Plexus Q1 revenue falls to $983 million and Q2 guidance comes in below prior outlook
Plexus reported fiscal first quarter 2024 revenue of $983 million and GAAP diluted EPS of $1.04, down from $1.09 billion and $1.49 a year earlier. Its fiscal second quarter guidance of $930 million to $970 million in revenue and $0.48 to $0.63 in GAAP diluted EPS is lower than the October 2023 guidance, and the company expects restructuring charges that weigh on those results, so shareholders face weaker near-term earnings.
- Q1 fiscal 2024 revenue of $983 million vs. $1,094 million a year earlier; GAAP diluted EPS of $1.04 vs. $1.49
- Q2 guidance: revenue of $930 million to $970 million and GAAP diluted EPS of $0.48 to $0.63, vs. October 25, 2023 guidance of $990 million to $1.03 billion and EPS of $1.15 to $1.33
- Restructuring charges of approximately $10 million ($0.32 per share) expected in Q2, with about $20 million of annualized cost savings targeted by fiscal Q3
- Board approved a new $50.0 million share repurchase program, which starts after the current authorization with $5.7 million remaining is completed