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Plexus Corp (PLXS - Free Report) reported adjusted earnings per share (EPS) of $1.85 for fourth-quarter fiscal 2024. The figure rose 12% year over year. The bottom line outpaced the Zacks Consensus Estimate of $1.53.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Revenues of $1.05 billion increased 2.6% year over year and beat the Zacks Consensus Estimate by 4.3%. The top-line expansion was driven by strong regional performance (Asia-Pacific and Europe, Middle East and Africa) and strength in the Aerospace/Defense and Industrial sectors. Management expects continued growth for the Aerospace/Defense sector in fiscal 2025. It also expects the Industrial segment to gain from strength in SemiCap market offsetting near-term industrial demand uncertainty.
In the reported quarter, revenues from Asia-Pacific and Europe, the Middle East and Africa rose 11% and 18.5%, respectively. Revenues from America declined 13.9% to $335 million.
In the fiscal fourth quarter, Plexus won 26 manufacturing programs, which are estimated to contribute $230 million in annualized revenues once fully ramped into production.
For fiscal 2024, PLXS reported revenues of $3.96 billion, down 5.9% from the fiscal 2023 level. Adjusted EPS of $5.72 declined 11.5% year over year.
Following the announcement, shares were up 1% in the aftermarket trading on Oct. 23. In the past year, shares have gained 55.1% compared with sub-industry’s growth of 25.2%.
Image Source: Zacks Investment Research
Market Sector Details of PLXS
Industrial sector’s revenues were up 8.4% year over year to $452 million, contributing 43% to total revenues.
Healthcare/Life Sciences’ revenues declined 7.6% from the year-ago quarter’s levels to $415 million, contributing 39% to total revenues.
Revenues from Aerospace/Defense increased 16.5% year over year to $184 million, contributing 18% to total revenues.
The company’s top 10 customers accounted for 52% of net revenues in the fiscal fourth quarter.
Plexus’ Operating Details
Gross profit on a GAAP basis increased 11.6% year over year to $107.9 million. Gross margin came in at 10.3% from 9.4% year over year.
Selling and administrative expenses increased 24.6% from the year-ago quarter’s actuals to $54.1 million.
PLXS reported an adjusted operating income of $64.7 million, up 9.4% year over year. Adjusted operating margin expanded 40 basis points to 6.2%.
Balance Sheet & Cash Flow
As of Sept. 28, 2024, Plexus had cash & cash equivalents worth $345.1 million compared with $269.8 million as of June 29.
As of Sept. 28, 2024, PLXS had long-term debt and finance lease obligations, net of the current portion of $90 million compared with $90.7 million as of June 29.
In the quarter under review, the cash flow from operations was $220.1 million. Plexus reported a free cash flow of $193.8 million.
The company repurchased $19.5 million of PLXS’ shares at an average price of $117.91 per share under its repurchase program. Plexus’ board of directors approved an additional $50 million worth share repurchase plan in August 2024.
Plexus’ Q1 Outlook
For first-quarter fiscal 2025, revenues are projected to be between $960 million and $1 billion.
Non-GAAP operating margin is expected to be between 5.7% and 6.1%. Non-GAAP EPS is expected to be in the band of $1.52-$1.67.
Recent Performance of Other Companies in Tech Space
BlackBerry (BB - Free Report) reported breakeven second-quarter fiscal 2025 earnings, better than the company’s estimate of a loss per share of 2-4 cents. In the year-ago quarter, it reported a non-GAAP loss per share of 4 cents. The Zacks Consensus Estimate was pegged at a loss of 3 cents per share. Quarterly revenues of $145 million increased 9.9% year over year, driven by strong growth across the Internet of Things (IoT) and Cybersecurity businesses. Shares of BB have lost 28.8% in the past year.
Badger Meter, Inc (BMI - Free Report) reported EPS of $1.08 for the third quarter of 2024, beating the Zacks Consensus Estimate by 5.9%. Quarterly net sales were $208.4 million, up 12% from $186.2 million in the year-ago quarter. The uptick resulted from continued strong yet normalizing demand for its tailorable water management solutions. Shares of BMI have gained 47.8% in the past year.
Iridium Communications (IRDM - Free Report) reported EPS of 21 cents for the third quarter of 2024, beating the Zacks Consensus Estimate by 5%. The company incurred a loss of 1 cent per share in the prior-year quarter. Quarterly revenues were $212.8 million, up 8% from the year-ago level, driven by strength across all three segments. The Zacks Consensus Estimate was pegged at $205.7 million. Shares of IRDM have lost 19.4% in the past year.
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Plexus Q4 Earnings & Revenues Top Estimates, Rise Y/Y, Stock Gains
Plexus Corp (PLXS - Free Report) reported adjusted earnings per share (EPS) of $1.85 for fourth-quarter fiscal 2024. The figure rose 12% year over year. The bottom line outpaced the Zacks Consensus Estimate of $1.53.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Revenues of $1.05 billion increased 2.6% year over year and beat the Zacks Consensus Estimate by 4.3%. The top-line expansion was driven by strong regional performance (Asia-Pacific and Europe, Middle East and Africa) and strength in the Aerospace/Defense and Industrial sectors. Management expects continued growth for the Aerospace/Defense sector in fiscal 2025. It also expects the Industrial segment to gain from strength in SemiCap market offsetting near-term industrial demand uncertainty.
In the reported quarter, revenues from Asia-Pacific and Europe, the Middle East and Africa rose 11% and 18.5%, respectively. Revenues from America declined 13.9% to $335 million.
In the fiscal fourth quarter, Plexus won 26 manufacturing programs, which are estimated to contribute $230 million in annualized revenues once fully ramped into production.
Plexus Corp. Price, Consensus and EPS Surprise
Plexus Corp. price-consensus-eps-surprise-chart | Plexus Corp. Quote
For fiscal 2024, PLXS reported revenues of $3.96 billion, down 5.9% from the fiscal 2023 level. Adjusted EPS of $5.72 declined 11.5% year over year.
Following the announcement, shares were up 1% in the aftermarket trading on Oct. 23. In the past year, shares have gained 55.1% compared with sub-industry’s growth of 25.2%.
Image Source: Zacks Investment Research
Market Sector Details of PLXS
Industrial sector’s revenues were up 8.4% year over year to $452 million, contributing 43% to total revenues.
Healthcare/Life Sciences’ revenues declined 7.6% from the year-ago quarter’s levels to $415 million, contributing 39% to total revenues.
Revenues from Aerospace/Defense increased 16.5% year over year to $184 million, contributing 18% to total revenues.
The company’s top 10 customers accounted for 52% of net revenues in the fiscal fourth quarter.
Plexus’ Operating Details
Gross profit on a GAAP basis increased 11.6% year over year to $107.9 million. Gross margin came in at 10.3% from 9.4% year over year.
Selling and administrative expenses increased 24.6% from the year-ago quarter’s actuals to $54.1 million.
PLXS reported an adjusted operating income of $64.7 million, up 9.4% year over year. Adjusted operating margin expanded 40 basis points to 6.2%.
Balance Sheet & Cash Flow
As of Sept. 28, 2024, Plexus had cash & cash equivalents worth $345.1 million compared with $269.8 million as of June 29.
As of Sept. 28, 2024, PLXS had long-term debt and finance lease obligations, net of the current portion of $90 million compared with $90.7 million as of June 29.
In the quarter under review, the cash flow from operations was $220.1 million. Plexus reported a free cash flow of $193.8 million.
The company repurchased $19.5 million of PLXS’ shares at an average price of $117.91 per share under its repurchase program. Plexus’ board of directors approved an additional $50 million worth share repurchase plan in August 2024.
Plexus’ Q1 Outlook
For first-quarter fiscal 2025, revenues are projected to be between $960 million and $1 billion.
Non-GAAP operating margin is expected to be between 5.7% and 6.1%. Non-GAAP EPS is expected to be in the band of $1.52-$1.67.
Zacks Rank of PLXS
Plexus currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Performance of Other Companies in Tech Space
BlackBerry (BB - Free Report) reported breakeven second-quarter fiscal 2025 earnings, better than the company’s estimate of a loss per share of 2-4 cents. In the year-ago quarter, it reported a non-GAAP loss per share of 4 cents. The Zacks Consensus Estimate was pegged at a loss of 3 cents per share. Quarterly revenues of $145 million increased 9.9% year over year, driven by strong growth across the Internet of Things (IoT) and Cybersecurity businesses. Shares of BB have lost 28.8% in the past year.
Badger Meter, Inc (BMI - Free Report) reported EPS of $1.08 for the third quarter of 2024, beating the Zacks Consensus Estimate by 5.9%. Quarterly net sales were $208.4 million, up 12% from $186.2 million in the year-ago quarter. The uptick resulted from continued strong yet normalizing demand for its tailorable water management solutions. Shares of BMI have gained 47.8% in the past year.
Iridium Communications (IRDM - Free Report) reported EPS of 21 cents for the third quarter of 2024, beating the Zacks Consensus Estimate by 5%. The company incurred a loss of 1 cent per share in the prior-year quarter. Quarterly revenues were $212.8 million, up 8% from the year-ago level, driven by strength across all three segments. The Zacks Consensus Estimate was pegged at $205.7 million. Shares of IRDM have lost 19.4% in the past year.