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Plexus Corp. (PLXS-1.27%) has submitted its 10-K filing for the fiscal year ended September 28, 2024.
The filing details a decrease in net sales to $3,960.8 million from $4,210.3 million in the previous year, primarily due to reduced customer demand and market-driven inventory corrections.
Operating income decreased to $167.7 million from $195.8 million, with operating margin declining to 4.2% from 4.7%. This was attributed to a decrease in gross profit and increased selling and administrative expenses.
The company reported net income of $111.8 million, down from $139.1 million in the previous year, resulting in diluted earnings per share of $4.01 compared to $4.95.
Cash provided by operating activities increased significantly to $436.5 million, primarily driven by inventory reduction efforts and improved accounts payable management.
Plexus had a working capital of $1,643.3 million as of September 28, 2024, and cash and cash equivalents of $347.5 million.
The company repurchased 536,440 shares of its common stock during the fiscal year under its 2023 and 2024 share repurchase programs.
Plexus continues to focus on serving the Aerospace/Defense, Healthcare/Life Sciences, and Industrial market sectors, with no single customer accounting for more than 10% of net sales.
The company maintains a tax holiday for a subsidiary in the APAC region, which contributed to a lower effective tax rate of 13.7% for the year.
Plexus' report highlights ongoing challenges such as component shortages, increased competition, and geopolitical risks affecting its global operations.
The company remains committed to sustainability and social impact, with initiatives aimed at reducing emissions and promoting diversity and inclusion within its workforce.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Plexus Corp. annual 10-K report dated November 15, 2024. To report an error, please email earnings@qz.com.