Plexus Corp. announced its financial results for the fiscal first quarter ended December 28, 2024, reporting revenue of $976 million, which was in-line with expectations. The company achieved a non-GAAP operating margin of 6.0%, aligning with the high end of its guidance and its long-term goal.
Non-GAAP diluted earnings per share (EPS) for the quarter reached $1.73, exceeding guidance. Plexus generated $27 million in free cash flow, marking its best fiscal first quarter free cash flow performance in five years and surpassing expectations. The company now forecasts fiscal 2025 free cash flow of up to $100 million.
During the quarter, Plexus secured 30 manufacturing wins, representing $212 million in annualized revenue, with strong contributions from the Healthcare/Life Sciences sector. The company also reduced its borrowing by $37 million and repurchased $13 million of its shares. For the fiscal second quarter, Plexus expects revenue between $960 million and $1.00 billion, non-GAAP operating margin of 5.3% to 5.7%, and non-GAAP EPS of $1.46 to $1.61.
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