Sanmina Reports Softer-Than-Expected 1Q FY2016 Results

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Sanmina Corp., a leading integrated manufacturing solutions company, has reported financial results for the first fiscal quarter ended January 2, 2016. Revenue for the first quarter was $1.53 billion, compared to $1.64 billion in the prior quarter and $1.67 billion for the same period of fiscal 2015.

GAAP operating income in the first quarter was $54.1 million or 3.5 percent of revenue, compared to $53.5 million or 3.2 percent of revenue for the first quarter fiscal 2015. GAAP net income in the first quarter was $27.1 million, compared to $22.7 million for the same period a year ago. GAAP diluted earnings per share were $0.33, compared to $0.26 in the first quarter of fiscal 2015.

Non-GAAP operating income in the first quarter was $61 million or 4 percent of revenue, compared to $68.3 million or 4.1 percent of revenue in the first quarter fiscal 2015. Non-GAAP net income in the first quarter was$46.8 million, compared to $53.1 million in the same period a year ago. Non-GAAP diluted earnings per share for the quarter were $0.58, compared to $0.61 for the same period a year ago.

"We delivered solid margin improvement, EPS expansion and cash generation on a sequential basis, despite softer than expected revenue," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation. "As we look to the second quarter, demand is stable with growth driven by new programs. We remain optimistic that fiscal 2016 will be a growth year."



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