Business
Sanmina's Third Quarter Fiscal 2024 Financial Results
SAN JOSE, Calif., July 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., July 29, 2024 /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 June 29, 2024 and outlook for its fiscal fourth quarter ending September 28, 2024.\n\nThird Quarter Fiscal 2024 Financial Highlights\nRevenue: $1.84 billionGAAP operating margin: 4.5%GAAP diluted EPS: $0.91Non-GAAP(1) operating margin: 5.3%Non-GAAP(1) diluted EPS: $1.25Cash flow from operations: $90 millionEnding cash and cash equivalents: $658 million(1) See Schedule 1 below for information regarding the items excluded from and 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\"We delivered third quarter results in line with our outlook. We are starting to see stabilization and demand improve going into our fourth quarter, and we expect to see growth in fiscal 2025,\" stated Jure Sola, Chairman and Chief Executive Officer. \"We continue to execute our strategy, which is to deliver profitable growth and free cash flow generation while maintaining our strong balance sheet and returning value to shareholders.\"\nFourth Quarter Fiscal 2024 OutlookThe following outlook is for the fiscal fourth quarter ending September 28, 2024. These statements are forward-looking and actual results may differ materially. \nRevenue between $1.9 billion to $2.0 billionGAAP diluted earnings per share between $1.02 to $1.12Non-GAAP diluted earnings per share between $1.30 to $1.40Safe Harbor StatementThe statements above including our financial outlook for the fourth quarter fiscal 2024 and expectations for growth in fiscal 2025 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 sales; risks arising from...