Sanmina Corporation Reports Unaudited Consolidated Financial Results for the First Quarter Ended December 29, 2012; Provides Earnings Guidance for the Second Quarter Ending March 30, 2013
January 28, 2013 at 05:00 pm EST
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Sanmina-SCI Corp. reported unaudited consolidated financial results for the first quarter ended December 29, 2012. For the quarter, the company's net sales were $1,494,945,000 compared to $1,502,366,000 a year ago. Operating income was $31,462,000 compared to $39,688,000 a year ago. Income before income taxes was $3,654,000 compared to $16,591,000 a year ago. Net income was $621,000 compared to $8,575,000 a year ago. Basic and diluted net income per share was $0.01 compared to diluted net income per share of $0.10 a year ago. Non-GAAP operating income was $41,422,000 compared to $49,919,000 a year ago. Non-GAAP net income was $24,239,000 compared to $22,799,000 a year ago. Diluted net income per share was $0.29 compared to basic and diluted net income per share of $0.28 a year ago. Cash flow from operations was $97.1 million. First quarter revenue and EPS were below expectations due to weak demand across most of its market segments. Property, plant and equipment were down $6 million for the quarter. Net capital expenditures for the quarter were $19 million.
For the second quarter ending March 30, 2013, the company expects revenue to be in the range of $1.40 billion to $1.45 billion, non-GAAP diluted earnings per share to be in the range of $0.26 to $0.32. The company expects that gross margin will be in the range of 7% to 7.4%. Operating expense should be $62 million to $63 million. The company expects the tax rate to remain in the range of 14% to 16%. Capital expenditures will be around $20 million to $25 million, while depreciation and amortization will be around $25 million as well.
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 Financial Results for the First Quarter Ended December 29, 2012; Provides Earnings Guidance for the Second Quarter Ending March 30, 2013