© batman2000 dreamstime.com Electronics Production | April 30, 2019
Strong demand and solid execution drove results for Sanmina
"We exceeded our expectations for the quarter. Revenue was stronger than anticipated driven by our teams' excellent job in securing supply to catch up to demand,” says Michael Clarke, CEO of Sanmina addressing the company’ financial results for the second quarter 2019.
The company recorded second quarter revenues of USD 2.126 billion compared to USD 1.675 billion during the same period last year. Second quarter operating income amounted to USD 78.11 million, up from USD 48.77 million for the second quarter in 2018. Operating margin was 3.7% in the second quarter compared to 2.9% for 2Q18. Net income ended up at USD 40.88 million, up quite a bit from USD 24.63 million from the previous year.. "We exceeded our expectations for the quarter. Revenue was stronger than anticipated driven by our teams' excellent job in securing supply to catch up to demand. Our ability to control our costs, drive efficiencies and leverage our operating model drove operating margins to 4.1 percent,” says Michael Clarke, Chief Executive Officer. "Our strong results over the first six months of fiscal 2019 are a testament to our teams' ability to provide value to our customers through our technical capabilities, market expertise and operational excellence. We remain confident in our ability to drive profitable growth and positive cash flow from operations over the remainder of fiscal 2019," Mr. Clarke adds. For the company’s third quarter 2019, the company expects revenues between USD 1.925 billion to USD 2.025 billion.