Montag, 27.04.2020 22:05 von PR Newswire | Aufrufe: 70

Sanmina Reports Second Quarter Financial Results

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PR Newswire


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

"These are unprecedented times and I am grateful to our employees for their strength and commitment to Sanmina and our customers, many of whom are providing essential products during this crisis. I am most impressed by how well our leadership team responded to these new challenges as we continue to navigate the evolving situation on the global supply chain. The health and safety of our employees is our top priority and we continue to take precautionary measures," stated Hartmut Liebel, Chief Executive Officer. "While the financial results for our second fiscal quarter were influenced significantly by COVID-19, I am pleased to report we were still able to generate $119 million of free cash flow and maintain a strong balance sheet with over $1.1 billion in cash."   

(In thousands, except per share data)

Q2:FY20

Q1:FY20

Q2:FY19

Revenue

Kurse

  
32,80
0,00%
Sanmina Corporation Realtime-Chart

$1,590,550

$1,840,171

$2,126,639

GAAP: 




Operating income

$24,369

$57,181

$78,115

Operating margin

1.5%

3.1%

3.7%

Net income   

$4,882

$38,345

$40,885

Diluted earnings per share

$0.07

$0.53

$0.57

Non-GAAP:(1)




Operating income

$47,180

$73,437

$87,388

Operating margin

3.0%

4.0%

4.1%

Net income

$22,779

$57,426

$65,046

Diluted earnings per share

$0.32

$0.79

$0.91


(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, litigation settlements or recoveries, 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 th 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: $1.1 billion, including $650 million of borrowings on our cash flow revolver as of the end of the quarter
  • Cash flow from operations: $136 million
  • Free cash flow: $119 million
  • Repurchased 2.4 million shares for approximately $61 million

"Our strong balance sheet, continued focus on controlling our costs, generating cash, and our unwavering support for our customers providing innovative technologies and solutions gives me confidence that we are ready and well positioned for the recovery," concluded Liebel.

Third Quarter Fiscal 2020 Outlook
The following outlook is for the third fiscal quarter ended June 27, 2020. These statements are forward-looking and actual results may differ materially. 

  • Revenue between $1.50 billion to $1.60 billion
  • GAAP diluted earnings per share between $0.18 to $0.28
  • Non-GAAP diluted earnings per share between $0.30 to $0.40

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 and are expected to continue to reduce demand from our customers, interrupt the flow of components needed for our customers' products, restrict the types of products we can build for our customers and create health risks to our employees. 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 second quarter on Monday, April 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 8567975.

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)

(GAAP)




March 28,


September 28,




2020


2019










(Unaudited)

ASSETS










Current assets:





Cash and cash equivalents

$ 1,114,585


$       454,741


Accounts receivable, net

918,582


1,128,379


Contract assets

407,284


396,300


Inventories

883,727


900,557


Prepaid expenses and other current assets

39,121


40,952



Total current assets

3,363,299


2,920,929







Property, plant and equipment, net

591,738


630,647

Deferred tax assets

285,244


279,803

Other

119,904


74,134



Total assets

$ 4,360,185


$    3,905,513







LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities:





Accounts payable

$ 1,126,997


$    1,336,914

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