Slide 1: Third Quarter Fiscal 2014 Financial Results
Third Quarter Fiscal 2014 Financial Results Quarter Ended June 28, 2014 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements made during this presentation, including the Company's outlook for the fourth quarter and expectations regarding fiscal 2014, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act
Slide 3: Non-GAAP Financial Results Compared to Outlook
Non-GAAP Financial Results Compared to Outlook Q3'14 (A) Q3'14 Outlook WAS Revenue: $1.60B $1.50 - $1.60B Diluted earnings per share: $0.53 $0.45 - $0.49 3
Slide 4: Financial Results
Financial Results (Unaudited) Three M onth Periods ($ in millions, exc ept per share data) Q3'14 Q2'14 Q3'13 GAAP: Revenue $1,605 $1,477 $1,489 Net inc ome $21 $21 $19 Diluted earnings per share $0.24 $0.24 $0.22 (1) Non-GAAP : Gross profit $129 $121 $116 Operating expense $68 $68 $66 Operating inc
Slide 5: Non-GAAP P&L Metrics
Non-GAAP P&L Metrics ($ in Millions) Revenue Gross Profit / Margin Operating Income / Margin Net Interest Expense Q3’14 includes $1 million of additional interest incurred related to the redemption and refinancing of the 7% Senior Notes due 2019. 5
Slide 6: Segment Reporting – Revenue and Non-GAAP Gross Margin
Segment Reporting – Revenue and Non-GAAP Gross Margin* ($ in Millions) Integrated Manufacturing Solutions Components, Products and Services Integrated Manufacturing Solutions Components, Products & Services PCB Assembly & Test Components Products Final System Assembly & Test ‒ Interconnect S
Slide 7: Summary Balance Sheet
Summary Balance Sheet ($ in Millions) 6/28/14 3/29/14 6/29/13 Cash and cash equivalents $552 $391 $416 Accounts receivable, net $973 $953 $899 Inventories $880 $800 $797 Property, plant and equipment, net $564 $546 $544 Other assets $321 $330 $323 Total assets $3,290 $3,020 $2,979 Accounts payable $
Slide 8: Balance Sheet Metrics
Balance Sheet Metrics ($ in Millions) Cash and Cash Equivalents Inventory $ / Turns Cash Cycle Days ROIC 8
Slide 9: Q4'14 Outlook
Q4’14 Outlook(1) The following outlook is for the fourth fiscal quarter ending September 27, 2014. These statements are forward-looking and actual results may differ materially. Revenue: $1.60 - $1.65B Non-GAAP EPS: $0.50 - $0.55 (1) The above identified outlook for the quarter ending September 27,
Slide 10: CEO Remarks
re wal SANMINA CEO Remarks Communications * Computing & Storage * Medical Systems * Defense & Aerospace * Multimedia * Clean Technology * Industrial * Automotive What we make, makes a difference™
Slide 11: Q3'14 Revenue Breakdown By End-Market
Q3’14 Revenue Breakdown By End-Market ($ in Millions) Multimedia $152 / 10% Computing & Storage Communications $195 / 12% Networks $677 / 42% Industrial/Medical/ Defense $579 / 36% Communications Networks Industrial/Medical/Defense Computing and Storage Multimedia (Networking, Wireline & Wireless (I
Slide 12: Q4'14 End-Market Outlook
Q4’14 End-Market Outlook Collaborative Integrated Direct Order Interconnect Mechanical Optical / RF Products and Design and Manufacturing Fulfillment Systems Systems Solutions Services Engineering Solutions and Logistics Q4’14 Communications Networks (Networking, Wireline & Wireless Infrastructure
Slide 13: Summary
Summary Q3’14: Solid results Overall demand is stable and remains positive Continue to diversify our business Focused on Sanmina’s core strengths “Competitive Advantage” Predictable and Sustainable Results 13
Slide 14: Consolidated Financial Statements Reconciliation of Non-GAAP to GAAP Results
Consolidated Financial Statements Reconciliation of Non-GAAP to GAAP Results Quarter Ended June 28, 2014
Slide 15: GAAP Condensed Consolidated Balance Sheet
GAAP Condensed Consolidated Balance Sheet ($ in thousands) June 28, September 28, 2014 2013 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 552,013 $ 402,875 Accounts receivable, net 973,051 944,816 Inventories 880,267 781,560 Prepaid expenses and other current assets 98,970 75,337 To
Slide 16: GAAP Condensed Consolidated Statement of Operations
GAAP Condensed Consolidated Statement of Operations (Unaudited) Three Months Ended Nine Months Ended June 28, June 29, June 28, June 29, ($ in thousands) 2014 2013 2014 2013 Net sales $ 1,604,727 $ 1,489,214 $ 4,528,937 $ 4,411,801 Cost of sales 1,477,814 1,374,963 4,172,272 4,100,318 Gross profit 1
Slide 17: Reconciliation of Non-GAAP to GAAP Measures
Reconciliation of Non-GAAP to GAAP Measures (Unaudited) Three Month Periods Nine Month Periods ($ in thousands, except per share data) Q3'14 Q2'14 Q3'13 FY14 FY13 GAAP Gross Profit $ 126,913 $ 118,967 $ 114,251 $ 356,665 $ 311,483 GAAP gross margin 7.9% 8.1% 7.7% 7.9% 7.1% Adjustments Stock compensa
Slide 18: Reconciliation of Non-GAAP to GAAP Measures (Continued)
Reconciliation of Non-GAAP to GAAP Measures (Continued) (Unaudited) Three Month Periods Nine Month Periods ($ in thousands, except per share data) Q3'14 Q2'14 Q3'13 FY14 FY13 GAAP Provision for Income Taxes $ 18,277 $ 17,775 $ 8,352 $ 46,682 $ 24,345 Adjustments Nonrecurring tax items (10,074) (9,82
Slide 19: What we make, makes a difference
What we make, makes a difference” a wat SANMINA 19