Sanmina Reports Q1 Fiscal 2022 Financial Results

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Sanmina Corporation, a leading integrated manufacturing solutions company, reported financial results for the fiscal first quarter ended January 1, 2022 and outlook for its fiscal second quarter ending April 2, 2022.

First Quarter Fiscal 2022 Financial Highlights

• Revenue: $1.76 billion
• GAAP operating margin: 4.6%
• GAAP diluted EPS: $0.89
• Non-GAAP(1) operating margin: 5.0%
• Non-GAAP diluted EPS: $1.08

Additional First Quarter Highlights

•  Cash flow from operations: $68 million
• Free cash flow: $51 million
• Share repurchases: 1.55 million for approximately $60 million 
• Ending cash and cash equivalents: $628 million
• Non-GAAP pre-tax ROIC: 26.4 percent

"This is an excellent start to our fiscal 2022.  Revenue for the first quarter was up over the prior quarter supported by growth in our industrial, medical, defense and automotive segment.  I am pleased by our solid execution and ability to expand our non-GAAP operating margin and non-GAAP earnings per share on a sequential basis and generate free cash flow in the quarter," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.    

"While demand remains strong, we expect the supply chain challenges to continue.  Based on our first quarter results and outlook for the second quarter, we are optimistic about our growth objectives for fiscal 2022,"concluded Sola. 

Second Quarter Fiscal 2022 Outlook

The following outlook is for the fiscal second quarter ending April 2, 2022.  These statements are forward-looking and actual results may differ materially.

• Revenue between $1.7 billion to $1.8 billion
• GAAP diluted earnings per share between $0.80 to $0.90
• Non-GAAP diluted earnings per share between $0.95 to $1.05

The statements above concerning our financial outlook for the second quarter of fiscal year 2022 constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, mostly notably the ongoing impacts of the COVID-19 pandemic, which include disruptions to the supply chain that have prevented the Company from shipping all products for which there is demand. Other factors that could cause our results to differ from our outlook include adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations; and the other factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission ("SEC").

The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.