Plexus Corp. Files 10-Q for Period Ending December 30, 2023

Ticker: PLXS · Form: 10-Q · Filed: Feb 2, 2024 · CIK: 785786

Complexity: simple

Sentiment: neutral

Topics: 10-Q, Plexus Corp, Financials, SEC Filing, Electronics Manufacturing

TL;DR

<b>Plexus Corp. filed its Q1 2024 10-Q, detailing financial performance and balance sheet items as of December 30, 2023.</b>

AI Summary

PLEXUS CORP (PLXS) filed a Quarterly Report (10-Q) with the SEC on February 2, 2024. Plexus Corp. reported financial results for the period ending December 30, 2023. The filing includes data on common stock, additional paid-in capital, treasury stock, retained earnings, and accumulated other comprehensive income. Key balance sheet items such as inventories are detailed. Information regarding senior notes, including specific series like the 4.05% Senior Notes, is provided. The company's fiscal year ends on September 28.

Why It Matters

For investors and stakeholders tracking PLEXUS CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial snapshot of Plexus Corp., crucial for understanding its operational performance and financial health. The detailed breakdown of equity, debt, and assets allows for a thorough analysis of the company's financial structure and its ability to meet obligations.

Risk Assessment

Risk Level: medium — PLEXUS CORP shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a routine update on financial performance. The risk is medium due to the inherent volatility and cyclicality of the manufacturing and electronics sectors in which Plexus operates, as detailed in typical risk factor sections of such filings.

Analyst Insight

Investors should review the detailed financial statements and risk factors in this 10-Q to assess Plexus Corp.'s current financial position and future outlook.

Key Numbers

Key Players & Entities

Forward-Looking Statements

FAQ

When did PLEXUS CORP file this 10-Q?

PLEXUS CORP filed this Quarterly Report (10-Q) with the SEC on February 2, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by PLEXUS CORP (PLXS).

Where can I read the original 10-Q filing from PLEXUS CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by PLEXUS CORP.

What are the key takeaways from PLEXUS CORP's 10-Q?

PLEXUS CORP filed this 10-Q on February 2, 2024. Key takeaways: Plexus Corp. reported financial results for the period ending December 30, 2023.. The filing includes data on common stock, additional paid-in capital, treasury stock, retained earnings, and accumulated other comprehensive income.. Key balance sheet items such as inventories are detailed..

Is PLEXUS CORP a risky investment based on this filing?

Based on this 10-Q, PLEXUS CORP presents a moderate-risk profile. The filing is a standard 10-Q, which provides a routine update on financial performance. The risk is medium due to the inherent volatility and cyclicality of the manufacturing and electronics sectors in which Plexus operates, as detailed in typical risk factor sections of such filings.

What should investors do after reading PLEXUS CORP's 10-Q?

Investors should review the detailed financial statements and risk factors in this 10-Q to assess Plexus Corp.'s current financial position and future outlook. The overall sentiment from this filing is neutral.

Key Dates

Glossary

10-Q
A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition and performance.)
Common Stock
A security that represents ownership in a corporation. (Key component of shareholder equity, indicating the number of shares outstanding and their value.)
Retained Earnings
The cumulative amount of net income of a corporation that has not been distributed to its shareholders as dividends. (Reflects the company's profitability over time and its ability to reinvest earnings back into the business.)

Filing Stats: 4,436 words · 18 min read · ~15 pages · Grade level 15.7 · Accepted 2024-02-02 08:08:57

Key Financial Figures

Filing Documents

. FINANCIAL INFORMATION

PART I . FINANCIAL INFORMATION 3

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 3 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Balance Sheet 4 Condensed Consolidated Statements of Shareholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 18 "Safe Harbor" Cautionary Statement Under the Private Securities Litigation Reform Act of 1995 18 Overview 19 Results of Operations 19 Liquidity of Capital Resources 23 Disclosure About Critical Accounting Policies 26 New Accounting Pronouncements 26

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 26

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 27

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 27

OTHER INFORMATION

PART II. OTHER INFORMATION 27

Risk Factors

ITEM 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceed

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceed 28

Exhibits

ITEM 6. Exhibits 28

SIGNATURES

SIGNATURES 29 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS PLEXUS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands, except per share data) Unaudited Three Months Ended December 30, 2023 December 31, 2022 Net sales $ 982,607 $ 1,093,925 Cost of sales 894,467 992,726 Gross profit 88,140 101,199 Selling and administrative expenses 42,982 43,858 Operating income 45,158 57,341 Other income (expense): Interest expense ( 7,617 ) ( 6,894 ) Interest income 808 934 Miscellaneous, net ( 3,502 ) ( 1,944 ) Income before income taxes 34,847 49,437 Income tax expense 5,632 7,247 Net income $ 29,215 $ 42,190 Earnings per share: Basic $ 1.06 $ 1.53 Diluted $ 1.04 $ 1.49 Weighted average shares outstanding: Basic 27,485 27,639 Diluted 28,013 28,305 Comprehensive income: Net income $ 29,215 $ 42,190 Other comprehensive income: Derivative instrument and other fair value adjustments 8,397 8,439 Foreign currency translation adjustments 12,489 13,777 Other comprehensive income 20,886 22,216 Total comprehensive income $ 50,101 $ 64,406 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents PLEXUS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) Unaudited December 30, 2023 September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 231,982 $ 256,233 Restricted cash 430 421 Accounts receivable, net of allowances of $ 1,808 and $ 1,914 , respectively 656,207 661,542 Contract assets 131,640 142,297 Inventories 1,575,094 1,562,037 Prepaid expenses and other 54,879 49,693 Total current assets 2,650,232 2,672,223 Property, plant and equipment, net 498,979 492,036 Operating lease right-of-use assets 67,420 69,363 Deferred income taxes 62,721 62,590 Other assets 25,261 24,960 Total non-current assets 654,381 648,949 Total assets $ 3,304,613 $ 3,321,172 LIABILITIES AND SHAREHOLDERS' EQUITY Current li

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