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Sanmina Reports First Quarter Fiscal 2021 Financial Results

SAN JOSE, Calif. – Sanmina Corporation, a leading integrated manufacturing solutions company, reported financial results for the fiscal first quarter ended January 2, 2021 and outlook for the fiscal second quarter ending April 3, 2021.

First Quarter Fiscal 2021 Financial Highlights

•  Revenue: $1.76 billion, exceeded midpoint of outlook

•  GAAP operating margin: 4.3 percent

•  GAAP diluted EPS: $0.72

•  Non-GAAP(1) operating margin: 5.0 percent

•  Non-GAAP diluted EPS: $1.02, exceeded outlook

Additional Highlights

•  Non-GAAP pre-tax ROIC: 28.4 percent

•  Cash flow from operations: $62 million

•  Free cash flow: $51 million
•  Shares repurchased: approximately 384,000 for $9.4 million

•  Ending cash and cash equivalents: $516 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 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.

“Fiscal 2021 is off to a good start. Our continued focus on driving operational efficiencies and ability to provide increased value to our customers are evident in our solid financial results for the quarter,” stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.

“Our outlook for the second quarter reflects relatively stable demand across our customer base and takes into account typical seasonality.  We remain focused on new and innovative solutions for our customers and growth opportunities that support our long-term financial objectives. As we look ahead, we are committed to executing our growth strategy and delivering greater value to our shareholders.”

Second Quarter Fiscal 2021 Outlook
The following outlook is for the first fiscal quarter ending April 3, 2021.  These statements are forward-looking and actual results may differ materially.

  • Revenue between $1.65 billion to $1.75 billion
  • GAAP diluted earnings per share between $0.63 to $0.73
  • Non-GAAP diluted earnings per share between $0.76 to $0.86
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