By Sabela Ojea

Shares of Plexus declined after the company's outlook for fiscal 2025 disappointed investors in an environment marked by what Chief Executive Todd Kelsey described as typical seasonal cost pressures and market sector dynamics.

The stock was down 9.4% to $154.31 in post-market trading Wednesday.

The provider of electronic manufacturing services said that it expects second quarter earnings of $1.22 to $1.37 per share, missing the $1.43 per share expected by Wall Street, according to FactSet.

The company also guided for adjusted earnings, which strips out one-time items, of $1.46 to $1.61, and revenue of $960 million to $1 billion. Analysts polled by FactSet expect adjusted earnings of $1.60 per share and revenue of $1.02 billion for the second quarter.

Kelsey said the company remains confident in achieving meaningful earnings per share growth in fiscal 2025 by leveraging revenue expansion in each of its market sectors.

The company's forecast comes after it reported a drop first quarter profit.

Plexus posted a profit of $37.3 million, or $1.34 a share, compared with $41.2 million, or $1.48 a share, for the same period a year earlier.

Revenue fell 7.1% to $976.1 million, coming below the $981.9 million expected by Wall Street.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

January 22, 2025 19:18 ET (00:18 GMT)

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