Montag, 27.01.2020 22:10 von PR Newswire | Aufrufe: 85

Sanmina Reports First Quarter Financial Results

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PR Newswire


SAN JOSE, Calif., Jan. 27, 2020 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the first quarter fiscal 2020 ended December 28, 2019.

"We are pleased with our results for the first quarter.  Revenue and non-GAAP earnings per share exceeded the high-end of our outlook.  Our focus on operational execution and financial discipline is evident in our results," stated Hartmut Liebel, Chief Executive Officer.  "We remain focused on driving profitable revenue growth, lean, high-performance manufacturing processes and cash generation."

(In thousands, except per share data)

Q1:FY20

Q4:FY19

Q1:FY19

Revenue

Kurse

  
39,57 $
-0,33%
Sanmina Corporation Chart

$1,840,171

$1,892,207

$2,188,018

GAAP: 




Operating income

$57,181

$63,085

$77,543

Operating margin

3.1%

3.3%

3.5%

Net income   

$38,345

$19,757

$37,952

Diluted earnings per share

$0.53

$0.27

$0.54

Non-GAAP:(1)




Operating income

$73,437

$79,627

$85,790

Operating margin

4.0%

4.2%

3.9%

Net income

$57,426

$60,611

$59,168

Diluted earnings per share

$0.79

$0.84

$0.83


(1)Non-GAAP financial measures 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, deferred tax and discrete tax items, all 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 furnished with this release.

Balance Sheet and Cash Flow

  • Ending cash and cash equivalents: $431 million
  • Cash flow from operations: $21 million
  • Reduction in inventory of $57 million from the fourth quarter of Fiscal 2019

Second Quarter Fiscal 2020 Outlook
The following outlook is for the second fiscal quarter ended March 28, 2020.  The anticipated sequential revenue decline in the second fiscal quarter is primarily the result of seasonality.  These statements are forward-looking and actual results may differ materially. 

  • Revenue between $1.70 billion to $1.80 billion
  • GAAP diluted earnings per share between $0.53 to $0.63
  • Non-GAAP diluted earnings per share between $0.65 to $0.75

Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the first quarter on Monday, January 27, 2020 at 5:00 p.m. ET (2:00 p.m. PT).  The access numbers are: domestic 866-891-4420 and international 201-383-2868. The conference will also be webcast 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 on 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 2664629.

About Sanmina
Sanmina Corporation, a Fortune 500 company, 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, cloud solutions, industrial, defense, medical and automotive. Sanmina has facilities strategically located in key regions throughout the world. More information about 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 second quarter 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 our international operations; the amount of restructuring charges relating to the Company-wide right-sizing plan actually recorded in the second quarter; 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)




December 28,


September 28,




2019


2019










(Unaudited)

ASSETS











Current assets:





Cash and cash equivalents

$       430,564


$       454,741


Accounts receivable, net

1,063,922


1,128,379


Contract assets

421,860


396,300


Inventories

843,764


900,557


Prepaid expenses and other current assets

45,131


40,952



Total current assets

2,805,241


2,920,929







Property, plant and equipment, net

612,214


630,647

Deferred tax assets

276,820


279,803

Other

135,460


74,134



Total assets

$    3,829,735


$    3,905,513







LIABILITIES AND STOCKHOLDERS' EQUITY










Current liabilities:





Accounts payable

$    1,180,179


$    1,336,914


Accrued liabilities 

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