Business
Sanmina's Second Quarter Fiscal 2024 Financial Results
SAN JOSE, Calif., April 29, 2024 /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., April 29, 2024 /PRNewswire/ -- Sanmina Corporation (\"Sanmina\" or the \"Company\") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fiscal second quarter ended March 30, 2024 and outlook for its fiscal third quarter ending June 29, 2024.\n\nSecond Quarter Fiscal 2024 Financial Highlights\nRevenue: $1.83 billionGAAP operating margin: 4.1%GAAP diluted EPS: $0.93Non-GAAP(1) operating margin: 5.4%Non-GAAP(1) diluted EPS: $1.30Cash flow from operations: $72 millionEnding cash and cash equivalents: $651 million(1)See Schedule 1 below for more information regarding our use of non-GAAP financial measures. 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\"Our focused execution and operating discipline yielded financial results in line with our outlook,\" stated Jure Sola, Chairman and Chief Executive Officer. \"During the quarter, we started to see positive movement in some end-markets that have been notably depressed for the last few quarters. While there is still macroeconomic uncertainty, the team continues to demonstrate resilience. We remain optimistic that we will see sequential improvement as we progress through 2024.\"\nThird Quarter Fiscal 2024 Outlook\nThe following outlook is for the fiscal third quarter ending June 29, 2024. These statements are forward-looking and actual results may differ materially. \nRevenue between $1.8 billion to $1.9 billionGAAP diluted earnings per share between $0.95 to $1.05Non-GAAP diluted earnings per share between $1.22 to $1.32Safe Harbor Statement\nThe statements above including our financial outlook for the third quarter fiscal 2024 and our expectations for sequential improvement in 2024 generally, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our ...