Sanmina's Q1 Fiscal 2024 Financial Results

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Sanmina Corporation, a leading integrated manufacturing solutions company, reported financial results for the fiscal first quarter ended December 30, 2023 and outlook for its fiscal second quarter ending March 30, 2024.

First Quarter Fiscal 2024 Financial Highlights

• Revenue: $1.87 billion
• GAAP operating margin: 4.7%
• GAAP diluted EPS: $0.98
• Non-GAAP(1) operating margin: 5.5%
• Non-GAAP(1) diluted EPS: $1.30

Additional First Quarter Highlights

• Cash flow from operations: $126 million
• Ending cash and cash equivalents: $632 million
• Share repurchases: 2.1 million shares for $106 million
• Non-GAAP pre-tax ROIC: 22.7%

"Our team did a great job delivering first quarter financial results in line with our outlook. We are confident in our market-focused strategy and continue to position the company for long-term financial success," stated Jure Sola, Chairman and Chief Executive Officer. "Our outlook for the second quarter is essentially flat with the prior quarter and is in line with our expectations for the first half of fiscal 2024. We believe we will see sequential improvement as we move into the second half of the year."

Second Quarter Fiscal 2024 Outlook

The following outlook is for the fiscal second quarter ending March 30, 2024. These statements are forward-looking and actual results may differ materially.

• Revenue between $1.825 billion to $1.925 billion
• GAAP diluted earnings per share between $0.95 to $1.05
• Non-GAAP diluted earnings per share between $1.20 to $1.30