NEENAH, Wis. – Shares of Plexus Corp. rose Thursday after the company said its fiscal third-quarter profit more than doubled to beat Wall Street’s expectations, and forecast another healthy quarter.
Plexus ( PLXS – news – people ), which provides design, manufacturing and testing services to manufacturers, said it operations in all sectors except for wireless infrastructure gained ground in the quarter.
On Wednesday, Plexus said it earned $24.4 million, or 59 cents per share, which includes 6 cents per share in stock-based compensation expenses. That compares with $9.2 million, or 23 cents per share, in the same quarter a year ago.
Revenue rose by 42 percent to $536.4 million from $378.6 million.
Analysts were expecting a profit of 57 cents per share on revenue of $529.7 million.
Revenue from its wireline and networking division, which generates 42 percent of total revenue, rose by 6 percent while the wireless segment fell by 13 percent. Sales to industrial and commercial clients rose by 21 percent while medical and defense sales were up 19 percent and 16 percent, respectively.
For the fourth quarter, Plexus expects to report revenue of $530 million to $555 million and earn between 58 cents per share and 63 cents per share, excluding restructuring charges but including around 6 cents per share in stock-based compensation expenses.
That’s in line with analysts’ average forecast of 62 cents per share and revenue of $555.1 million.
Plexus said it’s building a manufacturing plant in Penang, Malaysia, which should be up and running in fiscal 2012. It expects to announce more new plants in fiscal 2011, likely to be located in China and Romania.
Shares of Plexus, based in Neenah, Wis., rose by $1.16, or 4 percent, to $30.02 in afternoon trading.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Plexus shares rise as 3Q profit more than doubles
NEENAH, Wis. – Shares of Plexus Corp. rose Thursday after the company said its fiscal third-quarter profit more than doubled to beat Wall Street’s expectations, and forecast another healthy quarter.
Plexus ( PLXS – news – people ), which provides design, manufacturing and testing services to manufacturers, said it operations in all sectors except for wireless infrastructure gained ground in the quarter.
On Wednesday, Plexus said it earned $24.4 million, or 59 cents per share, which includes 6 cents per share in stock-based compensation expenses. That compares with $9.2 million, or 23 cents per share, in the same quarter a year ago.
Revenue rose by 42 percent to $536.4 million from $378.6 million.
Analysts were expecting a profit of 57 cents per share on revenue of $529.7 million.
Revenue from its wireline and networking division, which generates 42 percent of total revenue, rose by 6 percent while the wireless segment fell by 13 percent. Sales to industrial and commercial clients rose by 21 percent while medical and defense sales were up 19 percent and 16 percent, respectively.
For the fourth quarter, Plexus expects to report revenue of $530 million to $555 million and earn between 58 cents per share and 63 cents per share, excluding restructuring charges but including around 6 cents per share in stock-based compensation expenses.
That’s in line with analysts’ average forecast of 62 cents per share and revenue of $555.1 million.
Plexus said it’s building a manufacturing plant in Penang, Malaysia, which should be up and running in fiscal 2012. It expects to announce more new plants in fiscal 2011, likely to be located in China and Romania.
Shares of Plexus, based in Neenah, Wis., rose by $1.16, or 4 percent, to $30.02 in afternoon trading.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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