Dienstag, 02.02.2021 22:05 von PR Newswire | Aufrufe: 76

Sanmina Reports First Quarter Fiscal 2021 Financial Results

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PR Newswire

SAN JOSE, Calif., Feb. 2, 2021 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fiscal first quarter ended January 2, 2021 and outlook for the fiscal second quarter ending April 3, 2021.

First Quarter Fiscal 2021 Financial Highlights

•  Revenue: $1.76 billion, exceeded midpoint of outlook

•  GAAP operating margin: 4.3 percent

•  GAAP diluted EPS: $0.72

•  Non-GAAP(1) operating margin: 5.0 percent

•  Non-GAAP diluted EPS: $1.02, exceeded outlook


Sanmina Corporation Chart

Additional Highlights

•  Non-GAAP pre-tax ROIC: 28.4 percent

•  Cash flow from operations: $62 million

•  Free cash flow: $51 million  
•  Shares repurchased: approximately 384,000 for $9.4 million

•  Ending cash and cash equivalents: $516 million


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 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 and redemptions of debt, deferred tax 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.

"Fiscal 2021 is off to a good start. Our continued focus on driving operational efficiencies and ability to provide increased value to our customers are evident in our solid financial results for the quarter," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation. 

"Our outlook for the second quarter reflects relatively stable demand across our customer base and takes into account typical seasonality.  We remain focused on new and innovative solutions for our customers and growth opportunities that support our long-term financial objectives. As we look ahead, we are committed to executing our growth strategy and delivering greater value to our shareholders."

Second Quarter Fiscal 2021 Outlook
The following outlook is for the first fiscal quarter ending April 3, 2021.  These statements are forward-looking and actual results may differ materially. 

  • Revenue between $1.65 billion to $1.75 billion
  • GAAP diluted earnings per share between $0.63 to $0.73
  • Non-GAAP diluted earnings per share between $0.76 to $0.86

The statements above concerning our expectations for customer demand during the second quarter and financial outlook 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, mostly notably the ongoing impacts of the COVID-19 pandemic, which have reduced demand from our customers, caused supply chain interruptions and created health risks for our employees and which could result in restrictions on where we can build products, the levels of staffing at our plants and the types of products we can build for our customers. Other factors that could cause our results to differ from our outlook include 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; 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.

Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the first quarter on Tuesday, February 2, 2021 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 1461469.

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 Corporation

Condensed Consolidated Balance Sheets

(in thousands)


January 2,

October 3,





Current assets:

Cash and cash equivalents

$        516,030

$        480,526

Accounts receivable, net



Contract assets






Prepaid expenses and other current assets



     Total current assets



Property, plant and equipment, net



Deferred tax assets






     Total assets

$     3,779,734

$     3,772,656


Current liabilities:

Accounts payable

$     1,143,431

$     1,210,049

Accrued liabilities 



Accrued payroll and related benefits



Short-term debt, including current portion of long-term debt



     Total current liabilities



Long-term liabilities:

Long-term debt






     Total long-term liabilities



Stockholders' equity



Total liabilities and stockholders' equity

$     3,779,734

$     3,772,656


Sanmina Corporation

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