Exhibit 99.1

 

 

FINANCIAL NEWS

 

SANMINA REPORTS Fourth quarter and fiscal year end financial results

 

San Jose, CA – October 28, 2019. Sanmina Corporation (“Sanmina” or the “Company”) (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fourth quarter and fiscal year ended September 28, 2019.

 

“We delivered good financial results per our plan for the fourth quarter. The team did an excellent job driving operational efficiency and mix improvements which led to better than expected operating margin, non-GAAP earnings per share and free cash flow,” stated Jure Sola, Executive Chairman.

 

“Our focus on operational execution and financial excellence is evident in our strong fiscal 2019 results. Revenue grew 16 percent, operating margin expanded 110 basis points to 4.1 percent, non-GAAP earnings per share increased 60 percent to $3.40 compared to fiscal 2019 and we delivered strong free cash flow of $256 million. I am proud of our team for delivering solid results in fiscal 2019,” concluded Sola.

 

(In thousands, except per share data)  Q4:2019   Q3:2019   Q4:2018   FY:2019   FY:2018 
Revenue  $1,892,207   $2,026,995   $1,876,335   $8,233,859   $7,110,130 
GAAP:                         
Operating income  $63,085   $67,374   $9,819   $286,117   $119,441 
Operating margin   3.3%   3.3%   0.5%   3.5%   1.7%
Net income (loss)  $19,757   $42,921   $782   $141,515   $(95,533)
Diluted earnings (loss) per share(1)  $0.27   $0.60   $0.01   $1.97   $(1.37)
Non-GAAP:(2)                          
Operating income  $79,627   $81,087   $58,749   $333,892   $212,800 
Operating margin   4.2%   4.0%   3.1%   4.1%   3.0%
Net income  $60,611   $59,173   $42,546   $243,998   $155,912 
Diluted earnings per share  $0.84   $0.82   $0.60   $3.40   $2.13 

 

(1)Fiscal 2018 GAAP loss per share includes a non-cash tax charge of $2.33 per share as a result of the U.S. Tax Cuts & Jobs Act and a non-cash goodwill impairment charge of $0.44 per share.

 

(2)Non-GAAP financial measures exclude charges or gains relating to: stock-based compensation expenses, restructuring costs (including employee severance and benefits costs and charges related to excess facilities and assets), acquisition and integration costs (consisting of costs associated with the acquisition and integration of acquired businesses into our operations), impairment charges for goodwill and other assets, amortization expense and charges associated with distressed customers, litigation settlements, gains and losses on sales of assets and redemptions of debt, deferred tax and discrete tax items, all to the extent material in the applicable period. See Schedule 1 below for more information regarding our use of non-GAAP financial measures, including the economic substance behind each exclusion, the manner in which management uses non-GAAP measures to conduct and evaluate the business, the material limitations associated with using such measures and the manner in which management compensates for such limitations. A reconciliation of the non-GAAP results contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release.

 

Balance Sheet and Cash Flow

 

§Ending cash and cash equivalents: $454.7 million
   
§Cash flow from operations: Q4 $190.2 million and FY’19 $383.0 million
   

§Free cash flow: Q4 $161.0 million and FY’19 $255.8 million

 


The following information was filed by Sanmina Corp (SANM) on Monday, October 28, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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