© batman2000-dreamstime.com Electronics Production | October 29, 2013
Profit down for Sanmina
Sanmina's fiscal year 2013 ended with a modest QoQ revenue growth. However, revenue for the full year was USD 5.92 billion, down from 6.09 billion during 2012.
"Our fourth quarter results were solid. Revenue was up modestly, operating margins expanded 40 basis points sequentially and we generated cash flow from operations of USD 90 million for the quarter and USD 318 million for the fiscal year. Our continued focus on cash generation provided us the financial flexibility to reduce our long-term debt USD 275 million for the year. Improvements in our financial results are a testament to our focus on the fundamentals and solid execution of our strategy. We will continue to invest in leading technologies that enhance our offerings to our customers, and we remain focused on the quality of our revenue to further strengthen our operating model and drive shareholder value," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation. Revenue for the fourth quarter was USD 1.51 billion, compared to USD 1.49 billion in the prior quarter and USD 1.58 billion for the fourth quarter of fiscal 2012. Revenue for fiscal year ended September 28, 2013 was USD 5.92 billion, compared to USD 6.09 billion for the fiscal year ended September 29, 2012. GAAP operating income in the fourth quarter was USD 44.7 million or 3.0 percent of revenue, compared to USD 32.2 million or 2.0 percent of revenue for the same period a year ago. GAAP operating income for fiscal year 2013 was USD 157.6 million, compared to USD 137.5 million in fiscal year 2012. GAAP net income in the fourth quarter was USD 38.8 million, compared to USD 164.2 million for the same period a year ago. Gross profit for the full fiscal year 2013 were 426.8 million, down from 435.7 million during the full fiscal year 2012. "Our revenue outlook for the first quarter is slightly down sequentially as a result of seasonality and slower than anticipated ramp of new programs. We expect to deliver modest growth and further improve our financial results for fiscal year 2014," concluded Sola. Ending cash and cash equivalents were USD 402.9 million. Cash flow from operations was USD 90.0 million in Q4, and USD 317.9 million for fiscal year 2013.