Plexus Corp. (PLXS)

We assume Plexus’ (PLXS; $121.28; E/W) relative mix of served market exposure and global footprint proves new tariffs to be less of an issue for the company relative to others we follow in the supply…

Yesterday (3/19), we hosted investor meetings for Plexus (PLXS; $127.26; E/W) that included CEO Todd Kelsey plus Mike Running, President, Americas and Shawn Harrison, VP of IR. Overall, management seems to still be basing its…

We raise our F2025/F2026E (Sept) EPS from $6.60/$7.25 to $6.90/$7.55 for Plexus (PLXS; $153.30; E/W) after the company produced some solid FQ1 (Dec) operating results while offering up FQ2E (Mar) guidance that was in line…

Plexus (PLXS; $170.49; E/W) reported FQ1 (Dec) non-GAAP EPS of $1.73, which beat our $1.60 and the Street’s $1.59 despite somewhat lower-than-expected sales ($976mm vs. our $988mm and the Street’s $982mm) that resulted in as…

We adjust our F2025E (Sep) EPS for Plexus (PLXS; $145.42; E/W) from $6.50 to $6.60 (+15% YoY vs. -11% in F2024) after a healthy FQ4 (Sep) beat, predominantly driven by better-than-expected quarter-end production activity that…

Plexus (PLXS; $135.57; E/W) reported FQ4 (Sep) non-GAAP EPS of $1.85, which was well ahead of our $1.58 and the Street’s $1.55, albeit including $0.12 per share of more favorable non-operating items than was considered…

We have badly missed a recent breakout in the shares of Plexus (PLXS; $136.69; E/W) since its most recent bottom in mid-June (e.g., +34% since 6/11 vs. +21% over the prior two years), which especially…

We raise our F2024/F2025E (Sep) EPS for Plexus (PLXS; $129.59; E/W) from $5.10/$6.20 to $5.45/$6.50 after the company produced a healthy FQ3 (Jun) beat and FQ4E (Sep) guidance that exceeded our prior thinking. Specifically, FQ3…

Plexus (PLXS; $116.15; E/W) reported FQ3 (Jun) non-GAAP EPS of $1.45, which beat our $1.30 on some better-than-expected operating profits and margins (5.8% of sales vs. our 5.4%) despite some lower-than-expected sales ($961mm vs. our…

We do not expect to make meaningful changes to our F2024/F2025E (Sep) EPS for Plexus (PLXS; $116.95; E/W) of $5.10/$6.20 after the company reports FQ3E (Jun) results and outlook on Wednesday (7/24 after the close)….

We adjust our F2024/F2025E (Sept) EPS for Plexus (PLXS; $99.09; E/W) from $5.09/$6.85 to $5.10/$6.20 on an apples-to-apples basis excluding stock-based compensation (SBC) under the company’s new non-GAAP presentation. For reference, we assumed SBC of…

Plexus (PLXS; $95.67; E/W) reported FQ2 (Mar) non-GAAP EPS of $0.94, which beat our $0.86 and the Street’s $0.87 on sales of $967mm (vs. our $950mm and the Street’s $951mm). Recall, PLXS’ FQ2 guidance called…

Plexus (PLXS; $94.23; E/W) posted FQ1 (Dec) results in line with its recent negative pre-announcement (“Slow End to Quarter Leads to FQ1 Miss”; 1/17) as it fleshed out details behind the cut to prior sales,…

Last night, Plexus (PLXS; $101.52; E/W) negatively pre-announced FQ1E (Dec) results. Specifically, PLXS now sees FQ1E sales of $980-985mm (-4% QoQ and -10% YoY at the mid-point), which is just 3% below the original guidance…

We maintain F2024E (Sept) EPS for Plexus (PLXS; $94.09; E/W) at $5.70 after its solid FQ4 (Sep) EPS beat and FQ1E (Dec) guidance that was basically in line with our forecasts. In addition, PLXS reiterated…