Plexus Corp. Files Q3 2024 10-Q

TL;DR

PLEXUS CORP Q3 24 10-Q FILED - CHECK FINANCIALS

AI Summary

Plexus Corp. reported its third-quarter results for the period ending June 29, 2024. The company's fiscal year ends on September 28, 2024. Specific financial figures for the quarter and year-to-date are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance data for Plexus Corp., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating immediate or significant new risks.

Key Numbers

• 20240629 — End of Fiscal Quarter (The reporting period concluded on this date.)
• 20240802 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 0928 — Fiscal Year End (Indicates the end of Plexus Corp.'s fiscal year.)

Key Players & Entities

• PLEXUS CORP (company) — Filer
• 20240629 (date) — End of reporting period
• 20240802 (date) — Filing date
• WI (location) — State of incorporation and business address
• 9209696000 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value PLXS The Nasdaq Global Select

Filing Documents

• plxs-20240629.htm (10-Q) — 1088KB
• exhibit1012024plexusperfor.htm (EX-10.1) — 39KB
• exhibit1022024plexusperfor.htm (EX-10.2) — 43KB
• exhibit1032024plexusrestri.htm (EX-10.3) — 18KB
• exhibit1042024plexusdirect.htm (EX-10.4) — 10KB
• plxsf2410-qq3exhibit311.htm (EX-31.1) — 10KB
• plxsf2410-qq3exhibit312.htm (EX-31.2) — 10KB
• plxsf2410-qq3exhibit321.htm (EX-32.1) — 5KB
• plxsf2410-qq3exhibit322.htm (EX-32.2) — 5KB
• plxsf2410-qq3exhibit991.htm (EX-99.1) — 78KB
• plxs-20240629_g1.gif (GRAPHIC) — 124KB
• 0000785786-24-000056.txt ( ) — 6416KB
• plxs-20240629.xsd (EX-101.SCH) — 39KB
• plxs-20240629_cal.xml (EX-101.CAL) — 51KB
• plxs-20240629_def.xml (EX-101.DEF) — 167KB
• plxs-20240629_lab.xml (EX-101.LAB) — 408KB
• plxs-20240629_pre.xml (EX-101.PRE) — 308KB
• plxs-20240629_htm.xml (XML) — 1001KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 3 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Balance Sheets 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 20 "Safe Harbor" Cautionary Statement Under the Private Securities Litigation Reform Act of 1995 20 Overview 21 Results of Operations 22 Liquidity and Capital Resources 27 Disclosure About Critical Accounting Policies 30 New Accounting Pronouncements 30

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 30

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 31

OTHER INFORMATION

PART II. OTHER INFORMATION 31

Risk Factors

ITEM 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Procee d s

ITEM 2. Unregistered Sales of Equity Securities and Use of Procee d s 32

Other Information

ITEM 5. Other Information 32

Exhibits

ITEM 6. Exhibits 33

SIGNATURES

SIGNATURES 34 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 Nine Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net sales $ 960,751 $ 1,021,610 $ 2,910,258 $ 3,186,358 Cost of sales 866,336 927,964 2,639,640 2,888,520 Gross profit 94,415 93,646 270,618 297,838 Selling and administrative expenses 45,950 42,348 136,487 132,257 Restructuring and other charges, net 9,219 23,094 20,257 23,094 Operating income 39,246 28,204 113,874 142,487 Other income (expense): Interest expense ( 7,389 ) ( 8,231 ) ( 23,299 ) ( 23,412 ) Interest income 1,015 598 2,640 2,291 Miscellaneous, net ( 2,568 ) ( 3,194 ) ( 9,097 ) ( 6,750 ) Income before income taxes 30,304 17,377 84,118 114,616 Income tax expense 5,164 1,578 13,524 15,783 Net income $ 25,140 $ 15,799 $ 70,594 $ 98,833 Earnings per share: Basic $ 0.92 $ 0.57 $ 2.57 $ 3.58 Diluted $ 0.91 $ 0.56 $ 2.53 $ 3.51 Weighted average shares outstanding: Basic 27,364 27,561 27,463 27,619 Diluted 27,765 27,992 27,918 28,169 Comprehensive income: Net income $ 25,140 $ 15,799 $ 70,594 $ 98,833 Other comprehensive (loss) income: Derivative instrument and other fair value adjustments ( 5,397 ) ( 6,630 ) 1,391 4,733 Foreign currency translation adjustments ( 1,637 ) 2,357 7,207 19,286 Other comprehensive (loss) income ( 7,034 ) ( 4,273 ) 8,598 24,019 Total comprehensive income $ 18,106 $ 11,526 $ 79,192 $ 122,852 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) June 29, 2024 September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 269,868 $ 256,233 Restricted cash 22 421 Accounts receivable, net of allowances of $ 1,876 and $ 1,914 , respectively 643,786 6

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