Plexus Corp
F:PX4
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Plexus Corp
F:PX4
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Plexus Corp
Plexus Corp is an electronics manufacturing services company. It helps other businesses design, build, test, and ship complex electronic products, especially products that need tight quality control and reliable long-life support. Its customers are companies in areas like medical devices, industrial equipment, aerospace and defense, and communications. The company makes money by charging for engineering work, manufacturing labor, materials handling, testing, and supply-chain services. In practice, Plexus sits between the product owner and the factory floor: customers bring a product concept or design, and Plexus turns it into a finished device that can be produced consistently and supported over time. What makes Plexus different is the type of work it focuses on. It is not a mass-market consumer gadget maker; it is a behind-the-scenes partner for demanding, highly engineered products where reliability, regulatory requirements, and long product life matter. That gives it a role as both a builder and a technical manufacturing partner for specialized end markets.
Plexus Corp is an electronics manufacturing services company. It helps other businesses design, build, test, and ship complex electronic products, especially products that need tight quality control and reliable long-life support. Its customers are companies in areas like medical devices, industrial equipment, aerospace and defense, and communications.
The company makes money by charging for engineering work, manufacturing labor, materials handling, testing, and supply-chain services. In practice, Plexus sits between the product owner and the factory floor: customers bring a product concept or design, and Plexus turns it into a finished device that can be produced consistently and supported over time.
What makes Plexus different is the type of work it focuses on. It is not a mass-market consumer gadget maker; it is a behind-the-scenes partner for demanding, highly engineered products where reliability, regulatory requirements, and long product life matter. That gives it a role as both a builder and a technical manufacturing partner for specialized end markets.
Revenue beat: Plexus reported fiscal Q2 revenue of $1.164 billion, above guidance, with its fifth straight quarter of sequential growth and 19% year-over-year growth.
Outlook raised: Management now expects fiscal 2026 revenue growth to be mid-teens or greater, up from the initial outlook, and sees 6% or greater operating margin for the year.
Strong wins: The company booked a record $355 million in new manufacturing program wins in the quarter, with broad contributions across aerospace and defense, healthcare, industrial, and semicap.
Margins hold: Gross margin and operating margin came in at the top end of guidance, helped by mix and fixed-cost leverage, even as Plexus kept investing in efficiency and growth.
Cash cycle pressure: Cash cycle rose to 64 days, better than expected and 5 days lower than last quarter, but management said working capital will rise in Q3 as revenue accelerates.
End markets: Aerospace and defense, industrial, and semiconductor capital equipment were highlighted as key growth drivers, with management saying Plexus is gaining share while demand improves.
Leadership transition: CFO Pat Jermain is retiring after 12 years, and David Abuhl is stepping into the role; management expressed confidence in a smooth transition.
