Business
Sanmina Reports First Quarter Financial Results
SAN JOSE, Calif., Jan. 27, 2020 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions
About this update from Sanmina Corporation
[{"type":"text","content":"SAN JOSE, Calif., Jan. 27, 2020 /PRNewswire/ -- Sanmina Corporation (\"Sanmina\" or the \"Company\") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the first quarter fiscal 2020 ended December 28, 2019.\n\"We are pleased with our results for the first quarter. Revenue and non-GAAP earnings per share exceeded the high-end of our outlook. Our focus on operational execution and financial discipline is evident in our results,\" stated Hartmut Liebel, Chief Executive Officer. \"We remain focused on driving profitable revenue growth, lean, high-performance manufacturing processes and cash generation.\"\n(In thousands, except per share data)\nQ1:FY20\nQ4:FY19\nQ1:FY19\nRevenue\n$1,840,171\n$1,892,207\n$2,188,018\nGAAP: \nOperating income\n$57,181\n$63,085\n$77,543\nOperating margin\n3.1%\n3.3%\n3.5%\nNet income \n$38,345\n$19,757\n$37,952\nDiluted earnings per share\n$0.53\n$0.27\n$0.54\nNon-GAAP:(1) \nOperating income\n$73,437\n$79,627\n$85,790\nOperating margin\n4.0%\n4.2%\n3.9%\nNet income \n$57,426\n$60,611\n$59,168\nDiluted earnings per share\n$0.79\n$0.84\n$0.83\n(1)Non-GAAP financial measures exclude charges or gains relating to: stock-based compensation expenses; restructuring costs (including employee severance and benefits costs and charges related to excess facilities and assets); acquisition and integration costs (consisting of costs associated with the acquisition and integration of acquired businesses into our operations); impairment charges for goodwill and other assets; amortization expense; and charges associated with distressed customers, litigation settlements, gains and losses on sales of assets and redemptions of debt, deferred tax and discrete tax items, all to the extent material in the applicable period. See Schedule 1 below for more information regarding our use of non-GAAP financial measures, including the economic substance behind each exclusion, the manner in which management uses non-GAAP measures to conduct and evaluate the business, the material limitations associated with using such measures and the manner in which management compensates for such limitations. A reconciliation of the non-GAAP results contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release.\nBala...