Business
Sanmina's First Quarter Fiscal 2023 Financial Results
SAN JOSE, Calif., Jan. 30, 2023 /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. 30, 2023 /PRNewswire/ -- Sanmina Corporation (\"Sanmina\" or the \"Company\") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fiscal first quarter ended December 31, 2022 and outlook for its fiscal second quarter ending April 1, 2023.\nFirst Quarter Fiscal 2023 Financial Highlights\nRevenue: $2.36 billionGAAP operating margin: 5.2%GAAP diluted EPS: $1.48Non-GAAP(1) operating margin: 5.8%Non-GAAP diluted EPS: $1.64Additional First Quarter Highlights\nCash flow from operations: $37 millionFree cash flow: $694,000Ending cash and cash equivalents: $735 millionNon-GAAP pre-tax ROIC: 35.5%(1)Non-GAAP financial measures exclude charges or gains relating to: stock-based compensation expenses; restructuring costs (including employee severance costs, environmental investigation, remediation and related costs and other 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 other unusual or infrequent items (e.g. charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, gains and losses on sales of assets, deferred tax adjustments and discrete tax items). 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 financial information contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release.\n\"We delivered a strong first quarter. Revenue was up 7.2 percent sequentially, non-GAAP operating margin expanded 20 basis points and non-GAAP earnings per share increased 9.5 percent. Demand from new and existing programs coupled with solid execution by our team were the key drivers to improvements in our financial performance,\" stated Jure Sola, Chairman and Chi...