Sanmina Announces Q1 Financial Results

SAN JOSE, Calif. — Sanmina Corporation, a leading integrated manufacturing solutions company, today reported financial results for the fiscal first quarter ended December 31, 2022 and outlook for its fiscal second quarter ending April 1, 2023.

First Quarter Fiscal 2023 Financial Highlights

  • Revenue: $2.36 billion
  • GAAP operating margin: 5.2%
  • GAAP diluted EPS: $1.48
  • Non-GAAP(1) operating margin: 5.8%
  • Non-GAAP diluted EPS: $1.64

Additional First Quarter Highlights

  • Cash flow from operations: $37 million
  • Free cash flow: $694,000
  • Ending cash and cash equivalents: $735 million
  • Non-GAAP pre-tax ROIC: 35.5%

(1)Non-GAAP financial measures exclude charges or gains relating to: stock-based compensation expenses; restructuring costs (including employee
severance costs, environmental investigation, remediation and related costs and other 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 delivered a strong first quarter. Revenue was up 7.2 percent sequentially, non-GAAP operating margin expanded 20 basis points and non-GAAP earnings per share increased 9.5 percent. Demand from new and existing programs coupled with solid execution by our team were the key drivers to improvements in our financial performance,” stated Jure Sola, Chairman and Chief Executive Officer. “While we are pleased with our recent results, we continue to believe there is opportunity to further improve our business model over the long-term.”

Second Quarter Fiscal 2023 Outlook
The following outlook is for the fiscal second quarter ending April 1, 2023. These statements are forward-looking and actual results may differ materially.

  • Revenue between $2.2 billion to $2.3 billion
  • GAAP diluted earnings per share between $1.30 to $1.40
  • Non-GAAP diluted earnings per share between $1.50 to $1.60

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