Sanmina's Q2 revenue dropped compared to both Q1 of 2013 and Q2 of the previous year. However, Net income was back at a positive $21.2 million from the loss of $1.4 million during the same period last year.
Second Quarter Fiscal 2013 Summary
Revenue of USD 1.43 billion
GAAP operating margin of 3.2 percent
Revenue for the second quarter was USD 1.43 billion, compared to USD 1.49 billion in the prior quarter and USD 1.46 billion for the second quarter of fiscal 2012.
GAAP operating income in the second quarter was USD 45.8 million or 3.2 percent of revenue, compared to USD 30.2 million or 2.1 percent of revenue for the second quarter of fiscal 2012.
GAAP net income in the second quarter was USD 21.2 million, compared to a GAAP net loss of USD 1.4 million for the second quarter of fiscal 2012. GAAP net income for the second quarter of fiscal 2013 included a one-time gain on the sale of real estate during the quarter.
Cash and cash equivalents for the quarter ended March 30, 2013 were USD 411.9 million. Cash flow from operations was USD 64.7 million for the quarter. Inventory turns were 6.7. Cash cycle days were 52.0 days.
"Our second quarter results were in line with our expectations as we continued to manage through a soft market environment," stated Jure Sola, Chairman and Chief Executive Officer. "We continue to invest in technology and services that enhance the value we provide to our customers around the world. We remain encouraged by new program ramps and increased forecasts from our customers that should drive improvement in the second half of the year."
For the third quarter of 2013, the company is expecting revenue between USD 1.45 billion to USD 1.50 billion.
