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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
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Labor Day: U.S. Federal Holiday
09/01/2025 | Andy Shaughnessy, I-Connect007Today is Labor Day, a U.S. federal holiday that Americans celebrate on the first Monday of September each year. This marks the 131st anniversary of the holiday. In 1887, Oregon was the first state to make Labor Day an official holiday. In 1894, after the Pullman Strike, Congress passed a bill that recognized Labor Day as a federal holiday, and President Grover Cleveland signed the bill into law.
Datest Unveils Viscom iX7059 XL 3D CT AXI System
08/25/2025 | DatestDatest, a trusted leader in advanced testing, engineering, inspection, and failure analysis services, and the go-to destination for when your boards misbehave and your AXI line goes on vacation, is thrilled to announce the arrival of its newest diagnostic weapon: the Viscom iX7059 XL 3D CT AXI Inspection System.
Polar Instruments Announces Additive Transmission Line Support for Si9000e
08/20/2025 | Polar InstrumentsTransmission lines embedded into the PCB surface are a feature of UHDI constructions. The 2025 fall release of Polar's Si9000e PCB impedance & insertion loss transmission line field solver incorporates eight new single ended, differential and coplanar transmission line structures.
Axxon-Mycronic Brings High-Performance Conformal Coating to productronica India 2025
08/20/2025 | Axxon-MycronicAxxon-Mycronic, a leading, global supplier of innovative and production-ready, dispensing and conformal coating systems, is pleased to announce its participation in productronica India 2025, taking place September 17–19 at the Bangalore International Exhibition Centre (BIEC).
The Marketing Minute: Staying Positive When the Market Isn’t
08/20/2025 | Brittany Martin -- Column: The Marketing MinuteIn today’s volatile electronics market, buffeted by tariffs, supply-chain shifts, and squeezed margins, it’s tempting to tighten belts and cut your marketing budget. But history shows us that the quietest brands get forgotten fastest. Staying visible is not a luxury; it’s a competitive advantage.