Sanmina Reports Fourth Quarter and Fiscal 2024 Financial Results
SAN JOSE, Calif. — Sanmina Corporation (“Sanmina” or the “Company”) (NASDAQ: SANM), a leading integrated manufacturing solutions company, reported financial results for the fourth quarter and fiscal year ended September 28, 2024 and outlook for its fiscal first quarter ending December 28, 2024.
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Fourth Quarter Fiscal 2024 Financial Highlights • Revenue: $2.02 billion • GAAP operating margin: 4.4% • GAAP diluted EPS: $1.09 • Non-GAAP(1) operating margin: 5.3% • Non-GAAP(1) diluted EPS: $1.43 |
Fiscal Year 2024 Financial Highlights • Revenue: $7.57 billion • GAAP operating margin: 4.4% • GAAP diluted EPS: $3.91 • Non-GAAP(1) operating margin: 5.4% • Non-GAAP(1) diluted EPS: $5.28 |
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Additional Highlights • Cash flow from operations: Q4 $52 million and FY’24 $340 million • Free cash flow(2): $29 million in Q4 and $231 million in FY’24 • Share repurchases: 0.9 million shares for $65 million in Q4 and approximately 4.0 million shares for $227 million in FY’24 • Q4 ending cash and cash equivalents: $626 million |
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(1) |
See Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation of the non-GAAP financial information contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release. |
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(2) |
See Condensed Consolidated Cash Flow Statement included in the financial statements furnished with this release. |
“We finished the year with solid momentum. Our fourth quarter revenue was up 9.6 percent sequentially, and non-GAAP diluted earnings per share was up 14.3 percent over the prior quarter and exceeded our outlook. We saw growth in the majority of our end-markets, primarily with strength from the communications networks and cloud infrastructure,” stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.
“Our fiscal year 2024 results were in line with our expectations as we managed a challenging first half with improvements in the second half of the year. While our revenue was impacted for the year, we delivered another solid year of cash flow from operations. Furthermore, we demonstrated our commitment to return value to our shareholders by repurchasing 4 million shares for $227 million in fiscal 2024.”
“The team has done an excellent job navigating the market dynamics and the Company continues to demonstrate resilience. Based on the forecasts from our customers and currently healthy demand levels, we expect fiscal 2025 to be a growth year,” concluded Sola.
First Quarter Fiscal 2025 Outlook
The following outlook is for the fiscal first quarter ending December 28, 2024. 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 $1.03 to $1.13
- Non-GAAP diluted earnings per share between $1.30 to $1.40
