Sanmina Reports Revenue of $1.71B in Q3 FY2017

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Sanmina Corp. has reported revenue of $1.71 billion for the third fiscal quarter ended July 1, 2017, up from $1.68 billion in the prior quarter and $1.67 billion for the same period of fiscal 2016.

GAAP operating income in the third quarter was $66.6 million or 3.9 percent of revenue, compared to $54.6 million or 3.3 percent of revenue for the third quarter fiscal 2016. GAAP net income in the third quarter was $36.4 million, compared to $29.5 million for the same period a year ago. GAAP diluted earnings per share were $0.47, compared to $0.38 in the third quarter of fiscal 2016.

Non-GAAP operating income in the third quarter was $71.4 million or 4.2 percent of revenue, compared to $61.9 million or 3.7 percent of revenue in the third quarter fiscal 2016. Non-GAAP net income in the third quarter was $58.0 million, compared to $48.2 million in the same period a year ago. Non-GAAP diluted earnings per share for the quarter were $0.74, compared to $0.63 for the same period a year ago.

"We delivered good results for the quarter. We continue to execute well and deliver consistent operating margin and solid cash generation," stated Jure Sola, Chairman and Chief Executive Officer. "Our customer base and pipeline of new opportunities remain solid. We are confident in our ability to drive operational improvements and growth in 2017 and execution of our strategy supports a promising future."

Balance Sheet Summary

• Ending cash and cash equivalents were $435.5 million
• Cash flow from operations was $59.0 million
• Repurchased 0.5 million common shares for $20.3 million
• Inventory turns were 6.1x
• Cash cycle days were 42.3 days

Fourth Quarter Fiscal 2017 Outlook

The following forecast is for the fourth fiscal quarter ending September 30, 2017. These statements are forward-looking and actual results may differ materially.

• Revenue between $1.725 billion to $1.775 billion
• GAAP diluted earnings per share between $0.61 to $0.67, including stock-based compensation expense of $0.10 and amortization of intangible assets of $0.02
• Non-GAAP diluted earnings per share between $0.73 to $0.79

About Sanmina

Sanmina Corporation is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the communications networks, storage, industrial, defense, medical, energy, and industries that include embedded computing technologies, such as point of sale devices, casino gaming and automotive. Sanmina has facilities strategically located in key regions throughout the world. For more information, click here.