Shares of Plexus Corp. took an afternoon dive Monday, after the electronic manufacturing services company said it will not be able to meet its financial guidance for the the third quarter, which ends in June. The financial warning comes as company said the Malaysian government has mandated two-week workforce curtailments in an effort to combat the continued rise in COVID-19 cases. While Plexus said it is still working out the potential impact of Malaysia’s mandate, it currently expects to miss both its revenue guidance range of $875 million to $915 million and its net earnings-per-share guidance of $1.23 to $1.38. The FactSet consensus for revenue is $896.8 million and for EPS is $1.32. “Although the workforce curtailments in Malaysia will negatively affect our fiscal third quarter results, we anticipate the demand will push into future quarters,” said Chief Executive Todd Kelsey. The company plans to provide additional updates on June 8. The stock slumped 1.2% in afternoon trading, after being up around 0.6% before the earnings warning. The stock has still rallied 25.0% year to date, while the S&P 500 has gained 12.0%.
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