Plexus Corp. (NASDAQ:PLXS) Q2 2018 Earnings Conference Call - Preliminary Transcript

Apr 26, 2018 • 08:30 am ET


Plexus Corp. (NASDAQ:PLXS) Q2 2018 Earnings Conference Call - Preliminary Transcript


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Hello and good morning. Welcome to the Plexus Corp. Conference Call regarding its Fiscal Second Quarter 2018 Earnings Announcement. My name is Michelle, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. After a brief discussion by management, we will open the conference call for questions. The conference call is scheduled to last approximately one hour and is being recorded.

I would now like to turn the call over to Ms. Susan Hanson, Plexus Senior Director of Communications and Investor Relations. Ma'am, you may begin.

Susan Hanson

Thanks, Michelle. Good morning and thank you for joining us today. Some of the statements made and information provided during our call today will be forward-looking statements as they will not be limited to historical facts. The words believe, expect, intend, plan, anticipate and similar terms often identify forward-looking statements. Forward-looking statements are not guarantees since there are inherent difficulties in predicting future results, and actual results could differ materially from those expressed or implied in the forward-looking statements.

For a list of factors that could cause actual results to differ materially from those discussed, please refer to the company's periodic SEC filings, particularly the Risk Factors in our Form 10-K filing for the fiscal year ended September 30, 2017, and the Safe Harbor and Fair Disclosure statement in yesterday's press release.

Plexus provides non-GAAP supplemental information, such as ROIC, economic return and free cash flow because those measures are used for internal management goals and decision making , and because they provide additional insight into financial performance.

In addition, management uses these and other non-GAAP measures, such as adjusted net income, adjusted earnings per share and adjusted operating margin to provide a better understanding of core performance for purposes of period-to-period comparison. For a full reconciliation of non-GAAP supplemental information, please refer to yesterday's press release and our periodic SEC filings. We encourage participants on the call this morning to access the live webcast and supporting materials on Plexus website at by clicking on Investor Relations at the top of the page. Joining me today are Todd Kelsey, President and Chief Executive Officer; Steve Frisch, Executive Vice President and Chief Operating Officer and Pat Jermain, Senior Vice President and Chief Financial Officer. Consistent with prior earnings call, Todd will provide summary comments before turning the call over to Steve and Pat for further details. Let me now turn the call over to Todd Kelsey. Todd?

Todd P. Kelsey

Thank you, Susan, and good morning, everyone. Please begin with our fiscal second quarter results on slide 3. After the close of the market yesterday, we reported results for our fiscal second quarter of 2018. We finished the quarter with record revenue of $699 million. The result was near the high end of our guidance range and up approximately 16% from the comparable quarter last year.

Our Industrial/Commercial market sector outperformed strengthening during the quarter as a result of robust demand in the semiconductor capital equipment space. Our Healthcare/Life