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Plexus revenue beats estimates on strong demand from healthcare
July 17, 2013 / 10:44 PM / 4 years ago

Plexus revenue beats estimates on strong demand from healthcare

(Reuters) - Contract electronics manufacturer Plexus Corp (PLXS.O) reported better-than-expected revenue for the third quarter, helped by its healthcare business, and forecast fourth-quarter revenue largely above analysts’ estimates, sending its shares up 5 pct in after-hours trading.

The healthcare business, which makes X-Ray imaging and other products, was the company’s second-biggest revenue generator in the third quarter ended June. Revenue in the business rose 12 percent to $142 million.

Plexus forecast fourth-quarter adjusted earnings of 60-66 cents on revenue of $545 million-$575 million.

Analysts were expecting earnings of 57 cents on revenue of $555.8 million, according to Thomson Reuters I/B/E/S.

Plexus said it completed production for Juniper Networks Inc (JNPR.N) in the third quarter and expects to ship the stock in the current quarter.

Plexus said in November it would no longer make switches and network gear for its largest customer Juniper. <ID: nL3E8M66XD>

Net income fell to $23.2 million, or 68 cents per share, in the third quarter from $23.5 million, or 66 cents per share, a year earlier.

Revenue fell 6 percent to $571.9 million.

Analysts had expected earnings of 58 cents on revenue of $565 million.

Plexus shares closed at $30.38 on the Nasdaq on Wednesday.

Reporting by Lehar Maan and Neha Alawadhi in Bangalore

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