Sanmina Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended January 02, 2016; Provides Earnings Guidance for the Second Quarter Ending April 2, 2016
January 25, 2016 at 04:13 pm EST
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Sanmina Corporation reported unaudited consolidated earnings results for the first quarter ended January 02, 2016. For the period, the company reported net sales of $1,534,714,000 against $1,671,162,000 for the same period in the last year. Operating income was $54,053,000 against $53,480,000 for the same period in the last year. Income before income taxes was $48,105,000 against $45,804,000 for the same period in the last year. Net income was $27,138,000 or $0.33 per diluted share against $22,656,000 or $0.26 per diluted share for the same period in the last year. Non-GAAP operating income was $61,018,000 against $68,288,000 for the same period in the last year. Non-GAAP net income was $46,810,000 or $0.58 per diluted share against $53,132,000 or $0.61 per diluted share for the same period in the last year. Cash flow from operations for the quarter was good at $63 million, and net capital expenditures for the quarter were $29 million.
The company provided earnings guidance for the second quarter ending April 2, 2016. For the second quarter, the company expects revenue between $1.55 billion to $1.65 billion and non-GAAP diluted earnings per share in between $0.55 to $0.59. The company expects that gross margin will be in the range of 7.7% to 8.1%. The company expects the tax rate to be around 15%. Finally, for cash flow modeling, the company expects net capital expenditures of approximately $30 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 Reports Unaudited Consolidated Earnings Results for the First Quarter Ended January 02, 2016; Provides Earnings Guidance for the Second Quarter Ending April 2, 2016