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 27, 2014.
First Quarter Fiscal 2015 Summary
- Revenue of $1.67 billion
- GAAP operating margin of 3.2 percent
- GAAP diluted earnings per share of $0.26
- Non-GAAP(1) operating margin of 4.1 percent
- Non-GAAP(1) diluted earnings per share of $0.61
Revenue for the first quarter was $1.67 billion, compared to $1.69 billion in the prior quarter and $1.45 billion for the same period of fiscal 2014.
GAAP operating income in the first quarter was $53.5 million or 3.2 percent of revenue, compared to $39.5 million or 2.7 percent of revenue for the same period ended December 28, 2013. GAAP net income in the first quarter was $22.7 million, compared to $23.1 million for the same period a year ago. GAAP diluted earnings per share were $0.26 for the first quarter in both fiscal years.
Non-GAAP operating income in the first quarter was $68.3 million or 4.1 percent of revenue, compared to $48.6 million or 3.4 percent of revenue in the first quarter fiscal 2014. Non-GAAP net income in the first quarter was $53.1 million, compared to $35.5 million in the same period a year ago. Non-GAAP diluted earnings per share for the quarter were $0.61, compared to $0.41 for the same period a year ago.
"Revenue for the first quarter was in line with our expectations and up 15 percent year over year. We executed well and delivered solid operating margin in spite of a challenging mix of business. Our outlook for the second quarter is slightly down sequentially primarily due to seasonality, and we believe demand will improve in the second half of the year. We remain optimistic in our ability to drive profitable growth in fiscal 2015," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.
Balance Sheet Summary
- Ending cash and cash equivalents were $391.1 million
- Cash flow from operations was ($6.2) million
- Inventory turns were 6.8x
- Cash cycle days were 40.1 days
Second Quarter Fiscal 2015 Outlook
The following forecast is for the second fiscal quarter ending March 28, 2015. These statements are forward-looking and actual results may differ materially.
- Revenue between $1.575 billion to $1.625 billion
- Non-GAAP diluted earnings per share between $0.50 to $0.55