Plexus Corp. reported strong financial performance for its fiscal second quarter ended March 29, 2025, with revenue of $980 million, in-line with guidance. The company achieved a non-GAAP operating margin of 5.7%, reaching the high end of its guidance, and non-GAAP diluted earnings per share (EPS) of $1.66, exceeding guidance.
Free cash flow for the quarter was $16.5 million, surpassing expectations. Plexus's cash cycle remained favorable at 68 days, consistent with the prior quarter, and marked the fifth consecutive quarter of gross inventory reduction. The company's return on invested capital (ROIC) was 13.7%, exceeding its weighted average cost of capital by 480 basis points.
Plexus announced 42 manufacturing wins in the quarter, representing $205 million in annualized revenue, including its largest ever sustaining services win for a healthcare customer. The company also approved a new $100 million share repurchase program, following the full utilization of its previous $50 million program. For the fiscal third quarter, Plexus forecasts revenue of $1.00 billion to $1.04 billion, non-GAAP operating margin of 5.7% to 6.1%, and non-GAAP EPS of $1.65 to $1.80.
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