Sanmina Reports Revenue of $1.64B in Q4 FY2015

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Sanmina Corporation, a leading integrated manufacturing solutions company, today reported financial results for the fourth quarter and fiscal year ended October 3, 2015.

Fourth Quarter Fiscal 2015 Summary

• Revenue of $1.64 billion
• GAAP operating margin of 3.2 percent
• GAAP diluted earnings per share of $3.78
  
• Non-GAAP operating margin of 3.8 percent
• Non-GAAP diluted earnings per share of $0.57

Fiscal Year 2015 Summary

• Revenue of $6.37 billion
• GAAP diluted earnings per share of $4.41⁽¹⁾
• Non-GAAP⁽²⁾ diluted earnings per share of $2.21

Revenue for the fourth quarter was $1.64 billion, compared to $1.54 billion in the prior quarter and $1.69 billion for the same period of fiscal 2014.  Revenue for fiscal year ended October 3, 2015 was $6.37 billion, compared to $6.22 billion for the fiscal year ended September 27, 2014.

GAAP operating income in the fourth quarter was $52.7 million or 3.2 percent of revenue, compared to $61.5 million or 3.6 percent of revenue for the same period a year ago.  GAAP operating income for fiscal year 2015 was $203.1 million, compared to $199.7 million in fiscal year 2014.  GAAP net income in the fourth quarter was $315.4 million, compared to $132.5 million for the same period a year ago.  GAAP diluted earnings per share for the fourth quarter was $3.78, compared to $1.52 in the same period a year ago.  GAAP net income for fiscal year 2015 was $377.3 million, compared to $197.2 million in fiscal year 2014.  GAAP diluted earnings per share in fiscal year 2015 was $4.41, compared to $2.27 in fiscal year 2014.

Non-GAAP operating income in the fourth quarter was $61.7 million or 3.8 percent of revenue, compared to $71.3 million or 4.2 percent of revenue for the same period a year ago.  Non-GAAP operating income for the full fiscal year was $245.7 million, compared to $234.0 million for fiscal year 2014.  Non-GAAP net income in the fourth quarter was $47.7 million, compared to $53.4 million for the same period a year ago.  Non-GAAP diluted earnings per share for the fourth quarter was $0.57, compared to $0.61 in the same period a year ago.  Non-GAAP net income for fiscal year 2015 was $189.3 million, compared to $172.5 million in fiscal year 2014.  Non-GAAP diluted earnings per share in fiscal year 2015 was $2.21, compared to $1.99 in fiscal year 2014.

Balance Sheet Summary

• Ending cash and cash equivalents were $412.3 million
• Cash flow from operations was ($1.3) million in Q4, and $174.9 million for FY'15
• Repurchased 2.5 million common shares for $51.8 million in Q4, and 5.8 million shares for $121.2 million in FY'15
• Board authorized an additional $200 million in share repurchases
• Inventory turns were 6.2x
• Cash cycle days were 44.6 days

"We delivered a solid fourth quarter.  Revenue was up 6 percent sequentially and non-GAAP EPS improved 8 percent," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.  

"In fiscal 2015, we delivered revenue growth, operating margin improvement, EPS expansion and solid cash generation despite a mixed market environment.  Our focus on executing our core strategy is evident in our results." 

"Our technology and solutions offerings remain a differentiator for Sanmina.  We are focused on the quality of our revenue, expanding our capabilities and providing value to our customers.  Based on our diverse customer base, new programs ramping, pipeline of new business opportunities and forecasts from our customers, we are optimistic that fiscal 2016 will be another growth year," concluded Mr. Sola.

First Quarter Fiscal 2016 Outlook

The following outlook is for the first fiscal quarter ending January 2, 2016.  These statements are forward-looking and actual results may differ materially. 

• Revenue between $1.55 billion to $1.60 billion
• Non-GAAP diluted earnings per share between $0.56 to $0.60

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.