Sanmina's 1Q: in line with expectations

Revenue for the first quarter was USD 1.45 billion, compared to USD 1.51 billion in the prior quarter and USD1.49 billion for the same period of fiscal 2013. GAAP operating income in the first quarter was USD 39.5 million or 2.7 percent of revenue, compared to USD 31.5 million or 2.1 percent of revenue for the same period ended December 29, 2012. GAAP net income in the first quarter was USD 23.1 million, compared to USD 621,000 for the same period a year ago. "Our first quarter results were in line with our expectations. We remain focused on higher value-added services, markets and innovative technologies. This allows us to capitalize on opportunities with new and existing customers and further strengthen our operating model. Our outlook for the second quarter reflects our view of a soft first half of fiscal 2014. We are encouraged by our customers' forecasts, recent wins and overall market improvements that will drive modest growth for fiscal 2014," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation. For the second quarter of 2014 the company expects revenue between USD 1.425 billion to USD 1.475 billion.