Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ GS: SANM), a leading integrated manufacturing solutions company, today reported financial results for the second fiscal quarter ended March 29, 2014.
Second Quarter Fiscal 2014 Summary
- Revenue of $1.48 billion
- GAAP operating margin of 3.1 percent
- GAAP diluted earnings per share of $0.24
- Non-GAAP(1) operating margin of 3.6 percent
- Non-GAAP(1) diluted earnings per share of $0.44
Revenue for the second quarter was $1.48 billion, compared to $1.45 billion in the prior quarter and $1.43 billion for the same period of fiscal 2013.
GAAP operating income in the second quarter was $45.3 million or 3.1 percent of revenue, compared to $45.8 million or 3.2 percent of revenue for the same period ended March 30, 2013. GAAP net income in the second quarter was $20.8 million, compared to $21.2 million for the same period a year ago. GAAP diluted earnings per share for the quarter were $0.24, compared to $0.25 in the second quarter of fiscal 2013.
Non-GAAP operating income in the second quarter was $53.2 million or 3.6 percent of revenue, compared to $40.0 million or 2.8 percent of revenue in the second quarter fiscal 2013. Non-GAAP net income in the second quarter was $38.3 million, compared to $25.3 million in the same period a year ago. Non-GAAP diluted earnings per share were $0.44, compared to $0.30 for the same period a year ago.
Balance Sheet Summary
- Ending cash and cash equivalents were $390.6 million
- Cash flow from operations was $8.5 million
- Repurchased 1.1 million common shares for a total of $18.8 million
- Inventory turns were 6.8x
- Cash cycle days were 48.5 days
"I am pleased with our second quarter results. Our outlook for revenue growth in the second half of the year remains optimistic as new programs ramp and demand improves across a broad set of customers. We continue to invest in technology and business processes which offer a distinct advantage to our customers. As we further diversify our business, we believe our revenue and profitability will continue to improve," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.
Third Quarter Fiscal 2014 Outlook
The following forecast is for the third fiscal quarter ending June 28, 2014. These statements are forward-looking and actual results may differ materially.
- Revenue between $1.50 billion to $1.60 billion
- Non-GAAP diluted earnings per share between $0.45 to $0.49
Upcoming Investor and Analyst Day
Sanmina will host an Investor and Analyst Day on Tuesday, May 6, 2014 in New York, NY. The event will begin at 9:00 a.m. ET and conclude at approximately 1:00 p.m. ET. Jure Sola, Chairman and Chief Executive Officer, along with members of the management team will provide a closer look into the Company.
Financial analysts and institutional investors who are interested in attending the event should contact Paige Bombino at (408) 964-3610 or email firstname.lastname@example.org. For other interested parties, a simultaneous webcast of the event will be available on the company website at www.sanmina.com, in the investor relations section.