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Sanmina Corporation, a leading integrated manufacturing solutions company, reported financial results for the fiscal second quarter ended April 2, 2022 and outlook for its fiscal third quarter ending July 2, 2022.
Second Quarter Fiscal 2022 Financial Highlights
- Revenue: $1.91 billion, exceeded outlook
- GAAP operating margin: 4.3%
- GAAP diluted EPS: $0.83
- Non-GAAP(1) operating margin: 5.0%
- Non-GAAP diluted EPS: $1.14, exceeded outlook
Additional Second Quarter Highlights
- Cash flow from operations: $79 million
- Free cash flow: $52 million
- Share repurchases: 2.8 million for approximately $109 million
- Ending cash and cash equivalents: $560 million
- Non-GAAP pre-tax ROIC: 27.9%
"We are pleased with our second quarter financial results. Strong demand across our end-markets and solid execution from our teams were key contributors to revenue and non-GAAP earnings per share growth," stated Jure Sola, Chairman and Chief Executive Officer.
"The team continues to show great resilience in this dynamic market. We are focused on the fundamentals and we are confident in our business model. Based on our outlook for the third quarter and our strong performance in the first half of the fiscal year, we remain committed to revenue and non-GAAP earnings per share growth and solid cash generation for fiscal 2022," concluded Sola.
Expanded Share Repurchase Program
Sanmina's Board of Directors has authorized the repurchase of up to an additional $200 million of Sanmina's common stock. The stock repurchase program has no expiration date. As of April 2, 2022, approximately $111 million remained available under the current repurchase program. The expansion of this program is consistent with Sanmina's capital allocation priorities.
Third Quarter Fiscal 2022 Outlook
The following outlook is for the fiscal third quarter ending July 2, 2022. These statements are forward-looking and actual results may differ materially.
- Revenue between $1.825 billion to $1.925 billion
- GAAP diluted earnings per share between $0.88 to $0.98
- Non-GAAP diluted earnings per share between $1.05 to $1.15