Sanmina reports solid quarter despite supply chain challenges
The EMS provider is reporting second-quarter net income of USD 47 million, as compared to USD 4.88 million during the same period a year ago.
"We achieved solid financial results for the second fiscal quarter, despite the challenges associated with supply chain constraints and the typical seasonality. This performance was driven by broad end-market demand, favorable mix and operational execution. I commend our employees for their commitment to deliver on our customers' expectations," says Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation, in a press release. Net sales for the company’s second quarter of 2021 amounted to USD 1.7 billion, up from 1.6 billion during the same period last year. Gross profit for the quarter was USD 143 million, an increase from USD 107 million, during the second quarter 2020. Second quarter operating income amounted to USD 64.72 million, compared to USD 24.36 million. Net income ended up at USD 47.03 million, quite the increase from USD 4.88 million during the same period a year ago. "Our third quarter outlook reflects strong demand across our customer base while taking into account our current understanding of the supply constraints facing the industry and the COVID-19 pandemic. Our focus on fundamentals, coupled with the quality of our customer relationships, gives us confidence in the long-term financial prospects of our company," says the CEO For the third quarter the company expects to record revenue between USD 1.675 billion to USD 1.775 billion