Business
Sanmina's Second Quarter Fiscal 2023 Financial Results
SAN JOSE, Calif., May 11, 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., May 11, 2023 /PRNewswire/ -- Sanmina Corporation (\"Sanmina\" or the \"Company\") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported preliminary financial results for the fiscal second quarter ended April 1, 2023 and outlook for its fiscal third quarter ending July 1, 2023.\nSecond Quarter Fiscal 2023 Financial Highlights \n•\nRevenue: $2.32 billion\n•\nGAAP operating margin: 5.2%\n•\nGAAP diluted EPS: $1.33\n•\nNon-GAAP(1) operating margin: 5.8%\n• \nNon-GAAP diluted EPS: $1.59\nAdditional Second Quarter Highlights\n• \nCash flow from operations: $65 million\n• \nEnding cash and cash equivalents: $718 million\n• \nNon-GAAP pre-tax ROIC: 33.9%\n(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 \n\"We delivered strong top and bottom line results for the second quarter reflecting continued improvement in the supply chain environment coupled with excellent operational execution by our team to support customer demand. The team continues to demonstrate remarkable resilience in this dynamic market,\" stated Jure Sola, Chairman and ...