Plexus Provides Financial Outlook Update Due to COVID-19

Will Present Additional Information on Webcast from Raymond James Institutional Investors Conference

NEENAH, Wis., March 02, 2020 (GLOBE NEWSWIRE) -- Plexus (NASDAQ: PLXS) announced today an update to its fiscal second quarter revenue outlook due to evolving business and financial implications relating to the COVID-19 outbreak.  While the situation relating to COVID-19 and its effects on the Company, its customers, suppliers and logistics providers remains fluid, the Company currently estimates that its fiscal second quarter revenue will be negatively impacted by approximately $40 million primarily due to workforce disruptions within the Company’s supply chain.  The negative impact may result in revenue for the second quarter to fall below the low end of our guidance range of $790 million to $830 million as provided by the Company on January 22, 2020.  Operating margin within the fiscal second quarter is also expected to be negatively impacted due to inefficiencies in our global manufacturing facilities as a result of the supply chain disruptions. 

Todd Kelsey, President and CEO, commented, “Our top priority remains protecting the well-being of our employees and supporting our customers as the COVID-19 situation continues to evolve.  I would like to commend our people within the Global Supply Chain and Asia-Pacific regional teams for their extraordinary efforts to fulfill customer demand within the quarter, including the delivery of life-preserving medical products used in diagnosing the virus.  Their focus on customer service excellence has been unwavering and provides an example of our exceptional culture.  While there is uncertainty surrounding the continuing impact this virus may have to the supply chain and our operations, we remain optimistic in our long-term outlook.”   

The Company will provide additional updates during a live webcast on Wednesday, March 4, 2020 at the 41^st Annual Institutional Investors Conference hosted by Raymond James. 

Webcast Information

What:	Plexus Webcast | Raymond James 41st Annual Institutional Investors Conference
When:	Wednesday, March 4, 2020 at 8:05 a.m. Eastern Time
Where:	Participants are encouraged to join the live webcast at the following location, https://ddei3-0-ctp.trendmicro.com:443/wis/clicktime/v1/query?url=http ... where a slide presentation will also be made available.