwinds
- Expect to deliver improved profitability resulting from the restructuring actions.
- Expect to deliver improved profitability resulting from increased manufacturing revenue.
- Expect to deliver improved profitability resulting from improved utilization of our engineering team.
- Remain committed to delivering 5.5% GAAP operating margin in fiscal 2025.
- Expect Plexus will continue to drive share gain from large and increasing addressable markets by leveraging our differentiated service offering.
Headwinds
- Continued demand softening in the Healthcare/Lifesciences market has created inefficiencies within our engineering and manufacturing teams.
- Continued demand softening in certain subsectors of our Industrial sector has created inefficiencies within our engineering and manufacturing teams.
- Implementing a series of actions that we believe will result in fiscal second quarter restructuring charges of approximately $10 million, or $0.32 per share.
- Guiding slightly higher cash cycle days for our fiscal second quarter related to additional working capital investments in support of new program ramps.
- Expect to complete these actions by our fiscal third quarter.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-0.1%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+2.5%
Avg return
30 days after
51%
35 / 68 earnings
Positive
+13.2%
Q1 2016
Best reaction
-18.1%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | +2.7% | +5.8% | +7.1% | |
| Q1 2026 | +9.3% | +12.7% | +7.3% | |
| Q4 2025 | +2.8% | -1.7% | -5.2% | |
| Q2 2025 | -1.4% | -1.1% | +1.9% | |
| Q1 2025 | -10.1% | -15.2% | -19.4% | |
| Q4 2024 | +7.5% | +6.3% | +20.2% | |
| Q3 2024 | +9.0% | +6.3% | +7.7% | |
| Q2 2024 | +2.6% | +5.9% | +17.3% | |
| Q1 2024 | -5.1% | -6.7% | -4.2% | |
| Q4 2023 | +5.9% | +9.4% | +17.8% | |
| Q3 2023 | -3.9% | -3.9% | -2.9% | |
| Q2 2023 | -0.5% | +0.0% | +5.4% | |
| Q1 2023 | -18.1% | -19.6% | -16.1% | |
| Q4 2022 | -1.2% | +1.4% | +11.7% | |
| Q3 2022 | +6.5% | +9.6% | +9.9% | |
| Q2 2022 | +6.2% | +6.5% | +9.2% | |
| Q1 2022 | -6.0% | -2.3% | +2.8% | |
| Q4 2021 | -8.0% | -5.8% | -9.8% | |
| Q3 2021 | -0.3% | +1.4% | +2.8% | |
| Q2 2021 | -1.0% | +4.0% | +8.9% | |
| Q1 2021 | -3.7% | -3.2% | +0.6% | |
| Q4 2020 | -3.3% | -1.2% | +8.7% | |
| Q3 2020 | +2.8% | -1.6% | +3.4% | |
| Q2 2020 | +7.0% | +9.9% | +14.7% | |
| Q1 2020 | +2.6% | -3.2% | -7.6% | |
| Q4 2019 | +9.1% | +13.0% | +15.4% | |
| Q3 2019 | -9.1% | -8.4% | -7.1% | |
| Q2 2019 | -7.8% | -8.8% | -17.5% | |
| Q1 2019 | -2.1% | +1.6% | +9.3% | |
| Q4 2018 | +4.1% | +3.1% | +4.8% | |
| Q3 2018 | -0.5% | -1.5% | -1.7% | |
| Q2 2018 | -11.6% | -11.4% | -6.3% | |
| Q1 2018 | -5.7% | -6.0% | -7.2% | |
| Q4 2017 | +5.8% | +4.9% | +8.4% | |
| Q3 2017 | +3.5% | +3.2% | -6.2% | |
| Q2 2017 | -6.8% | -7.7% | -13.0% | |
| Q1 2017 | +0.4% | -0.0% | +8.1% | |
| Q4 2016 | +1.3% | +2.3% | +14.7% | |
| Q3 2016 | -2.2% | -0.4% | +2.1% | |
| Q2 2016 | +7.6% | — | — | |
| Q1 2016 | +13.2% | — | — | |
| Q4 2015 | -12.4% | — | — | |
| Q3 2015 | -6.2% | — | — | |
| Q2 2015 | +0.8% | — | — | |
| Q1 2015 | -0.7% | — | — | |
| Q4 2014 | +5.2% | — | — | |
| Q3 2014 | -3.7% | — | — | |
| Q2 2014 | +9.2% | — | — | |
| Q1 2014 | -3.3% | — | — | |
| Q4 2013 | +3.1% | — | — | |
| Q3 2013 | -1.7% | — | — | |
| Q2 2013 | +0.0% | — | — | |
| Q1 2013 | +6.0% | — | — | |
| Q4 2012 | -0.3% | — | — | |
| Q3 2012 | +4.9% | — | — | |
| Q2 2012 | -2.2% | — | — | |
| Q1 2012 | +2.1% | — | — | |
| Q3 2009 | +0.3% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q3 2011 | -13.6% | — | — | |
| Q2 2011 | +1.4% | — | — | |
| Q1 2010 | +1.3% | — | — | |
| Q1 2011 | +2.7% | — | — | |
| Q2 2010 | -1.6% | — | — | |
| Q4 2008 | -1.6% | — | — | |
| Q4 2010 | -1.6% | — | — | |
| Q4 2009 | +0.2% | — | — | |
| Q3 2010 | +0.2% | — | — |
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