Plexus keeps on trucking

Second quarter revenues were USD 558 million, above the midpoint of the company’s guidance range and an increase of approximately 4% from the prior quarter.
Dean Foate, Chairman, President and CEO, commented, “During the quarter, we won 41 new programs in our Manufacturing Solutions group. We anticipate these wins will generate approximately USD 159 million in annualized revenue when fully ramped into production. The wins performance this quarter results in trailing four quarter wins of approximately USD 731 million in annualized revenue, or approximately 33% of our trailing four quarter revenue.”

Gross margin was 9.5%, selling and administrative expenses were USD 27.8 million, Non-GAAP operating margin was 4.5%. Non-GAAP operating margin for the fiscal second quarter excludes after-tax restructuring and impairment charges of USD 6.0 million primarily related to the previously announced manufacturing facility transition from Juarez, Mexico to Guadalajara, Mexico.

Ginger Jones, Senior Vice President and CFO, commented, “During the fiscal second quarter, we purchased USD 7.6 million of our shares at an average price of USD 41.18 per share. The shares were purchased under the USD 30 million stock repurchase program authorized by the Plexus Board of Directors on August 19, 2013. Fiscal second quarter cash cycle days, including customer deposits, were 62 days and at the midpoint of our expectations. We generated USD 16.0 million in cash flow from operations during the quarter, which was offset by capital investment (primarily in Guadalajara, Mexico) of USD 8.8 million, resulting in free cash flow of USD 7.2 million during the quarter.”

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