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PLXS

Plexus

$45.82 /

+2.82 (+6.56%)

18:10
03/23/20
03/23
18:10
03/23/20
18:10

Plexus sees Q2 revenue 'below' $790M-$830M, consensus $756.34M

Plexus announced an update to its fiscal second quarter revenue outlook due to evolving impacts related to the COVID-19 outbreak. "The company's operations in Malaysia, Scotland, Romania and Illinois are all affected to varying degrees by recent government measures restricting the movement of citizens and operation of businesses. In addition, Wisconsin Governor Tony Evers announced plans to issue an order tomorrow regarding the closure of all non-essential workplaces. This could impact our Wisconsin operations if the products we manufacture at these sites, a substantial portion of which are medical, aerospace, and defense products, are deemed non-essential. All of our sites are also impacted to some degree by other effects of COVID-19, such as the closure of schools and child care facilities and the related inability of certain of our employees to work. As a result, the company expects its fiscal second quarter revenue to fall below its guidance range of $790 million to $830 million, which was issued on January 22, 2020." Todd Kelsey, President and CEO, commented, "The extent to which COVID-19 and related global government measures may impact our operations remains fluid and uncertain. At this time, all of our operations are operating at close-to-normal levels with the exception of our Penang, Malaysia facilities, which are operating at roughly 40% of normal workforce levels. Plexus is collaborating with local officials to continue to maintain work schedules as our operations in each of these impacted regions provide critical support in delivering essential products to end-markets such as healthcare, aerospace, defense and secured communications. Since the onset of COVID-19, our teams have demonstrated their focus in delivering solutions to support our people, our customers and our communities. I am proud of our global workforce and their efforts to lead through this challenging time."

  • 26

    Mar

PLXS Plexus
$45.82 /

+2.82 (+6.56%)

03/11/20 Sidoti
Plexus upgraded to Buy from Neutral at Sidoti
03/11/20 JPMorgan
JPMorgan downgrades TTM Technologies to Neutral, prefers others in space
03/09/20 JPMorgan
JPMorgan upgrades Plexus to Overweight, sees buying opportunity after selloff
03/09/20 JPMorgan
Plexus upgraded to Overweight from Neutral at JPMorgan

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Following the occurrence of a default by Haode Investment, a shareholder of Luckin Coffee (LK) under a $518M margin loan facility, a syndicate of lenders, as secured parties under the facility, has instructed Credit Suisse (CS) to exercise the lenders' rights with respect to the collateral securing the borrower's repayment obligations under the facility. A total of 515,355,752 Class B ordinary shares and 95,445,000 Class A ordinary shares of Luckin Coffee have been pledged to secure the facility, including shares additionally pledged by an entity controlled by the family trust of Jenny Zhiya Qian, the company's CEO. The borrower is controlled by the family trust of Charles Zhengyao Lu, the Chairman of the company's board. The facility is full recourse to Lu and his spouse. In connection with the exercise of their rights under the facility, the lenders have commenced the process of enforcement against the collateral in order to satisfy the borrower's obligations under the facility, Goldman Sachs said in a statement. This includes the conversion of Class B ordinary shares of the company into American Depositary Shares. The enforcement action equals up to 76.35M American Depositary Shares of Luckin Coffee. The stock in early trading is down 21%, or $1.11, to $4.27.

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