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01.11.2016 21:11
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Sanmina Reports Fourth Quarter And Fiscal Year End Results
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PR Newswire
SAN JOSE, Calif., Nov. 1, 2016
SAN JOSE, Calif., Nov. 1, 2016 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fourth quarter and fiscal year ended October 1, 2016.
Fourth Quarter Fiscal 2016 Summary
- Revenue of $1.67 billion
- GAAP operating margin of 3.3 percent
- GAAP diluted earnings per share of $1.30(1)
- Non-GAAP(2) operating margin of 4.2 percent
- Non-GAAP diluted earnings per share of $0.72
Fiscal Year 2016 Summary
- Revenue of $6.48 billion
- GAAP diluted earnings per share of $2.38(1)
- Non-GAAP diluted earnings per share of $2.54
Revenue for the fourth quarter was $1.67 billion, compared to $1.67 billion in the prior quarter and $1.64 billion for the same period of fiscal 2015. Revenue for fiscal year ended October 1, 2016 was $6.48 billion, compared to $6.37 billion for the fiscal year ended October 3, 2015.
GAAP operating income in the fourth quarter was $55.1 million or 3.3 percent of revenue, compared to $52.7 million or 3.2 percent of revenue for the same period a year ago. GAAP operating income for fiscal year 2016 was $224.8 million, compared to $203.1 million in fiscal year 2015. GAAP net income in the fourth quarter was $100.8 million, compared to $315.4 million for the same period a year ago. GAAP diluted earnings per share for the fourth quarter was $1.30, compared to $3.78 in the same period a year ago. GAAP net income for fiscal year 2016 was $187.8 million, compared to $377.3 million in fiscal year 2015. GAAP diluted earnings per share in fiscal year 2016 was $2.38, compared to $4.41 in fiscal year 2015.
Non-GAAP operating income in the fourth quarter was $69.3 million or 4.2 percent of revenue, compared to $61.7 million or 3.8 percent of revenue for the same period a year ago. Non-GAAP operating income for the full fiscal year was $257.5 million, compared to $245.7 million for fiscal year 2015. Non-GAAP net income in the fourth quarter was $55.7 million, compared to $47.7 million for the same period a year ago. Non-GAAP diluted earnings per share for the fourth quarter was $0.72, compared to $0.57 in the same period a year ago. Non-GAAP net income for fiscal year 2016 was $200.0 million, compared to $189.3 million in fiscal year 2015. Non-GAAP diluted earnings per share in fiscal year 2016 was $2.54, compared to $2.21 in fiscal year 2015.
Balance Sheet Summary
- Ending cash and cash equivalents were $398.3 million
- Cash flow from operations was $103.3 million in Q4, and $390.1 million for FY'16
- Repurchased 1.1 million common shares for $27.8 million in Q4, and 6.8 million shares for $141.1 million in FY'16
- Inventory turns were 6.6x
- Cash cycle days were 42.2 days
"We delivered solid financial results for the fourth quarter. Operating margin, EPS and cash flow from operations exceeded our expectations in spite of flat revenue," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.
"I am pleased with our performance in fiscal 2016. We delivered margin improvement, EPS expansion and strong cash flow, in a modest growth environment. We continue to diversify our customer base and win new programs which are evident in our financial results and positions us for the future," stated Sola.
"As we look to fiscal 2017, we remain focused on market diversification, operational excellence and leading edge technology, which offer a distinct advantage to our customers. Our strong cash generation provides the flexibility for investments in markets and technologies where we see the greatest opportunity to create value for our customers. We are confident that our focus on servicing customers and operational discipline will continue to strengthen our operating model and drive shareholder value. We are optimistic that fiscal 2017 will be another solid year," concluded Sola.
First Quarter Fiscal 2017 Outlook
The following outlook is for the first fiscal quarter ending December 31, 2016. These statements are forward-looking and actual results may differ materially.
- Revenue between $1.675 billion to $1.725 billion
- Non-GAAP diluted earnings per share between $0.65 to $0.70
Company Conference Call Information
Sanmina will hold a conference call regarding financial results for the fourth quarter and fiscal year 2016 on Tuesday, November 1, 2016 at 5:00 p.m. ET (2:00 p.m. PT). The access numbers are: domestic 877-273-6760 and international 706-634-6605. The conference will also be broadcast live over the Internet. You can log on to the live webcast at www.sanmina.com. Additional information in the form of a slide presentation is available by logging onto Sanmina's website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 855-859-2056 and international 404-537-3406, access code is 5523412.
(1) In the fourth quarter of 2015 and 2016, the Company released valuation allowances attributable to certain U.S. and foreign deferred tax assets. As a result of these releases, fourth quarter and full year 2016 GAAP diluted earnings per share include a tax benefit of $1.24 and $1.22 per share, respectively, and fourth quarter and full year 2015 GAAP diluted earnings per share include a tax benefit of $3.45 and $3.37 per share, respectively.
(2)In the commentary set forth above and/or in the financial statements included in this earnings release, we present the following non-GAAP financial measures: operating income, operating margin, net income and diluted earnings per share. In computing each of these non-GAAP financial measures, we exclude charges or gains relating to: stock-based compensation expenses, restructuring costs (including employee severance and benefits costs and 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 charges associated with distressed customers, litigation settlements, gains and losses on sales of assets and redemptions of debt, discrete tax events and deferred tax changes to the extent material in the applicable period. 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 results contained in this release to their most directly comparable GAAP measures is included in the financial statements contained in this release. Sanmina provides its first quarter fiscal 2017 outlook for earnings per share only on a non-GAAP basis due to the inherent uncertainties associated with forecasting the timing and amount of acquisitions, restructuring activities, asset impairments and the incurrence of discrete tax events and deferred tax changes.
About Sanmina
Sanmina Corporation is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the communications networks, storage, industrial, defense, medical, energy and industries that include embedded computing technologies such as, point of sale devices, casino gaming and automotive. Sanmina has facilities strategically located in key regions throughout the world. More information regarding the company is available at www.sanmina.com.
Sanmina Safe Harbor Statement
Certain statements contained in this press release, including the Company's outlook for the first quarter fiscal 2017, 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; credit problems experienced by our customers; competition that could cause us to lose sales; consolidation among our customers and suppliers that could adversely affect our business; and the other factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission ("SEC").
The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.
| Sanmina Corporation | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands) | ||||||||
| (GAAP) | ||||||||
| | | | | | | October 1, | | October 3, |
| | | | | | | 2016 | | 2015 |
| | | | | | | | | |
| | | | | | | (Unaudited) | | |
| ASSETS | | | | | | | ||
| | | | | | | | | |
| Current assets: | | | | | | | ||
| | Cash and cash equivalents | | | $ 398,288 | | $ 412,253 | ||
| | Accounts receivable, net | | | 973,680 | | 936,952 | ||
| | Inventories | | | | 946,239 | | 918,728 | |
| | Prepaid expenses and other current assets | | 57,445 | | 55,047 | |||
| | | Total current assets | | | | 2,375,652 | | 2,322,980 |
| | | | | | | | | |
| Property, plant and equipment, net | | | 617,524 | | 590,844 | |||
| Deferred tax assets | | | 514,314 | | 497,605 | |||
| Other | | | | | 117,732 | | 81,835 | |
| | | Total assets | | | $ 3,625,222 | | $ 3,493,264 | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | ||||
| | | | | | | | | |
| Current liabilities: | | | | | | | ||
| | Accounts payable | | | $ 1,121,135 | | $ 1,035,323 | ||
| | Accrued liabilities | | | 124,386 | | 111,416 | ||
| | Accrued payroll and related benefits | | 127,326 | | 120,402 | |||
| | Short-term debt | | | 28,416 | | 113,416 | ||
| | | Total current liabilities | | | 1,401,263 | | 1,380,557 | |
| | | | | | | | | |
| Long-term liabilities: | | | | | | |||
| | Long-term debt | | | 434,059 | | 423,949 | ||
| | Other | | | | 180,097 | | 168,287 | |
| | | Total long-term liabilities | | | 614,156 | | 592,236 | |
| | | | | | | | | |
| Stockholders' equity | | | 1,609,803 | | 1,520,471 | |||
| | | Total liabilities and stockholders' equity | | $ 3,625,222 | | $ 3,493,264 | ||
| Sanmina Corporation | ||||||||
| Condensed Consolidated Statements of Income | ||||||||
| (in thousands, except per share amounts) | ||||||||
| (GAAP) | ||||||||
| (Unaudited) | ||||||||
| | | | | | | | | |
| | | Three Months Ended | | Twelve Months Ended | ||||
| | | | | | | | | |
| | | October 1, Werbung Mehr Nachrichten zur Sanmina Corporation Aktie kostenlos abonnieren
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