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Sanmina Reports Q1 Revenue of $1.48 Billion
April 22, 2014 | PR NewswireEstimated reading time: 2 minutes
Sanmina Corporation (Sanmina or the company), a leading integrated manufacturing solutions company, has reported financial results for the second fiscal quarter ended March 29, 2014.
Second quarter fiscal 2014 summary:
- Revenue of $1.48 billion
- GAAP operating margin of 3.1%
- GAAP diluted earnings per share of $0.24
- Non-GAAP operating margin of 3.6%
- Non-GAAP diluted earnings per share of $0.44
Revenue for the second quarter was $1.48 billion, compared to $1.45 billion in the prior quarter and $1.43 billion for the same period of fiscal 2013.
GAAP operating income in the second quarter was $45.3 million or 3.1% of revenue, compared to $45.8 million or 3.2% of revenue for the same period ended March 30, 2013. GAAP net income in the second quarter was $20.8 million, compared to $21.2 million for the same period a year ago. GAAP diluted earnings per share for the quarter were $0.24, compared to $0.25 in the second quarter of fiscal 2013.
Non-GAAP operating income in the second quarter was $53.2 million or 3.6% of revenue, compared to $40.0 million or 2.8% of revenue in the second quarter fiscal 2013. Non-GAAP net income in the second quarter was $38.3 million, compared to $25.3 million in the same period a year ago. Non-GAAP diluted earnings per share were $0.44, compared to $0.30 for the same period a year ago.
Balance sheet summary:
- Ending cash and cash equivalents were $390.6 million
- Cash flow from operations was $8.5 million
- Repurchased 1.1 million common shares for a total of $18.8 million
- Inventory turns were 6.8x
- Cash cycle days were 48.5 days
"I am pleased with our second quarter results. Our outlook for revenue growth in the second half of the year remains optimistic as new programs ramp and demand improves across a broad set of customers. We continue to invest in technology and business processes which offer a distinct advantage to our customers. As we further diversify our business, we believe our revenue and profitability will continue to improve," stated Jure Sola, chairman and CEO.
Third Quarter Fiscal 2014 Outlook
The following forecast is for the third fiscal quarter ending June 28, 2014. These statements are forward-looking and actual results may differ materially.
- Revenue between $1.50 billion to $1.60 billion
- Non-GAAP diluted earnings per share between $0.45 to $0.49
Upcoming Investor and Analyst Day
Sanmina will host an Investor and Analyst Day on Tuesday, May 6, 2014 in New York, New York. The event will begin at 9:00 a.m. ET and conclude at approximately 1:00 p.m. ET. Jure Sola, chairman and CEO, along with members of the management team will provide a closer look into the company.
Financial analysts and institutional investors who are interested in attending the event should contact Paige Bombino at (408) 964-3610. For other interested parties, a simultaneous webcast of the event will be available on the company website at www.sanmina.com, in the investor relations section.
About Sanmina Sanmina Corporation is a leading integrated manufacturing solutions provider serving the fastest-growing segments of the global EMS market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to OEMs primarily in the communications, defense and aerospace, industrial and semiconductor systems, medical, multimedia, computing and storage, automotive, and clean technology sectors. Sanmina has facilities strategically located in key regions throughout the world. More information regarding the company is available at www.sanmina.com.