Sanmina Reports Q4 and Fiscal 2024 Financial Results
November 6, 2024 | SanminaEstimated reading time: 1 minute
Sanmina Corporation, a leading integrated manufacturing solutions company, reported financial results for the fourth quarter and fiscal year ended September 28, 2024 and outlook for its fiscal first quarter ending December 28, 2024.
Fourth Quarter Fiscal 2024 Financial Highlights
- Revenue: $2.02 billion
- GAAP operating margin: 4.4%
- GAAP diluted EPS: $1.09
- Non-GAAP(1) operating margin: 5.3%
- Non-GAAP(1) diluted EPS: $1.43
Fiscal Year 2024 Financial Highlights
- Revenue: $7.57 billion
- GAAP operating margin: 4.4%
- GAAP diluted EPS: $3.91
- Non-GAAP(1) operating margin: 5.4%
- Non-GAAP(1) diluted EPS: $5.28
Additional Highlights
- Cash flow from operations: Q4 $52 million and FY'24 $340 million
- Free cash flow(2): $29 million in Q4 and $231 million in FY'24
- Share repurchases: 0.9 million shares for $65 million in Q4 and approximately 4.0 million shares for $227 million in FY'24
- Q4 ending cash and cash equivalents: $626 million
"We finished the year with solid momentum. Our fourth quarter revenue was up 9.6 percent sequentially, and non-GAAP diluted earnings per share was up 14.3 percent over the prior quarter and exceeded our outlook. We saw growth in the majority of our end-markets, primarily with strength from the communications networks and cloud infrastructure," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.
"Our fiscal year 2024 results were in line with our expectations as we managed a challenging first half with improvements in the second half of the year. While our revenue was impacted for the year, we delivered another solid year of cash flow from operations. Furthermore, we demonstrated our commitment to return value to our shareholders by repurchasing 4 million shares for $227 million in fiscal 2024."
"The team has done an excellent job navigating the market dynamics and the Company continues to demonstrate resilience. Based on the forecasts from our customers and currently healthy demand levels, we expect fiscal 2025 to be a growth year," concluded Sola.
First Quarter Fiscal 2025 Outlook
The following outlook is for the fiscal first quarter ending December 28, 2024. These statements are forward-looking and actual results may differ materially.
- Revenue between $1.925 billion to $2.025 billion
- GAAP diluted earnings per share between $1.03 to $1.13
- Non-GAAP diluted earnings per share between $1.30 to $1.40
Suggested Items
Smartphone Panel Shipments to Dip by 1.7% in 2025, with Chinese Manufacturers’ Share Expected to Exceed 70%
11/13/2024 | TrendForceTrendForce’s latest investigations reveal that while the overall smartphone market is projected to grow by just 3% in 2024, increased demand for refurbishes and second-hand devices is fueling growth in the smartphone panel market. Shipments this year are estimated to grow 6.7% YoY to reach 2.066 billion units.
Texas Instruments Commits to Set Science-based Targets for GHG Emissions Reduction
11/13/2024 | Texas InstrumentsTexas Instruments (TI) announced that the Science Based Targets initiative (SBTi) has received the company's commitment to set near-term company-wide emissions reductions in line with climate science.
indie Semiconductor Exceeds Q3 2024 Growth Expectations, Guides Accelerating Q4
11/12/2024 | indie SemiconductorThird quarter 2024 revenue increased 3.1% sequentially to $54.0 million, above the mid-point of the outlook with Non-GAAP gross margin up sequentially to 50.4 percent.
Gartner Forecasts India IT Spending to Reach $160 Billion in 2025
11/12/2024 | Gartner, Inc.India IT spending is projected to total $160 billion in 2025, an increase of 11.2% from 2024, according to the latest forecast by Gartner, Inc.
Altus Showcases Cutting-Edge Equipment at the Southern Manufacturing & Electronics 2025
11/12/2024 | Altus GroupAltus Group, a prominent distributor of advanced equipment for electronics assembly in the UK and Ireland, has announced its participation in the Southern Manufacturing & Electronics show, held from 4-6 February 2025 at the Farnborough International Exhibition Centre.