Sanmina Reports Fourth Quarter And Full Fiscal 2021 Financial Results

SAN JOSE, Calif.-  Sanmina Corporation reported financial results for the fourth quarter and fiscal year ended October 2, 2021 and outlook for its fiscal first quarter ending January 1, 2022.

Fourth Quarter Fiscal 2021 Financial Highlights

   •  Revenue: $1.64 billion

   •  GAAP operating margin: 4.1%

   •  GAAP diluted EPS: $0.84

   •  Non-GAAP(1) operating margin: 4.8%

   •  Non-GAAP diluted EPS: $0.95

Fiscal Year 2021 Financial Highlights

   •  Revenue: $6.76 billion

   •  GAAP operating margin: 4.2%

   •  GAAP diluted EPS: $4.01(2)

   •  Non-GAAP operating margin: 4.9%

   •  Non-GAAP diluted EPS: $3.97

Additional Highlights

   •  Cash flow from operations: Q4 $92 million and FY’21 $338 million

   •  Free cash flow: Q4 $65 million and FY’21 $274 million

   •  Share repurchases: 827,000 for $32 million in Q4 and 1.5 million for $54 million in FY’21 

   •  Q4 ending cash and cash equivalents: $650 million

   •  Q4 non-GAAP pre-tax ROIC: 23.8 percent


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.


Results include $0.64 per share benefit relating to release of certain tax reserves in Q3’21.

“We delivered solid financial results for fiscal 2021, non-GAAP gross and operating margin expanded 70 basis points, non-GAAP EPS grew 30% and we generated solid cash from operations, despite supply chain constraints.  Our employees have done an outstanding job and I appreciate all of their hard work and support,” stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.

“Demand remains strong across all of our market segments.  As we look to fiscal 2022, we remain focused on market diversification, operational excellence and leading edge technology, which offer a distinct advantage to our customers.  We are confident that our operational discipline and our ability to service our customers will further strengthen our operating model and drive shareholder value.  We are optimistic about fiscal 2022,” concluded Sola.

Expanded Share Repurchase Program
Sanmina’s Board of Directors has authorized the repurchase of up to an additional $200 million of Sanmina’s common stock. The stock repurchase program has no expiration date.  As of October 2, 2021, approximately $81 million remained available under a previously authorized program. The expansion of this program is consistent with Sanmina’s capital allocation priorities.

First Quarter Fiscal 2022 Outlook
The following outlook is for the first fiscal quarter ending January 1, 2022.  These statements are forward-looking and actual results may differ materially.

  • Revenue between $1.6 billion to $1.7 billion
  • GAAP diluted earnings per share between $0.77 to $0.87
  • Non-GAAP diluted earnings per share between $0.90 to $1.00

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