Plexus Corp (PLXS) Announces Fiscal Q4 and Full Year 2023 Financial Results
Plexus Corp (NASDAQ:PLXS) reported fiscal Q4 2023 revenue of $1.02 billion, GAAP operating margin of 5.2%, and GAAP diluted EPS of $1.44.
The company achieved record fiscal 2023 revenue of $4.21 billion, GAAP operating margin of 4.7%, and GAAP diluted EPS of $4.95.
Plexus Corp (NASDAQ:PLXS) initiated fiscal Q1 2024 revenue guidance of $990 million to $1.03 billion with GAAP diluted EPS of $1.15 to $1.33.
The company won 30 manufacturing programs during Q4, representing $192 million in annualized revenue when fully ramped into production.
On October 25, 2023, Plexus Corp (NASDAQ:PLXS) announced its financial results for the fiscal fourth quarter and full year ended September 30, 2023. The company also provided guidance for the fiscal first quarter 2024 ending December 30, 2023.
Fiscal Fourth Quarter 2023 Performance
Plexus Corp (NASDAQ:PLXS) reported fiscal Q4 2023 revenue of $1.02 billion, meeting the high-end of guidance. The GAAP operating margin stood at 5.2%, and the GAAP diluted EPS was $1.44, which exceeded guidance. The company also reported stock-based compensation expense of $0.21.
Fiscal Year 2023 Performance
For the fiscal year 2023, Plexus Corp (NASDAQ:PLXS) reported record revenue of $4.21 billion, a GAAP operating margin of 4.7%, and a GAAP diluted EPS of $4.95. The company also reported restructuring and other charges of $0.75 as well as a stock-based compensation expense of $0.76. The non-GAAP operating margin stood at 5.2% and non-GAAP EPS at $5.70.
Financial Achievements and Initiatives
During the fiscal fourth quarter, Plexus Corp (NASDAQ:PLXS) won 30 manufacturing programs, representing $192 million in annualized revenue when fully ramped into production. The company also purchased $3.4 million of its shares at an average price of $98.91 per share under its current $50.0 million share repurchase authorization, leaving $5.7 million available.
For the fiscal year 2023, the company delivered $62 million of free cash flow and produced a return on invested capital (ROIC) of 13.4%, representing an economic return of 440 basis points above its weighted average cost of capital of 9.0%. The company also purchased $40.9 million of its shares at an average price of $95.96 per share under its share repurchase authorization.
Future Outlook
For the fiscal first quarter 2024, Plexus Corp (NASDAQ:PLXS) is guiding revenue of $990 million to $1.03 billion, GAAP operating margin of 4.8% to 5.3%, and GAAP EPS of $1.15 to $1.33. The company expects to benefit from sustained, robust commercial aerospace demand, improving semiconductor capital equipment demand, and new program ramps.
Explore the complete 8-K earnings release (here) from Plexus Corp for further details.
This article first appeared on GuruFocus.
