Plexus Corp. (PLXS)


October 24, 2024

PLXS: Healthy FQ4 Beat on Pulled In Revenue

By Steven Fox

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…

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October 23, 2024

PLXS: First Look at FQ4 (Sep) Results and Outlook

By Steven Fox

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…

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October 21, 2024

PLXS: A Lot of Good News in the Stock?

By Steven Fox

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…

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July 25, 2024

PLXS: Demonstrates More New Win Momentum

By Steven Fox

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…

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July 24, 2024

PLXS: First Look at FQ3 (Jun) Results and Outlook

By Steven Fox

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…

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July 22, 2024

PLXS: Stock Looks Well Priced for a Solid Print

By Steven Fox

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)….

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April 26, 2024

PLXS: Solid Numbers Anyway You Count It

By Steven Fox

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…

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April 24, 2024

PLXS: First Look at FQ2 (Mar) Results and Outlook

By Steven Fox

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…

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January 25, 2024

PLXS: Fleshes Out Disappointing FQ1

By Steven Fox

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,…

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January 17, 2024

PLXS: Slow End to Quarter Leads to FQ1 Miss

By Steven Fox

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…

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October 27, 2023

PLXS: Demonstrating Some Relative Stability

By Steven Fox

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…

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July 27, 2023

PLXS: Talking Down Next Fiscal Year

By Steven Fox

We adjust our F2023E (Sept) EPS for Plexus (PLXS; $98.54; E/W) from $5.40 to $5.58 (+13% YoY) after the company produced a solid FQ3 (Jun) EPS beat while offering up FQ4E (Sept) guidance that was…

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July 26, 2023

PLXS: First Look at FQ3 (Jun) Results and Outlook

By Steven Fox

Plexus (PLXS; $102.13; E/W) reported FQ3 (Jun) non-GAAP EPS of $1.32, which beat our $1.18 and the Street’s $1.16 on sales of $1,022mm (vs. our $1,025mm and consensus of $1,024mm). Recall, PLXS’ FQ3 guidance called…

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June 12, 2023

PLXS: Plant Tours Highlight Widening Competitive Moat

By Steven Fox

Last week, we toured two Plexus’ (PLXS; $95.04; E/W) facilities in Appleton and Neenah, Wisconsin where we also spent time with CEO Todd Kelsey, Chief Strategy Officer Steve Frisch, along with Andy Hyatt (Senior VP,…

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April 27, 2023

PLXS: A Big Beat and Lower

By Steven Fox

We reduce F2023/F2024E (Sep) EPS for Plexus (PLXS; $88.04; E/W) from $5.50/$6.65 to $5.40/$5.95 after its second consecutive “beat and lower” quarter, albeit with much more volatility on both sides of the total EPS equation….

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