Electronics Production | July 24, 2012

USD 1.55 billion revenue for Sanmina in 3Q/2012

Sanmina-SCI reports revenue for the third quarter at USD 1.55 billion, compared to USD 1.46 billion in the prior quarter and USD 1.67 billion for the same period of fiscal 2011.
GAAP operating income in the third quarter was $35.4 million or 2.3 percent of revenue, compared to $52.9 million or 3.2 percent of revenue for the same period ended July 2, 2011. GAAP net income in the third quarter was $8.9 million, compared to $9.4 million for the same period a year ago. GAAP diluted earnings per share for the quarter of $0.11, compared to GAAP diluted earnings per share of $0.11 in the third quarter fiscal 2011.

Cash and cash equivalents for the quarter ended June 30, 2012 were $394.9 million. Cash flow from operations was $47.6 million. Inventory turns improved to 6.8x from 6.1x in the prior quarter.

"Revenue for the third quarter was up six percent sequentially as a result of growth in a number of our key markets. However, weak demand in the components business negatively impacted profitability," stated Jure Sola, Chairman and Chief Executive Officer. "I continue to be pleased with our focus on cash generation and capital structure, including our redemption today of the remaining 2016 notes."

"The macro-environment remains challenging and it's difficult to predict the future; however, based on new projects and forecasts from our strategic customers, we expect modest revenue growth and margin expansion in the fourth quarter," concluded Sola.

Fourth Quarter Fiscal 2012 Outlook
  • Revenue between USD 1.575 - 1.625 billion
  • Non-GAAP diluted earnings per share between USD 0.32 - 0.38


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