Plexus Provides Financial Outlook Update Due To Impact of COVID-19

Further Details To Be Provided at Plexus’ Fiscal Second Quarter Earnings Call

NEENAH, Wis., March 23, 2020 (GLOBE NEWSWIRE) -- Plexus (NASDAQ: PLXS) announced today an update to its fiscal second quarter revenue outlook due to evolving impacts related to the COVID-19 outbreak. The Company’s operations in Malaysia, Scotland, Romania and Illinois are all affected to varying degrees by recent government measures restricting the movement of citizens and operation of businesses. In addition, Wisconsin Governor Tony Evers today announced plans to issue an order tomorrow regarding the closure of all non-essential workplaces. This could impact our Wisconsin operations if the products we manufacture at these sites, a substantial portion of which are medical, aerospace, and defense products, are deemed non-essential. All of our sites are also impacted to some degree by other effects of COVID-19, such as the closure of schools and child care facilities and the related inability of certain of our employees to work. As a result, the Company expects its fiscal second quarter revenue to fall below its guidance range of $790 million to $830 million, which was issued on January 22, 2020.

Todd Kelsey, President and CEO, commented, “The extent to which COVID-19 and related global government measures may impact our operations remains fluid and uncertain. At this time, all of our operations are operating at close-to-normal levels with the exception of our Penang, Malaysia facilities, which are operating at roughly 40% of normal workforce levels. Plexus is collaborating with local officials to continue to maintain work schedules as our operations in each of these impacted regions provide critical support in delivering essential products to end-markets such as healthcare, aerospace, defense and secured communications. Since the onset of COVID-19, our teams have demonstrated their focus in delivering solutions to support our people, our customers and our communities. I am proud of our global workforce and their efforts to lead through this challenging time.”  

The Company will provide additional updates during its Fiscal Second Quarter Earnings Call. 

Investor and Media Contact

Heather Beresford
+1.920.751.3612
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About Plexus Corp. – The Product Realization Company

Since 1979, Plexus has been partnering with companies to create the products that build a better world. We are a team of over 19,000 individuals who are dedicated to providing global Design and Development, Supply Chain Solutions, New Product Introduction, Manufacturing, and Aftermarket Services. Plexus is a global leader that specializes in serving customers in industries with highly complex products and demanding regulatory environments. Plexus delivers customer service excellence to leading global companies by providing innovative, comprehensive solutions throughout the product’s lifecycle. For more information about Plexus, visit our website at www.plexus.com.