Sanmina Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2016; Provides Earnings Guidance for the Second Fiscal Quarter Ending April 1, 2017
January 31, 2017 at 02:32 am IST
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Sanmina Corporation reported unaudited consolidated earnings results for the first quarter ended December 31, 2016. For the quarter, net sales were $1,719,977,000 against $1,534,714,000 a year ago. Operating income was $58,656,000 against $54,053,000 a year ago. Income before income taxes was $54,847,000 against $48,105,000 a year ago. Net income was $44,864,000 against $27,138,000 a year ago. Diluted income per share was $0.58 against $0.33 a year ago. Non-GAAP operating Income was $71,730,000 against $61,018,000 a year ago. Non-GAAP net income was $57,733,000 against $46,810,000 a year ago. Non-GAAP net income per diluted share was $0.75 against $0.58 a year ago. Cash flow from operations for the quarter was at $54 million, and net capital expenditures were $18 million. This led to $36 million in free cash flow for the quarter.
For the second fiscal quarter ending April 1, 2017, the company expects revenue between $1.675 billion to $1.725 billion and non-GAAP diluted earnings per share between $0.67 to $0.72. The company expects that gross margin will be in the range of 7.8% to 8.2%. This leads to operating margin in the range of 3.9% to 4.3%. The company expects the tax rate to be around 15%. The company expects net capital expenditures of approximately $40 million, while depreciation and amortization will be around $30 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 Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2016; Provides Earnings Guidance for the Second Fiscal Quarter Ending April 1, 2017