Plexus 4Q profit falls 13 percent

Plexus posts 13 percent drop in 4th-quarter profit, cites volatile demand

• On 5:31 pm EDT, Wednesday October 28, 2009

NEENAH, Wis. (AP) -- Plexus Corp., citing volatile demand for its products, said Wednesday its fiscal fourth-quarter profit fell 13 percent.

For the quarter ended Oct. 3, the electronics manufacturing services provider earned $15.1 million, or 38 cents per share, down from $17.3 million, or 43 cents per share, in the same quarter last year. The recent quarter's results included 4 cents per share in stock-option expenses and a tax benefit of 8 cents per share.

Sales fell 17 percent to $393 million from $476 million.

Analysts polled by Thomson Reuters expected a profit of 31 cents per share on revenue of $398.5 million.

Plexus said revenue from its wireless sector and industrial and commercial sector was better than expected, while revenue from its wireline and networking sector and medical sector came in below expectations.

Defense, security and aerospace revenue rose during the quarter, but came in slightly below expectations, Plexus said.

For the full 2009 fiscal year, Plexus earned $46.3 million, or $1.17 per share, down 45 percent from $84.1 million, or $1.92 per share, in fiscal 2008. Revenue dropped 14 percent to $1.62 billion from $1.84 billion.