Palm Beach, FL 1/19/12 (StreetBeat) -- Plexus Corp. (Nasdaq: PLXS) reported after markets closed Wednesday that profits for the fiscal first quarter of 2012 came in above the company's expectations.Neenah-based Plexus, a contract electronics manufacturer, also said that it expected to close on the purchase of inventory and equipment of Kontron AG's subsidiary Kontron Design Manufacturing Services in Penang, Malaysia, for $35.2 million on Wednesday. Plexus expects the deal to add $50 million to $75 million in additional revenue in fiscal 2012 revenue.
For the fiscal first quarter ended Dec. 31, 2011, net income was $17.9 million, or 51 cents per share, 8 cents above the firm's guidance. Last year, Plexus posted net income of $25 million, or 61 cents per share. Revenue was $529.7 million, down from $565.8 million a year ago.
The higher-than-expected earnings was the result of higher margins driven by stronger earnings from its Engineering Solutions group than originally anticipated and the favorable outcome of inventory disposition related to a previously announced customer disengagement, said Ginger Jones, senior vice president and chief financial officer.
Shares of Plexus (Nasdaq: PLXS) were up $4.77, or 14 percent, to $38.02 in morning trading Thursday.
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