Sanmina Reports 3Q FY 2016 Results


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Sanmina Corp. has reported financial results for the third fiscal quarter ended July 2, 2016. Revenue for the third quarter was $1.67 billion, compared to $1.61 billion in the prior quarter and $1.54 billion for the same period of fiscal 2015.  

GAAP operating income in the third quarter was $54.6 million or 3.3 percent of revenue, compared to $47.3 million or 3.1 percent of revenue in the third quarter fiscal 2015. GAAP net income in the third quarter was $29.5 million, compared to $24.5 million for the same period a year ago. GAAP diluted earnings per share for the quarter were $0.38, compared to $0.29 in the third quarter of fiscal 2015. 

Non-GAAP operating income in the third quarter was $61.9 million or 3.7 percent of revenue, compared to $59.2 million or 3.8 percent of revenue in the third quarter fiscal 2015. Non-GAAP net income in the third quarter was $48.2 million, compared to $45.1 million in the same period a year ago. Non-GAAP diluted earnings per share for the quarter were $0.63, compared to $0.53 for the same period a year ago.

“Results for the quarter were in line with our outlook. Revenue was up 3.6 percent sequentially and 8.5 percent year over year driven by the ramp of new programs,” stated Jure Sola, Chairman and Chief Executive Officer of Sanmina. “Executing our business plan, expanding our existing customer relationships and growing with new customers positions Sanmina for a better future. We will continue to invest in technologies and capabilities that strengthen our value proposition and enhance shareholder value,” concluded Sola.

Fourth Quarter Fiscal 2016 Outlook

The following forecast is for the fourth fiscal quarter ending October 1, 2016. These statements are forward-looking and actual results may differ materially”

Revenue between $1.675 billion to $1.725 billion

Non-GAAP diluted earnings per share between $0.64 to $0.68

Company Conference Call Information

Sanmina will hold a conference call regarding financial results for the third quarter fiscal 2016 on Monday, July 25, 2016 at 5:00 p.m. ET (2:00 p.m. PT). The access numbers are: domestic 877-273-6760 and international 706-634-6605. The conference will also be broadcast live over the Internet. You can log on to the live webcast at www.sanmina.com. Additional information in the form of a slide presentation is available by logging onto Sanmina's website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 855-859-2056 and international 404-537-3406, access code is 52303058.

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