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Plexus profit misses consensus by 22.9% in fiscal Q1

Plexus Corp. said its normalized net income for the fiscal first quarter ended Jan. 2 amounted to 35 cents per share, compared with the S&P Capital IQ consensus estimate of 45 cents per share.

EPS decreased 31.4% year over year from 50 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $11.8 million, a decline of 32.2% from $17.3 million in the year-earlier period.

The normalized profit margin dropped to 1.9% from 2.6% in the year-earlier period.

Total revenue declined 7.2% on an annual basis to $616.7 million from $664.7 million, and total operating expenses fell 6.4% year over year to $593.6 million from $634.2 million.

Reported net income declined 38.0% on an annual basis to $14.3 million, or 42 cents per share, from $23.1 million, or 67 cents per share.