Sanmina Corporation Announces Unaudited Consolidated Financial Results for the First Quarter Ended December 28, 2013; Provides Earnings Guidance for the Second Quarter Ending March 29, 2014
January 27, 2014 at 04:05 pm
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Sanmina Corporation announced unaudited consolidated financial results for the first quarter ended December 28, 2013. For the quarter, the company reported net sales of $1,447.498 million against $1,494.945 million a year ago. Operating income was $39.520 million against $31.462 million a year ago. Income before income taxes was $33.731 million against $3.654 million a year ago. Net income was $23.101 million or $0.26 per diluted share against $0.621 million or $0.01 per diluted share a year ago. Non-GAAP operating income was $48.646 million against $41.422 million a year ago. Non-GAAP net income was $35.486 million or $0.41 per diluted share against $24.239 million or $0.29 per diluted share a year ago. Cash flow from operations for the quarter was $38 million and net capital expenditures for the quarter were $13 million.
The following forecast is for the second fiscal quarter ending March 29, 2014. Revenue is expected between $1.425 billion to $1.475 billion and non-GAAP diluted earnings per share is expected between $0.36 to $0.42. The company expects gross margin to be in the range of 7.6% to 8.0%. Operating expense to be $64 million to $66 million. The company expects other income and expense will be in the range of $7 million to $8 million. The company expects expect the tax rate to be 17.2%, plus or minus a percentage point. The company expects that capital expenditures will be around $20 million, while depreciation and amortization will be around $25 million.
Sanmina Corporation is a provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides these offerings primarily to original equipment manufacturers (OEMs), in industries, such as industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure. The Company's operations are managed as two businesses: Integrated Manufacturing Solutions (IMS) and Components, Products and Services (CPS). IMS business consists of printed circuit board assembly and test, high-level assembly and test and direct-order-fulfillment. Its CPS components include printed circuit boards, backplanes and backplane assemblies, cable assemblies, fabricated metal parts, precision machined parts, and plastic-injected molded parts. Its products include memory solutions, high-performance storage platforms, optical, radio frequency (RF) and microelectronic (microE) design and manufacturing services and others.
Sanmina Corporation Announces Unaudited Consolidated Financial Results for the First Quarter Ended December 28, 2013; Provides Earnings Guidance for the Second Quarter Ending March 29, 2014