Plexus Corp. reported a significant increase in financial performance for the first quarter of fiscal 2026, ending January 3, 2026. The company achieved net sales of $1,069.9 million, a 9.6% increase from $976.1 million in the same period the previous year. Gross profit rose to $106.1 million, up from $100.7 million, while net income increased to $41.2 million, compared to $37.3 million in the prior year. This resulted in diluted earnings per share of $1.51, up from $1.34.
The company's operational metrics showed notable changes compared to the previous fiscal period. The increase in net sales was driven by strong demand across various sectors, particularly in Aerospace/Defense and Healthcare/Life Sciences, which saw sales rise by 11.5% and 24.6%, respectively. The Americas segment experienced a 25.9% increase in sales, attributed to production ramps of new products and heightened customer demand. However, the Industrial sector saw a decline of 3.7% in sales, primarily due to customer disengagements.
Plexus also reported strategic developments, including a share repurchase program initiated in May 2025, which authorized the repurchase of up to $100 million of common stock. During the first quarter, the company repurchased 152,987 shares for $22.4 million. The company’s employee headcount remained stable at over 20,000 across its 27 facilities, supporting its operational capabilities.
Operationally, Plexus faced challenges with cash flow, reporting cash flows used in operating activities of $15.4 million, a stark contrast to the $53.6 million generated in the same quarter last year. This decline was attributed to increased inventory levels and changes in accounts receivable and payable. The company’s cash and cash equivalents decreased to $249.4 million from $306.8 million at the end of the previous fiscal year, with 91% of this balance held outside the U.S.
Looking ahead, Plexus anticipates continued growth driven by its strategic focus on high-demand sectors and new product launches. The company expects to maintain its operational efficiency while navigating potential challenges related to supply chain constraints and increased working capital requirements. The effective tax rate for fiscal 2026 is projected to be between 16% and 18%, reflecting the impact of global tax regulations.
About PLEXUS CORP
Plexus Corp. designs, manufactures, and services highly complex electronic products for markets including aerospace, defense, healthcare, and industrial sectors. It offers integrated solutions across product lifecycle stages—design, supply chain management, manufacturing, and after-market services—supporting global customers with a focus on quality, regulatory compliance, and sustainability. Its business model emphasizes operational excellence, innovation, and a global footprint to deliver tailored, high-value manufacturing solutions.
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