Plexus Corp. (NASDAQ:PLXS) Q3 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 08:30 am ET


Plexus Corp. (NASDAQ:PLXS) Q3 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Plexus Corporation conference call regarding its Fiscal Year Third Quarter 2020 Earnings Announcement. My name is Myra, and I'll be your operator for today's call. [Operator Instructions]

I would now like to turn the call over to Ms. Heather Beresford, Plexus' Senior Director, Communications and Investor Relations. Heather, please go ahead.

Heather Beresford

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 28, 2019, as supplemented by our Form 10-Q filed with the SEC on May 8, 2020, 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 operating income, adjusted operating margins, adjusted net income and adjusted earnings per share to provide a better understanding of core performance for purposes of period-to-period comparisons.

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 at Plexus' website at, clicking on Investors at the top of the page. In light of the current situation with COVID-19, we are conducting this quarter call virtually. Joining me today are Todd Kelsey, President and Chief Executive Officer; Steve Frisch, Executive Vice President and Chief Operating Officer; and Pat Jermain, Executive Vice President and Chief Financial Officer. Consistent with prior earnings calls, 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 Kelsey

Thank you, Heather, and good morning, everyone. Please begin on slide 3 with our fiscal third quarter results reported after the close of the market yesterday evening. I'm incredibly proud of our global Plexus team as they manage through the complexities resulting from COVID-19, while delivering record quarterly revenue of $857 million. The result represent a 12% sequential growth and 7% growth from the third fiscal quarter of 2019.

While each of our locations face challenges resulting from the COVID-19 pandemic, our sites operated near full capacity for the quarter. This level of performance was possible for many reasons. I will