Plexus Reports 61 Cents EPS (PLXS)

Neenah, Wisconsin-based Plexus Corp. PLXS late on Wednesday released financial results that met Wall Street expectations. Plexus Corp reported that its 1st quarter net income rose to $25 million, or 61 cents per share, up from $17.8 million, or 44 cents per share, a year earlier. Plexus Corp reported revenue of $565.77 million, up from $430.4 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 59 cents per share, on revenue of $565.89 million. President and CEO Dean Foate said, "While the fiscal first quarter met our expectations for modest sequential growth, the mid-point of the guidance suggests a modest decline in revenues in the fiscal second quarter of 2011. We are establishing fiscal second quarter 2011 revenue guidance of $540 to $570 million with EPS of $0.53 to $0.58, excluding any restructuring charges and including approximately $0.08 per share of stock-based compensation expense." Plexus Corp. (PLXS) ended the Wednesday trading session at $30.65 per share. Analysts covering the company's stock have a consensus price target of $35.14 per share. Plexus Corporation's customer focused services model integrates innovative product conceptualization, design, commercialization, manufacturing, fulfillment, and sustaining services to deliver comprehensive end-to-end solutions for customers in the North American, European and Asia-Pacific regions. Read more from Benzinga's Company news.