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Plexus Q1 Earnings Call Highlights
['Stacy Sanders']
Daily Political
For the fiscal second quarter, Plexus guided revenue of $1.11 billion to $1.15 billion, which would represent 6% sequential growth and 15% year-over-year growth at the midpoint.
COO Oliver Mihm said aerospace and defense revenue increased 3% sequentially in the first quarter, slightly below Plexus’ expectations due to customer end-of-year inventory management.
Plexus expects the sector to be flat to up low single digits sequentially in the second quarter, reflecting modest growth in therapeutics.
Cash cycle at quarter-end was 69 days, within guidance but six days higher sequentially, primarily due to increased inventory days supporting anticipated revenue growth.
For the second quarter, Plexus guided cash cycle of 65 to 69 days and expects break-even to slight cash usage as working capital investments continue.