Plexus again lowers 2nd-quarter outlook

Plexus Corp. revised its second-quarter revenue and per-share results guidance downward for the second time in three months following greater near-term operating inefficiencies.In a press release Thursday, the contract electronics manufacturer said it now expects revenue of $190 million and a loss of 10 cents to 12 cents a share. On Jan. 23, Plexus backed lowered expectations for revenue of $190 million to $200 million and a loss of 2 cents to 5 cents a share.A current Thomson First Call (News) survey of 20 analysts produced a mean loss estimate of 4 cents a share, and a survey of 14 analysts provided a consensus revenue estimate of $192.5 million.Plexus said ongoing softness across all end-markets led the company to narrow its revenue prediction. The company also explained that the implementation of restructuring generated the greater inefficiencies, which then became the primary reason for the wider loss in the second quarter.In December, Plexus made plans to close a manufacturing facility in San Diego as part of the restructuring.Plexus expects to have about $100 million in cash and equivalents at the end of the second quarter, with virtually no debt. The company plans to report second-quarter results and provide third-quarter guidance April 24.Shares of Plexus closed Wednesday at $9.60, down 52 cents, or 5.1%, in Nasdaq trading.Source: PCBnewsline