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Sanmina ups third quarter profit

EMS-provider Sanmina posted solid third quarter results despite a mixed market environment.
Revenue for the third quarter was USD 1.54 billion, compared to USD 1.53 billion in the prior quarter and USD 1.60 billion for the same period of fiscal 2014.

GAAP operating income in the third quarter was USD 47.3 million or 3.1 percent of revenue, compared to USD 53.3 million or 3.3 percent of revenue for the same period ended June 28, 2014.

GAAP net income in the third quarter was USD 24.5 million, compared to USD 20.7 million for the same period a year ago.

"We delivered solid results for the third quarter despite a mixed market environment. Consistent execution coupled with ongoing diversification were key drivers for overall improvement in our financial results," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation. "We generated excellent cash flow from operations for the quarter which allowed us to accelerate our strategic initiatives and execute our share repurchase program creating value for our customers and shareholders."

"Our outlook for the fiscal fourth quarter reflects stabilization in the market. We remain confident the second half of the calendar year will continue to improve," concluded Sola.


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