Sanmina Reports Second Quarter Financial Results

SAN JOSE, Calif. — Sanmina Corporation, a leading integrated manufacturing solutions company, reported financial results for the second quarter fiscal 2019 ended March 30, 2019.

“We exceeded our expectations for the quarter.  Revenue was stronger than anticipated driven by our teams’ excellent job in securing supply to catch up to demand.  Our ability to control our costs, drive efficiencies and leverage our operating model drove operating margins to 4.1 percent.  Non-GAAP EPS of $0.91 was up 9 percent sequentially and 81 percent over the second quarter of fiscal 2018.  Cash flow from operations was $105.7 million as our team made positive strides in reducing our inventory levels.   I am extremely pleased with the hard work and execution by our team in meeting our customers’ requirements,” stated Michael Clarke, Chief Executive Officer.

(In thousands, except per share data)

Q2:2019

Q1:2019

Q2:2018

Revenue

$2,126,639

$2,188,018

$1,675,629

GAAP: 

Operating income

$78,115

$77,543

$48,774

Operating margin

3.7%

3.5%

2.9%

Net income

$40,885

$37,952

$24,632

Diluted earnings per share

$0.57

$0.54

$0.33

Non-GAAP: (1)

Operating income

$87,388

$85,790

$52,127

Operating margin

4.1%

3.9%

3.1%

Net income

$65,046

$59,168

$36,986

Diluted earnings per share

$0.91

$0.83

$0.50

Balance Sheet and Cash Flow

  • Ending cash and cash equivalents: $405.5 million
  • Cash flow from operations: $105.7 million

“Our strong results over the first six months of fiscal 2019 are a testament to our teams’ ability to provide value to our customers through our technical capabilities, market expertise and operational excellence.  We remain confident in our ability to drive profitable growth and positive cash flow from operations over the remainder of fiscal 2019,” added Mr. Clarke.

Third Quarter Fiscal 2019 Outlook
The following outlook is for the third fiscal quarter ending June 29, 2019.  These statements are forward-looking and actual results may differ materially.

  • Revenue between $1.925 billion to $2.025 billion
  • GAAP diluted earnings per share between $0.60 to $0.70
  • Non-GAAP diluted earnings per share between $0.72 to $0.82

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