Katie Dean
Plexus (PLXS Quote - Cramer on PLXS - Stock Picks) offered a weak outlook for the current quarter and lowered its full-year estimates late Wednesday after missing Wall Street's first-quarter revenue forecast.
The Neenah, Wis.-based electronics manufacturing services company earned $15.1 million, or 32 cents a share, for the first quarter, up from $13.8 million, or 31 cents a share, in the same period last year. Excluding certain items, Plexus earned $15.5 million, or 33 cents a share, compared with $13.8 million, or 31 cents a share, in the year-ago quarter. That hit the target forecast by analysts surveyed by Thomson First Call. On the top line, Plexus reported $380.8 million, rising from $328.3 million a year ago but falling short of the $390.4 million expected by analysts. Investors sent shares spiraling down 18.7%, or $3.97, to $17.25 in recent after-hours trading. "As we look to Q2, we are experiencing softness with a number of customers across all of our market sectors," Plexus CEO Dean Foate said in a statement. "Additionally, we continue to have poor visibility into the decision-making process concerning potential follow-on orders for a large defense contract," Foate said. Plexus anticipates EPS, excluding restructuring charges, in the range of 15 cents to 19 cents. The consensus had predicted a much more bullish outlook, forecasting 35 cents a share for the second quarter.
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