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Plexus Profits Jump Fourfold

Cites strong sales in networking.


(PLXS) - Get Plexus Corp. Report

said first-quarter earnings rose fourfold from a year ago, aided by strong sales in its networking products and improved operating margins.

The company earned $12.6 million, or 28 cents a share, in the quarter, compared with $3.0 million, or 7 cents a share, a year ago. Adjusted for items, earnings were 30 cents a share in the most recent quarter. On that basis, analysts surveyed by Thomson First Call were expecting earnings of 23 cents a share.

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First-quarter revenue rose 14% from a year ago to $328.3 million. Analysts were expecting revenue of $320.97 million in the most recent quarter.

Plexus expects earnings of 31 cents to 36 cents a share on sales of $330 million to $345 million for the second quarter while reaffirming full-year revenue growth of 15% to 18%. Analysts were expecting earnings of 25 cents a share on revenue of $334.75 million for the second quarter.

Operating income grew by fourfold to $12.9 million whereas operating margins improved by 276 basis points.

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