Plexus Reports Record $2.01B Revenue With 25% Growth For Fiscal 2010

Record Fiscal Fourth Quarter Revenue of $556 Million, EPS of $0.65

 

Initiates Q1 Revenue Guidance of $550 - $580 Million

NEENAH, Wis., Oct. 27, 2010 (GLOBE NEWSWIRE) -- Plexus Corp. (Nasdaq:PLXS) today announced:

Fiscal 2010 Results:

• Revenue: $2.01 billion, up 25% over prior year
• Diluted EPS: $2.19 including $0.23 per share of stock-based compensation expense
• Return on invested capital (ROIC): 19.5%

Q4 Fiscal 2010 Results (quarter ended October 2, 2010):

• Revenue: $556 million, relative to guidance of $530 to $555 million
• Diluted EPS: $0.65, including $0.06 per share of stock-based compensation expense, relative to guidance of $0.58 to $0.63

Q1 Fiscal 2011 Guidance:

• Revenue: $550 to $580 million
• Diluted EPS: $0.56 to $0.62, excluding any restructuring charges and including approximately $0.06 per share of stock-based compensation expense

Dean Foate, President and CEO, commented, "Fiscal year 2010 was an excellent year for Plexus. We delivered revenue growth of 25%, ending the year at a record $2.01 billion. Return on invested capital improved to 19.5%, moving this key financial metric in line with our 20% target. Our exceptional organic revenue growth, coupled with our strong economic profit performance, were outstanding achievements during a period with a continuing sluggish macroeconomic environment."

Mr. Foate added, "Our fiscal fourth quarter performance was at the higher end of expectations, resulting in a strong finish to fiscal year 2010. Revenue grew 3.6% sequentially to $556 million, a record result.  Earnings leverage was strong with EPS of $0.65, up 10% over the prior quarter."

Mr. Foate continued, "During the fiscal fourth quarter we won 24 new manufacturing programs that we anticipate will generate approximately $115 million in annualized revenue. For the full fiscal year we won approximately $501 million in annualized revenue for our manufacturing solutions group, which is based on customer forecasts when ramped to full production and is subject to risks around the timing and ultimate realization of anticipated revenues. Our engineering solutions group continues to build a healthy book of business, winning approximately $21 million of new engineering programs during the fiscal fourth quarter, a record result and strong confirmation of the value of our Product Realization capabilities and brand."