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Plexus Corp. (PLXS-1.03%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing net sales of $976.1 million, a slight decrease from $982.6 million in the same quarter the previous year. The decrease is attributed to lower sales in the Americas and EMEA regions, partially offset by increased sales in the APAC region.
Cost of sales for the quarter was $875.4 million, down from $894.5 million in the same quarter of the previous year. This decrease is attributed to a positive shift in customer mix and reduced fixed costs.
The company reported a gross profit of $100.7 million, up from $88.1 million in the previous year, with the increase attributed to improved customer mix and cost reductions.
Operating income for the quarter was $46.9 million, compared to $45.2 million in the previous year. The increase is due to higher gross profit, despite increased selling and administrative expenses and restructuring charges.
Net income for the quarter was $37.3 million, up from $29.2 million in the previous year. Diluted earnings per share increased to $1.34 from $1.04.
Cash provided by operating activities was $53.6 million, while cash used in investing and financing activities was $26.4 million and $52.8 million, respectively.
Plexus had cash and cash equivalents of $317.8 million as of December 28, 2024. The company continues to manage its cash cycle effectively, with an annualized cash cycle of 68 days.
The filing also details the company's share repurchase activities, with 84,823 shares repurchased during the quarter for $12.8 million under the 2025 Program.
Plexus does not anticipate significant changes in its tax rate for fiscal 2025, with an expected annual effective tax rate of 14.0% to 16.0%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Plexus Corp. quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.