Weak Outlook Plunks Plexus

Plexus (PLXS) earnings met the Street's expectations for its third quarter, but lower guidance sent shares plummeting after the closing bell.

Plexus shares tanked 16.7%, losing $5.60 to $28.00 in after-hours trading on Instinet.

The electronics manufacturing-services company earned $25.1 million, or 53 cents a share, reversing a loss of $21.5 million, or 50 cents a share, last year.

Non-GAAP net income was also $25.1 million, or 53 cents a share, surging up from $7 million, or 16 cents a share, from the year-ago quarter. On that basis, Plexus hit the Street's earnings target on the button.

On the top line, the Neenah, Wis.-based company reported $397.4 million, jumping from $313.7. Still, the number fell short of analysts' predictions of $399.9 million.

For the fourth quarter, the company said its revenue would range from $390 million to $405 million and sliced its EPS forecast to between 46 cents and 50 cents. Those numbers fall far short of the average analyst forecast of revenue of $418.3 million and an EPS of 56 cents.

The company also said it would close a facility in Maldon, England.

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