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Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ GS: SANM), a leading integrated manufacturing solutions company, today reported financial results for the first fiscal quarter ended December 28, 2013.
First Quarter Fiscal 2014 Summary
- Revenue of $1.45 billion
- GAAPoperating margin of 2.7 percent
- GAAP diluted earnings per share of $0.26
- Non-GAAP(1) operating margin of 3.4 percent
- Non-GAAP(1) diluted earnings per share of $0.41
Revenue for the first quarter was $1.45 billion, compared to $1.51 billion in the prior quarter and $1.49 billion for the same period of fiscal 2013.
GAAP operating income in the first quarter was $39.5 million or 2.7 percent of revenue, compared to $31.5 million or 2.1 percent of revenue for the same period ended December 29, 2012. GAAP net income in the first quarter was $23.1 million, compared to $621,000 for the same period a year ago. GAAP diluted earnings per share for the quarter were $0.26, compared to $0.01 in the first quarter of fiscal 2013.
Non-GAAP operating income in the first quarter was $48.6 million or 3.4 percent of revenue, compared to $41.4 million or 2.8 percent of revenue in the first quarter fiscal 2013. Non-GAAP net income in the first quarter was $35.5 million, compared to $24.2 million in the same period a year ago. Non-GAAP diluted earnings per share were $0.41, compared to $0.29 for the same period a year ago.
Balance Sheet Summary
- Ending cash and cash equivalents were $407.1 million
- Cash flow from operations was $38.2 million
- Repurchased 1.67 million common shares for a total of $25.2 million
- Inventory turns were 6.8x
- Cash cycle days were 47.3 days
"Our first quarter results were in line with our expectations. We remain focused on higher value-added services, markets and innovative technologies. This allows us to capitalize on opportunities with new and existing customers and further strengthen our operating model. Our outlook for the second quarter reflects our view of a soft first half of fiscal 2014. We are encouraged by our customers' forecasts, recent wins and overall market improvements that will drive modest growth for fiscal 2014," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.
Second Quarter Fiscal 2014 Outlook
The following forecast is for the second fiscal quarter ending March 29, 2014. These statements are forward-looking and actual results may differ materially.
- Revenue between $1.425 billion to $1.475 billion
- Non-GAAP diluted earnings per share between $0.36 to $0.42