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Plexus (PLXS) Q4 Earnings Lag Estimates, Revenues Down Y/Y

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  • PLXS
  • CGNX

Plexus PLXS reported fourth-quarter fiscal 2021 adjusted earnings of $1.16 per share that missed the Zacks Consensus Estimate by 2.5% and decreased 7.9% year over year.

Revenues of $843.2 million missed the consensus mark by 6.1% and declined 7.7% year over year.

Asia-Pacific; Europe, and the Middle East and Africa; and Americas revenues declined 1.8%, 25.3% and 8.1%, respectively, in the reported quarter.

Plexus won 38 manufacturing contracts during the quarter, worth $251 million in annualized revenues. Trailing four-quarter manufacturing wins totaled more than $1.03 billion in annualized revenues.

Plexus Corp. Price, Consensus and EPS Surprise

Plexus Corp. Price, Consensus and EPS Surprise
Plexus Corp. Price, Consensus and EPS Surprise

Plexus Corp. price-consensus-eps-surprise-chart | Plexus Corp. Quote

Market Sector Details

Industrial revenues fell 8.2% year over year to $392 million and accounted for 46.5% of total revenues. Beginning first-quarter fiscal 2021, Plexus consolidated the previously reported Industrial/Commercial and Communications market sectors to form the Industrial market sector.

Healthcare/Life Sciences revenues decreased 3.5% from the year-ago quarter to $333 million. The sector accounted for 39.5% of total revenues.

Aerospace/Defense revenues decreased 16.3% year over year to $118 million and accounted for 14% of total revenues.

Notably, the top 10 customers of the company accounted for 56% of net revenues.

Operating Details

Gross profit on a GAAP basis decreased 11.5% year over year to $79 million. Gross margin contracted 40 basis points (bps) year over year to 9.4%.

Selling and administrative expenses (4.3% of revenues) decreased 5.6% from the year-ago quarter to $36.6 million.

Plexus reported adjusted operating income of $42.3 million, down 15.9% year over year. Adjusted operating margin contracted 50 bps on a year-over-year basis to 5%

Balance Sheet & Cash Flow

As of Oct 2, 2021, Plexus had cash & cash equivalents worth $270.5 million compared with $303.3 million as of Jul 3, 2021.

As of Oct 2, 2021, the company had long-term debt of $187 million compared with $187.7 million as of Jul 3, 2021.

In fourth-quarter fiscal 2021, cash flow provided by operations was $11 million. The company reported free cash outflow of $11.7 million.

Guidance

For first-quarter fiscal 2022, revenues are projected between $825 million and $865 million. GAAP operating margin is expected between 4.6% and 5%.

GAAP earnings are expected between $1.01 and $1.17 per share.

Zacks Rank & Stocks to Consider

Plexus currently has a Zacks Rank #2 (Buy).

Similar-ranked stocks are Apple AAPL, Trimble TRMB and Cognex CGNX. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Apple, Trimble and Cognex are set to report their quarterly earnings on Oct 28, Nov 3 and Nov 4.


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Plexus Corp. (PLXS) : Free Stock Analysis Report

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