Plexus slips 11% as communications revenue tumbles

|About: Plexus Corp. (PLXS)|By:, SA News Editor

Electronics manufacturer Plexus (NASDAQ:PLXS) has slipped 10.7% in after-hours trade following a revenue miss in its Q2 results after sales dipped on a Y/Y basis and the company offered downbeat guidance for the coming quarter.

Profits beat expectations, with EPS coming in at $0.84, thanks to "robust productivity improvements, favorable product mix, and exceptional engineering solutions performance," CEO Todd Kelsey says.

But Communications revenue was weak and Kelsey said continued end-market weakness there would offset other growth.

Revenue breakout: Healthcare/Life Sciences, $205M (up 7.9%); Industrial/Commercial, $194M (up 14.8%); Communications, $108M (down 31.2%); Defense/Security/Aerospace, $99M (down 3.9%).

For Q3, it's guiding to revenue of $595M-$625M (below an expected $687.5M), and EPS on a GAAP basis of $0.68-$0.76 (below consensus for $0.86).

Conference call to come tomorrow at 8:30 a.m. ET.

Press Release