Plexus Corp. Files 10-Q for Q1 2025
Ticker: PLXS · Form: 10-Q · Filed: Jan 31, 2025 · CIK: 785786
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
PLEXUS CORP 10-Q FILED: Q1 2025 RESULTS ARE IN.
AI Summary
Plexus Corp. reported its first quarter results for the period ending December 28, 2024. The company's fiscal year ends on September 27. Key financial details and comparative periods are presented in this 10-Q filing.
Why It Matters
This filing provides investors with the latest financial performance and operational details of Plexus Corp., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.
Key Players & Entities
- PLEXUS CORP (company) — Filer
- 20241228 (date) — Reporting Period End Date
- 20250131 (date) — Filing Date
- 0000785786 (company) — Central Index Key
- WI (location) — State of Incorporation
FAQ
What is the reporting period for this 10-Q filing?
The conformed period of report is December 28, 2024.
When was this 10-Q filing submitted to the SEC?
This filing was submitted on January 31, 2025.
What is Plexus Corp.'s fiscal year end date?
Plexus Corp.'s fiscal year ends on September 27.
What is the Standard Industrial Classification (SIC) code for Plexus Corp.?
The SIC code for Plexus Corp. is 3672, which corresponds to PRINTED CIRCUIT BOARDS.
What is the SEC file number for Plexus Corp.?
The SEC file number for Plexus Corp. is 001-14423.
Filing Stats: 4,443 words · 18 min read · ~15 pages · Grade level 15.2 · Accepted 2025-01-31 08:13:25
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value PLXS The Nasdaq Global Select
Filing Documents
- plxs-20241228.htm (10-Q) — 717KB
- plxsf25q1ex101vicpofficer2.htm (EX-10.1) — 45KB
- plxsf2510-qq1exhibit311.htm (EX-31.1) — 10KB
- plxsf2510-qq1exhibit312.htm (EX-31.2) — 10KB
- plxsf2510-qq1exhibit321.htm (EX-32.1) — 5KB
- plxsf2510-qq1exhibit322.htm (EX-32.2) — 5KB
- plxsf2510-qq1exhibit991.htm (EX-99.1) — 65KB
- plxs-20241228_g1.gif (GRAPHIC) — 124KB
- 0000785786-25-000013.txt ( ) — 5325KB
- plxs-20241228.xsd (EX-101.SCH) — 38KB
- plxs-20241228_cal.xml (EX-101.CAL) — 50KB
- plxs-20241228_def.xml (EX-101.DEF) — 159KB
- plxs-20241228_lab.xml (EX-101.LAB) — 498KB
- plxs-20241228_pre.xml (EX-101.PRE) — 347KB
- plxs-20241228_htm.xml (XML) — 547KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 3
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS 3 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Balance Shee ts 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 19 "Safe Harbor" Cautionary Statement Under the Private Securities Litigation Reform Act of 1995 19 Overview 19 Results of Operations 20 Liquidity and Capital Resources 23 Disclosure About Critical Accounting Estimates 27 New Accounting Pronouncements 27
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 27
CONTROLS AND PROCEDURES
ITEM 4. CONTROLS AND PROCEDURES 28
OTHER INFORMATION
ITEM 5. OTHER INFORMATION 28
OTHER INFORMATION
PART II. OTHER INFORMATION 29
Risk Factors
ITEM 1A. Risk Factors 29
Unregistered Sales of Equity Securities and Use of Procee ds
ITEM 2. Unregistered Sales of Equity Securities and Use of Procee ds 29
Exhibits
ITEM 6. Exhibits 30
SIGNATURES
SIGNATURES 31 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 28, 2024 December 30, 2023 Net sales $ 976,122 $ 982,607 Cost of sales 875,430 894,467 Gross profit 100,692 88,140 Selling and administrative expenses 49,149 42,982 Restructuring and other charges 4,683 — Operating income 46,860 45,158 Other income (expense): Interest expense ( 3,554 ) ( 7,617 ) Interest income 1,234 808 Miscellaneous, net ( 1,046 ) ( 3,502 ) Income before income taxes 43,494 34,847 Income tax expense 6,227 5,632 Net income $ 37,267 $ 29,215 Earnings per share: Basic $ 1.38 $ 1.06 Diluted $ 1.34 $ 1.04 Weighted average shares outstanding: Basic 27,087 27,485 Diluted 27,763 28,013 Comprehensive income: Net income $ 37,267 $ 29,215 Other comprehensive (loss) income: Derivative instrument and other fair value adjustments ( 16,756 ) 8,397 Foreign currency translation adjustments ( 17,360 ) 12,489 Other comprehensive (loss) income ( 34,116 ) 20,886 Total comprehensive income $ 3,151 $ 50,101 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 28, 2024 September 28, 2024 ASSETS Current assets: Cash and cash equivalents $ 317,161 $ 345,109 Restricted cash 688 2,353 Accounts receivable, net of allowances of $ 3,045 and $ 3,189 , respectively 597,470 622,366 Contract assets 128,086 120,560 Inventories 1,290,179 1,311,434 Prepaid expenses and other 53,739 75,328 Total current assets 2,387,323 2,477,150 Property, plant and equipment, net 505,108 501,112 Operating lease right-of-use assets 78,045 74,360 Deferred income taxes 73,832 73,919 Other assets 27,009 27,280 Total non-current assets 683,994 676,671 Total assets $