Why Plexus Stock Fell Hard Today
Shares of Plexus (NASDAQ: PLXS), an electronic manufacturing services company, were tumbling Thursday morning after the company reported mixed results for its fiscal first quarter and management issued guidance that was below analysts' expectations. For its fiscal 2023 Q1, which ended Dec. 31, Plexus reported non-GAAP (adjusted) earnings of $1.49 per share, which was slightly ahead of Wall Street's consensus estimate of $1.47 per share. Management forecast that its fiscal second-quarter earnings will be $1.15 per share (at the midpoint of the guidance range), which is far below Wall Street's consensus estimate of $1.40 per share.