Business
Sanmina's Third Quarter Fiscal 2023 Financial Results
SAN JOSE, Calif., July 31, 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., July 31, 2023 /PRNewswire/ -- Sanmina Corporation (\"Sanmina\" or the \"Company\") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fiscal third quarter ended July 1, 2023 and outlook for its fiscal fourth quarter ending September 30, 2023.\nThird Quarter Fiscal 2023 Financial Highlights\n• Revenue: $2.21 billion\n• GAAP operating margin: 4.9%\n• GAAP diluted EPS: $1.28\n• Non-GAAP(1) operating margin: 5.7%\n• Non-GAAP diluted EPS: $1.55\nAdditional Third Quarter Highlights\n• Cash flow from operations: $57 million\n• Ending cash and cash equivalents: $657 million\n• Share repurchases: ~970,000 shares for ~$51 million\n• Non-GAAP pre-tax ROIC: 29.7%\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 closing and consolidating facilities); 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\"Our third quarter results were in line with our outlook. We continue to execute well and deliver consistent operating margins and solid cash generation,\" stated Jure Sola, Chairman and Chief Executive Officer. \"Our strong performance in the first nine months and achievement of our outlook for...