Plexus Announces Preliminary Fiscal First Quarter 2024 Results and Additional Share Repurchase Program

NEENAH, Wis., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Plexus Corp. (NASDAQ: PLXS) announced today that it will not meet its fiscal first quarter revenue guidance of $990 million to $1.03 billion, GAAP operating margin of 4.8% to 5.3% and GAAP EPS of $1.15 to $1.33, as issued October 25, 2023. As the fiscal first quarter progressed, the company experienced continued market-driven inventory corrections and incrementally weaker demand from the Healthcare/Lifesciences and Industrial market sectors. Plexus now expects to announce fiscal first quarter revenue of $980 to $985 million, GAAP operating margin of approximately 4.6% and GAAP diluted EPS of $1.02 to $1.06.

Todd Kelsey, Chief Executive Officer, commented, “I remain confident in my expectations that, over the long-term, Plexus’ strategy will continue to deliver industry-leading revenue growth and superior returns for our shareholders. In the near term, Plexus is focused on continuing to deliver customer service excellence, tightly managing costs and generating cash. In support of our commitment to return any excess cash to shareholders, I am pleased to announce that our Board of Directors approved a new $50 million share repurchase program. We believe repurchasing our common stock at current market prices is an attractive use of our capital and creates an additional opportunity to create long-term shareholder value.”

The fiscal first quarter 2024 selected financial results and disclosures in this press release are preliminary and reflect management's current views. Plexus management will provide a detailed update on its fiscal first quarter results and its second fiscal quarter guidance as part of a conference call on Thursday, January 25 at 8:30 a.m. Eastern Time. Fiscal first quarter 2024 results will be released after market close on January 24, 2024. An audio webcast of the call and accompanying slides will be available in the investor relations section of the company website, plexus.com.

Conference Call and Webcast Information

What:	Plexus Fiscal 2024 Q1 Earnings Conference Call and Webcast
When:	Thursday, January 25, 2024 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: Audio conferencing link to receive an individual login pin: https://register.vevent.com/register/BI5b4476caa76d41bfaaaf4fb0a35326a ...