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03.05.2021 22:05
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Sanmina Reports Second Quarter Fiscal 2021 Financial Results
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PR Newswire
SAN JOSE, Calif., May 3, 2021
SAN JOSE, Calif., May 3, 2021 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fiscal second quarter ended April 3, 2021 and outlook for its fiscal third quarter ending July 3, 2021.
| Second Quarter Fiscal 2021 Financial Highlights | |
| • Revenue: $1.7 billion, midpoint of outlook • GAAP operating margin: 3.8 percent • GAAP diluted EPS: $0.70 • Non-GAAP(1) operating margin: 5.0 percent • Non-GAAP diluted EPS: $1.01, exceeded outlook | |
| Additional Second Quarter Highlights | |
| • Non-GAAP pre-tax ROIC: 27.6 percent • Cash flow from operations: $81 million • Free cash flow: $67 million • Ending cash and cash equivalents: $575 million | |
| | |
| (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, deferred tax adjustments 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 achieved solid financial results for the second fiscal quarter, despite the challenges associated with supply chain constraints and the typical seasonality. This performance was driven by broad end-market demand, favorable mix and operational execution. I commend our employees for their commitment to deliver on our customers' expectations," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.
"Our third quarter outlook reflects strong demand across our customer base while taking into account our current understanding of the supply constraints facing the industry and the COVID-19 pandemic. Our focus on fundamentals, coupled with the quality of our customer relationships, gives us confidence in the long-term financial prospects of our company."
Third Quarter Fiscal 2021 Outlook
The following outlook is for the third fiscal quarter ending July 3, 2021. These statements are forward-looking and actual results may differ materially.
- Revenue between $1.675 billion to $1.775 billion
- GAAP diluted earnings per share between $0.71 to $0.81
- Non-GAAP diluted earnings per share between $0.84 to $0.94
The statements above concerning our expectations for customer demand during the third 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 and our ability to fully staff our plants. 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 and outlook for the third quarter on Monday, May 3, 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 4858475.
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) | |||||
| | | | April 3, | | October 3, |
| | | | 2021 | | 2020 |
| | | | | | |
| | | | (Unaudited) | ||
| ASSETS | | | | ||
| | | | | | |
| Current assets: | | | | ||
| | Cash and cash equivalents | $ 575,176 | | $ 480,526 | |
| | Accounts receivable, net | 1,122,962 | | 1,043,334 | |
| | Contract assets | 334,957 | | 396,583 | |
| | Inventories | 785,406 | | 861,281 | |
| | Prepaid expenses and other current assets | 38,584 | | 37,718 | |
| | | Total current assets | 2,857,085 | | 2,819,442 |
| | | | | | |
| Property, plant and equipment, net | 529,651 | | 559,242 | ||
| Deferred tax assets | 259,943 | | 273,470 | ||
| Other | | 123,550 | | 120,502 | |
| | | Total assets | $ 3,770,229 | | $ 3,772,656 |
| | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | ||
| | | | | | |
| Current liabilities: | | | | ||
| | Accounts payable | $ 1,108,994 | | $ 1,210,049 | |
| | Accrued liabilities | 176,148 | | 171,761 | |
| | Accrued payroll and related benefits | 114,704 | | 122,029 | |
| | Short-term debt, including current portion of long-term debt | 18,750 | | 18,750 | |
| | | Total current liabilities | 1,418,596 | | 1,522,589 |
| | | | | | |
| Long-term liabilities: | | | | ||
| | Long-term debt | 320,405 | | 329,249 | |
| | Other | 296,121 | | 290,902 | |
| | | Total long-term liabilities | 616,526 | | 620,151 |
| | | | | | |
| Stockholders' equity | 1,735,107 | | 1,629,916 | ||
| | | Total liabilities and stockholders' equity | $ 3,770,229 | | $ 3,772,656 |
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