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Sanmina Reports First Quarter Fiscal 2025 Financial Results
SAN JOSE, Calif., Jan. 27, 2025 /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, 2025 /PRNewswire/ -- Sanmina Corporation (\"Sanmina\" or the \"Company\") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the first quarter ended December 28, 2024 and outlook for its second fiscal quarter ending March 29, 2025.\n\nFirst Quarter Fiscal 2025 Financial Highlights\n• Revenue: $2.01 billion\n• GAAP operating margin: 4.4%\n• GAAP diluted EPS: $1.16\n• Non-GAAP(1) operating margin: 5.6%\n• Non-GAAP(1) diluted EPS: $1.44\nAdditional Highlights\n• Cash flow from operations: $64 million \n• Free cash flow(2): $47 million \n• Share repurchases: 0.2 million shares for $16 million \n• Ending cash and cash equivalents: $642 million\n(1) See Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation of \n the non-GAAP financial information contained in this release to their most directly comparable GAAP measures is included in the financial \n statements furnished with this release.\n(2) See Condensed Consolidated Cash Flow Statement included in the financial statements furnished with this release.\n\"We delivered solid first quarter financial results, with revenue towards the high end and non-GAAP earnings per share exceeding our outlook. We continue to execute well, as evident in our consistent operating margin and cash generation,\" stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation. \"Our operational discipline and ability to service our customers will further strengthen our operating model and drive shareholder value. We continue to see positive trends and are confident that fiscal 2025 will be a growth year.\"\nExpanded Share Repurchase Program \nSanmina's Board of Directors has authorized the repurchase of up to an additional $300 million of Sanmina's common stock. The stock repurchase program has no expiration date. As of December 28, 2024, approximately $37 million remained available under the current repurchase program. The expansion of this program is consistent with Sanmina's capital allocation priorities.\nSecond Quarter Fiscal 2025 Outlook\nThe following outlook is for the second fiscal quarter ending March 29, 2025. These statements are forward-looking and actual results may differ materially. \nRevenue between $1.9 billion to $2.0 ...