Plexus Corp. (PLXS)


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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April 26, 2023

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

By Steven Fox

Plexus (PLXS; $88.49; E/W) reported FQ2 (Mar) non-GAAP EPS of $1.45, which beat our consensus matching $1.15 on some sales upside ($1,071mm vs. our $1,050mm and consensus of $1,046mm). Recall, PLXS’ FQ2 guidance called for…

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January 26, 2023

PLXS: Some Disappointing Guidance

By Steven Fox

We revise F2023/F2024E (Sept) EPS for Plexus (PLXS; $93.86; E/W) from $5.80/$6.60 to $5.50/$6.65 after FQ2E (Mar) guidance disappointed, reflecting further pressures in semi-cap equipment markets (20%+ of sales) and some slower ramps on a…

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January 26, 2023

PLXS: First Look at FQ1 (Dec) Results and Outlook

By Steven Fox

Plexus (PLXS; $113.24; E/W) reported FQ1 (Dec) non-GAAP EPS of $1.49, which was ahead of our $1.45 and in line with consensus of $1.49 on sales of $1,094mm (vs. our $1,100mm and consensus of $1,107mm)….

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October 28, 2022

PLXS: Big Beat and Raise

By Steven Fox

We raise our F2023E (Sept) EPS for Plexus (PLXS; $95.92; E/W) from $5.30 to $5.80 after the company delivered substantial FQ4 (Sept) upside, reflecting its ability to better meet multi-quarter levels of pent-up demand across…

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October 26, 2022

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

By Steven Fox

Plexus (PLXS; $96.55; E/W) reported FQ4 (Sep) non-GAAP EPS of $1.78, which was substantially ahead of our $1.25 and consensus of $1.27 on sales of $1,124mm (vs. our $1,000mm and the Street’s $1,008mm). PLXS also…

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July 28, 2022

Showing Right Market Mix for Macro

By Steven Fox

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