Sanmina Reports Q4 Financial Results
SAN JOSE, Calif., PRNewswire — Sanmina Corporation (“Sanmina” or the “Company”) (NASDAQ: SANM), a leading integrated manufacturing solutions company, reported unaudited financial results for the fourth quarter and fiscal year ended September 30, 2023 and outlook for its fiscal first quarter ending December 30, 2023.
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Fourth Quarter Fiscal 2023 Financial Highlights • Revenue: $2.05 billion • GAAP operating margin: 4.8% • GAAP diluted EPS: $1.04
• Non-GAAP(1) operating margin: 5.7% • Non-GAAP diluted EPS: $1.42 |
Fiscal Year 2023 Financial Highlights • Revenue: $8.9 billion • GAAP operating margin: 5.1% • GAAP diluted EPS: $5.18
• Non-GAAP operating margin: 5.8% • Non-GAAP diluted EPS: $6.26 |
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Additional Highlights • Cash flow from operations: Q4 $77 million and FY’23 $235 million • Free cash flow: $39 million in Q4 and $45 million in FY’23 • Share repurchases: 603,776 shares for $33 million in Q4 and 1.58 million shares for $84 million in FY’23 • Q4 ending cash and cash equivalents: $668 million • Q4 non-GAAP pre-tax ROIC: 26.4% |
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“We delivered strong fiscal 2023 financial results. Revenue was up 13 percent, non-GAAP operating margin expanded 80 basis points to 5.8 percent and non-GAAP earnings per share was up 34 percent year-over-year,” stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation. “Revenue for the fourth quarter was down 7 percent sequentially due to ongoing customer inventory adjustments primarily in the communications end-market. Despite lower revenue, we delivered consistent non-GAAP operating margin sequentially and a 40 basis point improvement compared to the same quarter a year ago.”
“The team continues to demonstrate resilience in a dynamic market environment. Over the last year, we’ve made significant investments to support new programs, further diversify within our end-markets and expand our capabilities, positioning our business to capture future opportunities.”
“Our first quarter outlook is down sequentially, driven by some customers continuing to adjust inventory levels and ongoing macroeconomic uncertainty. We expect headwinds for the next couple of quarters with an improvement in the back half of the year. We remain confident in our strategy and long-term financial performance,” concluded Sola.
First Quarter Fiscal 2024 Outlook
The following outlook is for the fiscal first quarter ending December 30, 2023. These statements are forward-looking and actual results may differ materially.
- Revenue between $1.85 billion to $1.95 billion
- GAAP diluted earnings per share between $0.98 to $1.08
- Non-GAAP diluted earnings per share between $1.20 to $1.30
Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the fourth quarter and fiscal year 2023 and outlook for the first quarter of fiscal 2024 on Monday, November 6, 2023 at 4:30 p.m. ET (1:30 p.m. PT). The access numbers are: domestic 833-816-1390 and international 412-317-0483. The conference will also be webcast live over the Internet. You can log on to the live webcast at Q4 and FY’23 Webcast. Additional information in the form of a slide presentation is available on Sanmina’s website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 877-344-7529 and international 412-317-0088, access code is 5486944.
