Plexus fiscal 2Q profit down on weaker demand

Plexus fiscal 2Q profit and revenue fall on weaker demand

Associated Press

NEENAH, Wis. (AP) -- Plexus Corp., an electronic manufacturing services company, reported fiscal second-quarter net income fell nearly 10 percent. The results met market expectations.

The company reported after the market closed Wednesday that it earned $18 million, or 52 cents per share, for the quarter that ended March 30. That compares with $20 million, or 56 cents per share, in the same quarter last year.

Revenue fell to $557.8 million from $573.5 million, with weak demand in its network segment.

Analysts polled by FactSet forecast earnings of 52 cents per share on revenue of $567.9 million.

Plexus, based in Neenah, Wis., expects adjusted earnings of 55 to 62 cents per share in its fiscal third quarter and revenue of $550 million to $580 million. Analysts, on average, estimated 59 cents per share on revenue of $593.7 million.

Shares fell 7 cents to close at $25.33 amid a broad market decline.