Sanmina Reports Q1 Fiscal 2017 Results


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Sanmina Corp., a leading integrated manufacturing solutions company, has reported financial results for the first fiscal quarter ended December 31, 2016.

Revenue for the first quarter was $1.72 billion, compared to $1.67 billion in the prior quarter and $1.53 billion for the same period of fiscal 2016.

GAAP operating income in the first quarter was $58.7 million or 3.4 percent of revenue, compared to $54.1 million or 3.5 percent of revenue for the first quarter fiscal 2016. GAAP net income in the first quarter was $44.9 million, compared to $27.1 million for the same period a year ago. GAAP diluted earnings per share were $0.58, compared to $0.33 in the first quarter of fiscal 2016.

Non-GAAP operating income in the first quarter was $71.7 million or 4.2 percent of revenue, compared to $61.0 million or 4.0 percent of revenue in the first quarter fiscal 2016. Non-GAAP net income in the first quarter was $57.7 million, compared to $46.8 million in the same period a year ago. Non-GAAP diluted earnings per share for the quarter were $0.75, compared to $0.58 for the same period a year ago.

"Solid execution and growth in our end-markets were key drivers for our improved financial results in the quarter.  Revenue was up 3 percent sequentially and 12 percent year over year," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina. "Our value-added services, diversified markets and innovative technologies are key differentiators for Sanmina which allow us to capitalize on opportunities with new and existing customers. Based on our results for the first quarter and our outlook for the second quarter, we are optimistic that fiscal 2017 will be another growth year."

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