Mittwoch, 29.07.2020 22:05 von PR Newswire | Aufrufe: 96

Sanmina Reports Third Quarter Financial Results

Ein Mann liest Wirtschaftsnachrichten (Symbolbild). pixabay.com

PR Newswire


SAN JOSE, Calif., July 29, 2020 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the third quarter fiscal 2020 ended June 27, 2020.

"I am pleased to report that revenue grew 4% over the prior quarter and that we exceeded our expectations for revenue, margin and earnings per share, despite the continued challenges associated with COVID-19 and the macroeconomic environment," stated Hartmut Liebel, Chief Executive Officer. "I am encouraged by the actions taken by our leadership team and employees to control expenses while continuing to meet our commitments and the demands of our customers." 

(In thousands, except per share data)

Q3:FY20

Q2:FY20

Q3:FY19

Revenue

Kurse

  
33,40
-1,18%
Sanmina Corporation Chart

$1,654,691

$1,590,550

$2,026,995

GAAP: 




Operating income

$64,103

$24,369

$67,374

Operating margin

3.9%

1.5%

3.3%

Net income   

$44,880

$4,882

$42,921

Diluted earnings per share

$0.64

$0.07

$0.60

Non-GAAP:(1)




Operating income

$75,831

$47,180

$81,087

Operating margin

4.6%

3.0%

4.0%

Net income

$59,995

$22,779

$59.173

Diluted earnings per share

$0.86

$0.32

$0.82



 (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 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.

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: $64 million
  • Free cash flow: $54 million
  • Repurchased 667,000 shares for approximately $17.5 million

Fourth Quarter Fiscal 2020 Outlook
The following outlook for the fourth fiscal quarter ending October 3, 2020 takes into account any additional revenue and expenses associated with a 14 week quarter. These statements are forward-looking and actual results may differ materially. 

  • Revenue between $1.73 billion to $1.83 billion
  • GAAP diluted earnings per share between $0.62 to $0.72
  • Non-GAAP diluted earnings per share between $0.73 to $0.83

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 third quarter on Wednesday, July 29, 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 7076214.

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)







June 27,


September 28,







2020


2019
















(Unaudited)

ASSETS
















Current assets:








Cash and cash equivalents



$    1,117,217


$       454,741


Short-term investments



30,000


-


Accounts receivable, net



1,042,011


1,128,379


Contract assets



381,249


396,300


Inventories




883,670


900,557


Prepaid expenses and other current assets


45,965


40,952



Total current assets



3,500,112


2,920,929










Property, plant and equipment, net



574,799


630,647

Deferred tax assets



277,285


279,803

Other





122,503


74,134



Total assets



$    4,474,699


$    3,905,513

Werbung
Mehr Nachrichten zur ITN Nanovation Aktie kostenlos abonnieren
E-Mail-Adresse
Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptieren Sie die Datenschutzhinweise)

Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.

Andere Nutzer interessierte auch dieser Artikel: