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Sanmina Corp. has reported a revenue of $1.74 billion for the first fiscal quarter ended December 30, 2017, down from $1.76 billion in the prior quarter, but up from the same period in fiscal 2017.
GAAP operating income in the first quarter was $13.8 million or 0.8 percent of revenue, compared to $58.7 million or 3.4% of revenue for the first quarter fiscal 2017. GAAP net loss in the first quarter was $154.9 million, compared to GAAP net income of $44.9 million for the same period a year ago. GAAP loss per share was $2.16, compared to GAAP diluted earnings per share of $0.58 in the first quarter of fiscal 2017.
Non-GAAP operating income in the first quarter was $47.5 million or 2.7% of revenue, compared to $71.7 million or 4.2% of revenue in the first quarter fiscal 2017. Non-GAAP net income in the first quarter was $36.5 million, compared to $57.7 million in the same period a year ago. Non-GAAP diluted earnings per share for the quarter was $0.48, compared to $0.75 for the same period a year ago.
"As I mentioned in our preliminary announcement last week, we are disappointed with our actual results for the first quarter and expectations for the first half of fiscal 2018," stated Bob Eulau, CEO of Sanmina. "Based on new programs moving to volume production, a solid pipeline of new business and the current forecasts from our customers we are confident the second half of fiscal 2018 will be stronger."
"I am excited about the opportunities ahead and the unique value Sanmina brings to its customers. We have a dedicated and experienced team that is focused on operational excellence, driving improvements and optimizing our cost structure as we continue to execute on our strategy," concluded Eulau.
Balance Sheet Summary
- Ending cash and cash equivalents were $404.9 million
- Cash flow from operations was $8.4 million
- Inventory turns were 6.1x
- Cash cycle days were 46.1 days
Second Quarter Fiscal 2018 Outlook
The following forecast is for the second fiscal quarter ending March 31, 2018. These statements are forward-looking and actual results may differ materially.
- Revenue between $1.60 billion to $1.70 billion
- GAAP diluted earnings per share between $0.20 to $0.30, including stock-based compensation expense of $0.17 and amortization of intangible assets and restructuring costs of $0.03
- Non-GAAP diluted earnings per share between $0.40 to $0.50
Sanmina Corporation is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the communications networks, storage, industrial, defense, medical, energy and industries that include embedded computing technologies such as point of sale devices, casino gaming and automotive. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.