Last Update: 08-Jan-13 07:41 ET
Plexus shares fall 4% after it lowered first quarter guidance
Plexus (PLXS $24.70 -1.10) announced that it expects to report revenue and earnings below the guidance provided for the fiscal first quarter of 2013. Revenue is expected to be approximately $531 million (versus the $562.3 million Capital IQ consensus, with diluted earnings per share expected to be in the range of $0.45 to $0.47, excluding any restructuring charges versus the $0.52 consensus Estimate). The original fiscal first quarter guidance was revenue of $550 to $580 million with diluted earnings per share of $0.50 to $0.55, excluding any restructuring charges. Dean Foate, President and CEO, commented, "While manufacturing demand softened across all of our sectors during the quarter, in particular we did not experience the typical demand-pull of products in our Networking/Communications sector in the final few weeks of the quarter. As a consequence, our Networking/Communications sector revenue was substantially below our expectations for the quarter and accounted for the majority of the shortfall to our original guidance."
Plexus (PLXS $24.70 -1.10) announced that it expects to report revenue and earnings below the guidance provided for the fiscal first quarter of 2013.