Plexus: 2Q Adjusted Profit Likely To Top Outlook

NEENAH, Wis. (AP) — Plexus Corp. said Thursday that its adjusted fiscal second-quarter profit will likely top the high end of its prior forecast due to a lower-than-expected tax rate and cost cuts.

The electronics manufacturing services provider previously predicted adjusted earnings of 17 cents to 24 cents per share for the quarter.

Analysts polled by Thomson Reuters, whose estimates generally exclude one-time items, forecast net income of 19 cents per share.

The adjusted earnings forecast excludes a $5.7 million goodwill impairment charge related to waning demand at Plexus' Scotland plant. The company does not expect the charge to hurt its liquidity or credit agreement availability.

Plexus' projection also excludes about $2.3 million in restructuring costs related to a Massachusetts plant closing. The amount is substantially higher than the $500,000 in costs that Plexus initially predicted.

The company maintained its outlook for second-quarter revenue between $375 million and $405 million.

Analysts predict revenue of $385.1 million.

Plexus is scheduled to report its quarterly results on April 29.