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10.11.2020 22:05
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PR Newswire
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Sanmina Reports Fourth Quarter And Full Fiscal 2020 Financial Results
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PR Newswire
SAN JOSE, Calif., Nov. 10, 2020
SAN JOSE, Calif., Nov. 10, 2020 /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 3, 2020.
| Fourth Quarter Fiscal 2020 Financial Highlights | ||||
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| Fiscal Year 2020 Financial Highlights | ||||
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| Additional Highlights | ||||
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| (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 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. |
"We delivered strong financial results for the fourth quarter. Revenue was up 13.3 percent over the prior quarter, operating margin expanded, EPS exceeded outlook and we generated solid free cash flow. Our performance in the quarter is a testament that our strategy is working," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.
"Fiscal 2020 was a challenging year. The team did a phenomenal job adapting and I am proud of our people for all that we have accomplished."
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"As we look to fiscal 2021, we remain focused on delivering mission critical products, technologies and services to our customers, coupled with operational excellence and financial discipline. Our strong foundation and experienced management team positions us well for any economic environment," concluded Sola.
First Quarter Fiscal 2021 Outlook
The following outlook is for the first fiscal quarter ending January 2, 2021. 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 $0.65 to $0.75
- Non-GAAP diluted earnings per share between $0.75 to $0.85
The outlook above constitutes 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 fourth quarter on Tuesday, November 10, 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 9564278.
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 computing, 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) | ||||||||
| (GAAP) | ||||||||
| | | | | | ||||
| | | October 3, | | September 28, | ||||
| | | 2020 | | 2019 | ||||
| | | | | | ||||
| | | (Unaudited) | ||||||
| ASSETS | | | | | ||||
| | | | | | ||||
| Current assets: | | | | | ||||
| | Cash and cash equivalents | | $ 480,526 | | $ 454,741 | |||
| | Accounts receivable, net | | 1,043,334 | | 1,128,379 | |||
| | Contract assets | | 396,583 | | 396,300 | |||
| | Inventories | | 861,281 | | 900,557 | |||
| | Prepaid expenses and other current assets | | 37,718 | | 40,952 | |||
| | | Total current assets | | 2,819,442 | | 2,920,929 | ||
| | | | | | ||||
| Property, plant and equipment, net | | 559,242 | | 630,647 | ||||
| Deferred tax assets | | 273,470 | | 279,803 | ||||
| Other | | 120,502 | | 74,134 | ||||
| | | Total assets | | $ 3,772,656 | | $ 3,905,513 | ||
| | | | | | | | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | ||||
| | | | | | | |||
| Current liabilities: | | | | | ||||
| | Accounts payable | | $ 1,210,049 | | $ 1,336,914 | |||
| | Accrued liabilities | | 171,761 | | 180,107 | |||
| | Accrued payroll and related benefits | | 122,029 | | 127,647 | |||
| | Short-term debt, including current portion of long-term debt | | 18,750 | | 38,354 | |||
| | | Total current liabilities | | 1,522,589 | | 1,683,022 | ||
| | | | | | | |||
| Long-term liabilities: | | | | | ||||
| | Long-term debt | | 329,249 | | 346,971 | |||
| | Other | | 290,902 | | 232,947 | |||
| | | Total long-term liabilities | | 620,151 | | 579,918 | ||
| | | | | | | |||
| Stockholders' equity | | 1,629,916 | | 1,642,573 | ||||
| | | Total liabilities and stockholders' equity | | $ 3,772,656 | | $ 3,905,513 | ||
| Sanmina Corporation | ||||||||
| Condensed Consolidated Statements of Income | ||||||||
| (in thousands, except per share amounts) | ||||||||
| (GAAP) | ||||||||
| (Unaudited) | ||||||||
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| | | Three Months Ended | | Twelve Months Ended | ||||
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| | | Oct. 3, | | Sept. 28, Werbung Mehr Nachrichten zur Sanmina Corporation Aktie kostenlos abonnieren
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