Plexus Corp. (PLXS, Financial) filed Quarterly Report for the period ended 2010-07-03.
Plexus Corp. has a market cap of $1.19 billion; its shares were traded at around $29.54 with a P/E ratio of 15.9 and P/S ratio of 0.7. Plexus Corp. had an annual average earning growth of 33.9% over the past 5 years.PLXS is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of Royce& Associates, James Barrow of Barrow, Hanley, Mewhinney & Strauss.
Net income for the three months ended July 3, 2010 increased by $15.2 million to $24.4 million from the three months ended July 4, 2009, and diluted earnings per share increased to $0.59 in the current year period from $0.23 in the prior year period. Net income increased from the prior year period due to increased sales, higher gross margins, and a lower effective tax rate, partially offset by higher selling and administrative expenses. The effective tax rate in the current year period was 2 percent as compared to 10 percent in the prior year period. The decrease in effective tax rate for the current year period as compared to the prior year period was primarily due to a smaller proportion of the Companys projected fiscal 2010 pre-tax income from our North American sites, driven by changes in customer and product mix.
Nine months ended July 3, 2010. Net sales for the nine months ended July 3, 2010, of $1,457.8 million increased by $234.2 million, or 19.1 percent, over the nine months ended July 4, 2009. Net sales increased in all of our market sectors during the current year period, except for a slight decrease in the defense/security/aerospace sector. The overall higher net sales were driven primarily by stronger end-market conditions, as well as the ramp of production for new customer programs in the wireline/networking, wireless infrastructure, medical, and industrial/commercial sectors. Net sales to Juniper decreased as described above.
Selling and administrative expenses for the nine months ended July 3, 2010 were $79.9 million, an increase of $9.8 million, or 14.0 percent, over the nine months ended July 4, 2009. The current year period included higher
Net income for the nine months ended July 3, 2010 increased to $62.9 million from $31.3 million in the prior year period, and diluted earnings per share increased to $1.54 from $0.79 in the prior year period. Net income increased from the prior year period due to overall increased sales, higher gross margins, and a lower effective tax rate, offset by higher selling and administrative and fixed expenses. The effective tax rate in the current year period was 2 percent versus 4 percent in the prior year period. The decrease in effective tax rate from the prior year period was primarily due to a smaller proportion of the Companys projected fiscal 2010 pre-tax income from our North American sites, driven by changes in customer and product mix, offset by the absence in 2010 of a net $1.4 million tax benefit resulting from a discrete event occurring in the nine month period ended July 4, 2009.
Based on customer forecasts and current economic conditions, we currently expect net sales in the fourth quarter of fiscal 2010 to be in the range of $530 million to $555 million; however, our results will ultimately depend upon the actual level of customer orders and production. We are currently in a constrained supply environment which may cause periods of parts shortages and delays for some components, based on lack of capacity at some of our suppliers to meet increased demand from the improving economic outlook. We believe we will have sufficient parts availability to support our revenue guidance for the fourth quarter of fiscal 2010 and are managing this issue aggressively to support revenue in future quarters, but we cannot guarantee that part shortages, delays and/or price increases will not negatively impact net sales, inventory levels, component costs, and margin. We will also be subject to changes in factors affecting the economy as a whole. Assuming that net sales are in the range noted above, we would currently expect to earn, before any restructuring and impairment costs, between $0.58 to $0.63 per diluted share in the fourth quarter of fiscal 2010.
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Plexus Corp. has a market cap of $1.19 billion; its shares were traded at around $29.54 with a P/E ratio of 15.9 and P/S ratio of 0.7. Plexus Corp. had an annual average earning growth of 33.9% over the past 5 years.PLXS is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of Royce& Associates, James Barrow of Barrow, Hanley, Mewhinney & Strauss.
Highlight of Business Operations:
Selling and administrative expenses for the three months ended July 3, 2010 were $28.5 million, an increase of $6.0 million, or 26.8 percent, over the three months ended July 4, 2009. The current year period increase was primarily related to higher variable incentive compensation expense as a result of strong financial performance and increased headcount to support revenue growth.Net income for the three months ended July 3, 2010 increased by $15.2 million to $24.4 million from the three months ended July 4, 2009, and diluted earnings per share increased to $0.59 in the current year period from $0.23 in the prior year period. Net income increased from the prior year period due to increased sales, higher gross margins, and a lower effective tax rate, partially offset by higher selling and administrative expenses. The effective tax rate in the current year period was 2 percent as compared to 10 percent in the prior year period. The decrease in effective tax rate for the current year period as compared to the prior year period was primarily due to a smaller proportion of the Companys projected fiscal 2010 pre-tax income from our North American sites, driven by changes in customer and product mix.
Nine months ended July 3, 2010. Net sales for the nine months ended July 3, 2010, of $1,457.8 million increased by $234.2 million, or 19.1 percent, over the nine months ended July 4, 2009. Net sales increased in all of our market sectors during the current year period, except for a slight decrease in the defense/security/aerospace sector. The overall higher net sales were driven primarily by stronger end-market conditions, as well as the ramp of production for new customer programs in the wireline/networking, wireless infrastructure, medical, and industrial/commercial sectors. Net sales to Juniper decreased as described above.
Selling and administrative expenses for the nine months ended July 3, 2010 were $79.9 million, an increase of $9.8 million, or 14.0 percent, over the nine months ended July 4, 2009. The current year period included higher
Net income for the nine months ended July 3, 2010 increased to $62.9 million from $31.3 million in the prior year period, and diluted earnings per share increased to $1.54 from $0.79 in the prior year period. Net income increased from the prior year period due to overall increased sales, higher gross margins, and a lower effective tax rate, offset by higher selling and administrative and fixed expenses. The effective tax rate in the current year period was 2 percent versus 4 percent in the prior year period. The decrease in effective tax rate from the prior year period was primarily due to a smaller proportion of the Companys projected fiscal 2010 pre-tax income from our North American sites, driven by changes in customer and product mix, offset by the absence in 2010 of a net $1.4 million tax benefit resulting from a discrete event occurring in the nine month period ended July 4, 2009.
Based on customer forecasts and current economic conditions, we currently expect net sales in the fourth quarter of fiscal 2010 to be in the range of $530 million to $555 million; however, our results will ultimately depend upon the actual level of customer orders and production. We are currently in a constrained supply environment which may cause periods of parts shortages and delays for some components, based on lack of capacity at some of our suppliers to meet increased demand from the improving economic outlook. We believe we will have sufficient parts availability to support our revenue guidance for the fourth quarter of fiscal 2010 and are managing this issue aggressively to support revenue in future quarters, but we cannot guarantee that part shortages, delays and/or price increases will not negatively impact net sales, inventory levels, component costs, and margin. We will also be subject to changes in factors affecting the economy as a whole. Assuming that net sales are in the range noted above, we would currently expect to earn, before any restructuring and impairment costs, between $0.58 to $0.63 per diluted share in the fourth quarter of fiscal 2010.
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