Plexus Reports First Quarter Revenue of $665 Million EXHIBIT 99.1

• | Fiscal first quarter revenue of $665 million

• | Diluted EPS of $0.67, including $0.11 per share of stock-based compensation expense and $0.05 per share of restructuring charges

• | Initiates Q2 fiscal 2015 revenue guidance of $630 - $660 million

NEENAH, WI - January 21, 2015 - Plexus (NASDAQ: PLXS) today announced financial results for its fiscal first quarter ended January 3, 2015.

| Three Months Ended |
| January 3, 2015 |  | September 27, 2014 |  | December 28, 2013 |
in thousands | Q1 F15 |  | Q4 F14 |  | Q1 F14 |
Revenue |  | $664,690 |  |  |  | $666,223 |  |  | $ | 533,905 |  |
Gross profit |  | $61,414 |  |  |  | $62,639 |  |  | $ | 51,502 |  |
Operating profit |  | $28,783 |  |  |  | $31,648 |  |  | $ | 21,761 |  |
Net income |  | $23,079 |  |  |  | $26,450 |  |  | $ | 17,663 |  |
Diluted EPS |  | $0.67 |  |  |  | $0.77 |  |  | $ | 0.51 |  |
Non-GAAP net income, before special items* |  | $24,770 |  |  |  | $26,865 |  |  | $ | 21,268 |  |
Non-GAAP diluted EPS, before special items* |  | $0.72 |  |  |  | $0.78 |  |  | $ | 0.61 |  |
Gross margin | 9.2 | % |  | 9.4 | % |  | 9.6 | % |
Operating margin | 4.3 | % |  | 4.8 | % |  | 4.1 | % |
Return on invested capital (“ROIC”)** | 14.4 | % |  | 15.2 | % |  | 14.5 | % |
Economic Return** | 3.4 | % |  | 4.2 | % |  | 3.5 | % |
*Special items include restructuring charges of $1.7 million, $0.4 million and $3.6 million for three months ended January 3, 2015, September 27, 2014 and December 28, 2013, respectively. **Non-GAAP metric; see attached reconciliation. |

Q1 Fiscal 2015 Results

• | Revenue: $665 million, relative to our guidance of $630 to $660 million

• | Diluted EPS: $0.67 (including $0.11 per share of stock-based compensation expense and $0.05 per share of restructuring charges)

• | Non-GAAP diluted EPS: $0.72 (excluding $0.05 per share of restructuring charges), relative to our guidance of $0.68 to $0.74

• | ROIC: 14.4%

• | Economic Return: 3.4%

Q2 Fiscal 2015 Guidance

• | Revenue: $630 to $660 million

• | Diluted EPS: $0.64 to $0.72 (including $0.10 per share of stock-based compensation expense but excluding any unanticipated special items)

Dean Foate, Chairman, President and CEO, commented, “Fiscal first quarter revenues were $665 million, relatively flat from the prior quarter and up approximately 25% from the comparable quarter last year. Revenues were above our guidance due to stronger than anticipated end-market demand in our Networking/Communications sector. Non-GAAP diluted EPS for the first quarter was above the mid-point

of our guidance at $0.72. Return on invested capital was 14.4%, representing an Economic Return of 340 basis points.”
Mr. Foate continued, “During the quarter, we won 32 new programs in our Manufacturing Solutions group. We anticipate these wins will generate approximately $190 million in annualized revenue when fully ramped into production. The wins performance this quarter results in a trailing four quarter total of approximately $801 million in annualized revenue, or approximately 32% of our trailing four quarter revenue, well above our goal of 25%.”
Patrick Jermain, Vice President and CFO, commented, “Overall our earnings performance for the fiscal first quarter was consistent with our expectations. Gross margin was 9.2%, selling and administrative expenses were $30.9 million, GAAP operating margin was 4.3%, and non-GAAP operating margin was 4.6%. Non-GAAP operating margin, and non-GAAP diluted EPS, for the fiscal first quarter exclude restructuring charges of $1.7 million related to the manufacturing facility transition from Juarez to Guadalajara, Mexico.”
Mr. Jermain continued, “Fiscal first quarter cash cycle days were significantly higher than anticipated at 72 days. The most significant factor was accounts payable days, which were eight days lower than our forecast due to the timing of inventory purchases and payments to suppliers during the quarter. We used $90.3 million in cash flow from operations and $9.6 million for capital investment during the quarter, resulting in negative free cash flow of $99.9 million.”
Mr. Jermain concluded, “During the fiscal first quarter, we purchased $7.3 million of our shares at an average price of $38.81 per share under the $30 million stock repurchase program authorized by the Board of Directors on August 13, 2014. We expect to complete the repurchase program on a relatively consistent basis over the balance of fiscal 2015.”
Mr. Foate concluded, “We are establishing fiscal second quarter 2015 revenue guidance of $630 to $660 million suggesting a 3% sequential decline at the mid-point of the range. At that level of revenue, we anticipate diluted EPS of $0.64 to $0.72, including approximately $0.10 per share of stock-based compensation expense but excluding any unanticipated special items. The anticipated revenue decline reflects the expectation that our Networking/Communications sector will return to more normalized levels after a seasonally strong first quarter that exceeded our expectations.”
Plexus provides non-GAAP supplemental information such as ROIC, Economic Return, and free cash flow. ROIC, Economic Return, and free cash flow are used for internal management assessments because they provide additional insight into ongoing financial performance. In addition, we provide non-GAAP measures because we believe they offer insight into the metrics that are driving management decisions as well as management’s performance under the tests that it sets for itself. Please refer to the attached reconciliations of non-GAAP supplemental data.

Market Sector Breakout
Plexus reports revenue based on the market sector breakout set forth in the table below, which reflects the Company’s global market sector focused business development strategy. The Company measures operational performance and allocates resources on a geographic segment basis. Please refer to the attached supplemental information for a breakout of revenue by reportable geographic segments.

Market Sector ($ in millions) | Q1 F15 |  | Q4 F14 |  | Q1 F14 |
Networking/Communications |  | $234 |  | 35 | % |  |  | $234 |  | 35 | % |  |  | $163 |  | 31 | % |
Healthcare/Life Sciences |  | $196 |  | 30 | % |  |  | $189 |  | 28 | % |  |  | $165 |  | 31 | % |
Industrial/Commercial |  | $148 |  | 22 | % |  |  | $150 |  | 23 | % |  |  | $136 |  | 25 | % |
Defense/Security/Aerospace |  | $87 |  | 13 | % |  |  | $93 |  | 14 | % |  |  | $70 |  | 13 | % |
Total Revenue |  | $665 |  |  |  |  | $666 |  |  |  |  | $534 |  |  |

Fiscal Q1 Supplemental Information

• | Cash flow used in operations was $90.3 million for the quarter. Capital expenditures for the quarter were $9.6 million. Free cash flow for the quarter was negative at $99.9 million.

• | Top 10 customers comprised 58% of revenue during the quarter, up one percentage point from the previous quarter.

Cash Conversion Cycle | Q1 F15 | Q4 F14 | Q1 F14
Days in Accounts Receivable | 52 | 44 | 51
Days in Inventory | 82 | 80 | 83
Days in Accounts Payable | 53 | 60 | 64
Days in Cash Deposits | 9 | 8 | 8
Annualized Cash Cycle* | 72 | 56 | 62
*We calculate cash cycle as the sum of days in accounts receivable and days in inventory, less days in accounts payable and days in cash deposits

Conference Call/Webcast and Replay Information

What: | Plexus’ Fiscal Q1 Earnings Conference Call and Webcast
When: | Thursday, January 22 at 8:30 a.m. Eastern Time
Where: | Participants are encouraged to access the reference materials and live webcast at the investor relations section of Plexus’ website, www.plexus.com or with the following link: http://edge.media-server.com/m/p/kf4ng79r Those without internet access can listen to the call at 1-888-771-4371 with confirmation: 38708538.
Replay: | The webcast will be archived at the Company’s website and available via telephone replay at 1-888-843-7419 or 630-652-3042 with Passcode: 3870 8538#
Contact: | Susan Hanson, 920-751-5491, susan.hanson@plexus.com

For further information, please contact
Patrick Jermain, Vice President and CFO
920-725-7139 or pat.jermain@plexus.com

About Plexus – The Product Realization Company
Plexus (www.plexus.com) delivers optimized Product Realization solutions through a unique Product Realization Value Stream service model. This customer-focused services model seamlessly integrates innovative product conceptualization, design, commercialization, manufacturing, fulfillment and sustaining services to deliver comprehensive end-to-end solutions for customers in the America, European and Asia-Pacific regions.
Plexus is the industry leader in servicing mid-to-low volume, higher complexity customer programs characterized by unique flexibility, technology, quality and regulatory requirements. Award-winning customer service is provided to over 140 branded product companies in the Networking/Communications, Healthcare/Life Sciences, Industrial/Commercial and Defense/Security/Aerospace market sectors.
Safe Harbor and Fair Disclosure Statement
The statements contained in this press release that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include, but are not limited to: the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the poor visibility of future orders, particularly in view of changing economic conditions; the economic performance of the industries, sectors and customers we serve; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customer base and deliver product on a timely basis; the particular risks relative to new or recent customers, programs or services, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate terms of agreements, and the lack of a track record of order volume and timing; the risks of concentration of work for certain customers; the effect of start-up costs of new programs and facilities, such as our new facility in Guadalajara, Mexico; possible unexpected costs and operating disruption in transitioning programs; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the fact that customer orders may not lead to long-term relationships; the adequacy of restructuring and similar charges as compared to actual expenses; our ability to manage successfully a complex business model characterized by high customer and product mix, low volumes and demanding quality, regulatory, and other requirements; increasing regulatory and compliance requirements; the potential effects of regional results on our taxes and ability to use deferred tax assets; risks related to information technology systems and data security; the effects of shortages and delays in obtaining components as a result of economic cycles or natural disasters; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; the weakness of areas of the global economy; the effect of changes in the pricing and margins of products; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the potential effect of world or local events or other events outside our control (such as changes in energy prices, terrorism and weather events); the impact of increased competition; and other risks detailed in our Securities and Exchange Commission filings (particularly in "Risk Factors" in our fiscal 2014 Form 10-K).

PLEXUS |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(in thousands, except per share data) |
(unaudited) |
| Three Months Ended |
| January 3, |  | December 28, |
| 2015 |  | 2013 |
Net sales |  | $664,690 |  |  |  | $533,905 |  |
Cost of sales | 603,276 |  |  | 482,403 |  |
Gross profit | 61,414 |  |  | 51,502 |  |
Operating expenses: |  |  |  |
Selling and administrative expenses | 30,940 |  |  | 26,136 |  |
Restructuring and impairment charges | 1,691 |  |  | 3,605 |  |
Operating profit | 28,783 |  |  | 21,761 |  |
Other income (expense): |  |  |  |
Interest expense | (3,777) |  |  | (2,815) |  |
Interest income | 897 |  |  | 639 |  |
Miscellaneous | 138 |  |  | 240 |  |
Income before income taxes | 26,041 |  |  | 19,825 |  |
Income tax expense | 2,962 |  |  | 2,162 |  |
Net income |  | $23,079 |  |  |  | $17,663 |  |
Earnings per share: |  |  |  |
Basic |  | $0.69 |  |  |  | $0.52 |  |
Diluted |  | $0.67 |  |  |  | $0.51 |  |
Weighted average shares outstanding: |  |  |  |
Basic | 33,602 |  |  | 33,730 |  |
Diluted | 34,439 |  |  | 34,693 |  |

PLEXUS
NON-GAAP SUPPLEMENTAL INFORMATION
(in thousands, except per share data)
(unaudited)
| Three Months Ended
| January 3, |  | September 27, |  | December 28,
| 2015 |  | 2014 |  | 2013
Operating profit, as reported |  | $28,783 |  |  |  | $31,648 |  |  |  | $21,761 |
Operating margin, as reported | 4.3 | % |  | 4.8 | % |  | 4.1 | %
Non-GAAP adjustments: |  |  |  |  |
Restructuring and impairment charges* | 1,691 |  |  | 415 |  |  | 3,605 |
Operating profit, as adjusted |  | $30,474 |  |  |  | $32,063 |  |  |  | $25,366 |
Operating margin, as adjusted | 4.6 | % |  | 4.8 | % |  | 4.8 | %
Net income, as reported |  | $23,079 |  |  |  | $26,450 |  |  |  | $17,663 |
Non-GAAP adjustments: |  |  |  |  |
Restructuring and impairment charges* | 1,691 |  |  | 415 |  |  | 3,605 |
Net income, as adjusted |  | $24,770 |  |  |  | $26,865 |  |  |  | $21,268 |
Diluted earnings per share, as reported |  | $0.67 |  |  |  | $0.77 |  |  |  | $0.51 |
Non-GAAP adjustments: |  |  |  |  |
Restructuring and impairment charges | 0.05 |  |  | 0.01 |  |  | 0.10 |
Diluted earnings per share, as adjusted |  | $0.72 |  |  |  | $0.78 |  |  |  | $0.61 |
*Summary of restructuring and impairment charges |  |  |  |  |
Severance costs | $ | 144 |  |  | $ - |  |  | $ | 374 |
Other exit costs | 1,547 |  |  | 415 |  |  | 3,231 |
Total restructuring and impairment charges |  | $1,691 |  |  |  | $415 |  |  |  | $3,605 |

PLEXUS
NON-GAAP SUPPLEMENTAL INFORMATION
(in thousands)
(unaudited)
ROIC and Economic Return Calculations | Three Months Ended |  | Twelve Months Ended |  | Three Months Ended
| January 3, |  | September 27, |  | December 28,
| 2015 |  | 2014 |  | 2013
Operating profit |  |  | $28,783 |  |  |  |  | $100,607 |  |  |  |  | $21,761 |
Restructuring and impairment charges |  | 1,691 |  |  |  | 11,280 |  |  |  | 3,605 |
Adjusted operating profit |  |  | $30,474 |  |  |  |  | $111,887 |  |  |  |  | $25,366 |
| x | 4 |  |  | x | 1 |  |  | x | 4 |
Annualized operating profit |  |  | $121,896 |  |  |  | 111,887 |  |  |  | 101,464 |
Tax rate | x | 10 | % |  | x | 9 | % |  | x | 9 | %
Tax impact |  | 12,190 |  |  |  | 10,070 |  |  |  | 9,132 |
Operating profit (tax effected) |  |  | $109,706 |  |  |  |  | $101,817 |  |  |  |  | $92,332 |
Average invested capital | ÷ |  | $759,676 |  |  | ÷ |  | $669,659 |  |  | ÷ |  | $638,697 |
ROIC |  | 14.4 | % |  |  | 15.2 | % |  |  | 14.5 | %
Weighted average cost of capital |  | 11.0 | % |  |  | 11.0 | % |  |  | 11.0 | %
Economic Return |  | 3.4 | % |  |  | 4.2 | % |  |  | 3.5 | %

Average Invested Capital Calculations |  |  |  |  |  |  | January 3, |  | September 27,
|  |  |  |  |  |  | 2015 |  | 2014
Equity |  |  |  |  |  |  | $ | 792,298 |  |  |  | $781,133 |
Plus: |  |  |  |  |  |  |  |  |
Debt - current |  |  |  |  |  |  | 4,793 |  |  | 4,368 |
Debt – non-current |  |  |  |  |  |  | 260,990 |  |  | 262,046 |
Less: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  | (239,685) |  |  | (346,591) |
|  |  |  |  |  |  | $ | 818,396 |  |  |  | $700,956 |
First quarter fiscal 2015 average invested capital (January 3, 2015 and September 27, 2014) was $759,676.
| September 27, |  | June 28, |  | March 29, |  | December 28, |  | September 28,
| 2014 |  | 2014 |  | 2014 |  | 2013 |  | 2013
Equity | $ | 781,133 |  |  |  | $760,184 |  |  | $ | 736,493 |  |  | $ | 722,021 |  |  | $ | 699,301 |
Plus: |  |  |  |  |  |  |  |  |
Debt - current | 4,368 |  |  | 4,232 |  |  | 3,901 |  |  | 3,796 |  |  | 3,574 |
Debt – non-current | 262,046 |  |  | 263,056 |  |  | 256,090 |  |  | 256,949 |  |  | 257,773 |
Less: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | (346,591) |  |  | (330,314) |  |  | (323,695) |  |  | (324,156) |  |  | (341,865) |
| $ | 700,956 |  |  |  | $697,158 |  |  | $ | 672,789 |  |  | $ | 658,610 |  |  | $ | 618,783 |
Fourth quarter fiscal 2014 average invested capital (September 27, 2014, June 28, 2014, March 29, 2014,
December 28, 2013 and September 28, 2013) was $669,659. First quarter fiscal 2013 average invested capital
(December 28, 2013 and September 28, 2013) was $638,697.

Free Cash Flow Calculation
The Company defines free cash flow as cash flow provided by (or used in) operations less capital expenditures. For the three months ended January 3, 2015, cash flow used in operations was approximately $90.3 million and capital expenditures were approximately $9.6 million, resulting in negative free cash flow of approximately $99.9 million.

| PLEXUS
| CONDENSED CONSOLIDATED BALANCE SHEETS
| (in thousands, except per share data)
| (unaudited)
|  | January 3, |  | September 27,
|  | 2015 |  | 2014
| ASSETS |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $ | 239,685 |  |  | $ | 346,591 |
| Accounts receivable | 378,851 |  |  | 324,072 |
| Inventories | 539,577 |  |  | 525,970 |
| Deferred income tax | 6,399 |  |  | 6,449 |
| Prepaid expenses and other | 28,814 |  |  | 27,757 |
| Total current assets | 1,193,326 |  |  | 1,230,839 |
| Property, plant and equipment, net | 327,577 |  |  | 334,926 |
| Deferred income tax | 3,548 |  |  | 3,675 |
| Other | 38,491 |  |  | 39,586 |
| Total assets | $ | 1,562,942 |  |  | $ | 1,609,026 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
| Current liabilities: |  |  |
| Current portion of long-term debt and capital lease obligations | $ | 4,793 |  |  | $ | 4,368 |
| Accounts payable | 347,139 |  |  | 396,363 |
| Customer deposits | 62,780 |  |  | 56,155 |
| Deferred income tax | 612 |  |  | 647 |
| Accrued liabilities: |  |  |
| Salaries and wages | 39,979 |  |  | 52,043 |
| Other | 35,186 |  |  | 37,739 |
| Total current liabilities | 490,489 |  |  | 547,315 |
| Long-term debt and capital lease obligations, net of current portion | 260,990 |  |  | 262,046 |
| Deferred income tax | 5,190 |  |  | 5,191 |
| Other liabilities | 13,975 |  |  | 13,341 |
| Total non-current liabilities | 280,155 |  |  | 280,578 |
| Shareholders’ equity: |  |  |
| Common stock, $.01 par value, 200,000 shares authorized, |  |  |
| 50,040 and 49,962 shares issued, respectively, |  |  |
| and 33,600 and 33,653 shares outstanding, respectively | 501 |  |  | 500 |
| Additional paid-in-capital | 481,013 |  |  | 475,634 |
| Common stock held in treasury, at cost, 16,440 and 16,309, respectively | (487,257) |  |  | (479,968) |

| Retained earnings | 789,464 |  |  | 766,385 |
| Accumulated other comprehensive income | 8,577 |  |  | 18,582 |
| Total shareholders’ equity | 792,298 |  |  | 781,133 |
| Total liabilities and shareholders’ equity | $ | 1,562,942 |  |  | $ | 1,609,026 |
PLEXUS |  |
REVENUE BY REPORTABLE GEOGRAPHIC SEGMENTS |  |
(in thousands) |  |
(unaudited) |  |
| Three Months Ended |  |
| Q1 F15 |  | Q4 F14 |  | Q1 F14 |  |
Americas | $ | 335,262 |  | 51 | % |  | $ | 369,401 |  | 56 | % |  | $ | 265,009 |  | 50 | % |  |
Asia-Pacific | 333,377 |  | 50 | % |  | 301,145 |  | 45 | % |  | 270,150 |  | 50 | % |  |
Europe, Middle East, and Africa | 28,079 |  | 4 | % |  | 29,276 |  | 4 | % |  | 26,814 |  | 5 | % |  |
Elimination of inter-segment sales | (32,028) |  | (5 | )% |  | (33,599) |  | (5 | )% |  | (28,068) |  | (5 | )% |  |
Total Revenue | $ | 664,690 |  |  |  | $ | 666,223 |  |  |  | $ | 533,905 |  |  |  |