SAN JOSE -- Sanmina today reported first fiscal quarter revenue rose 1.2% to $1.74 billion, below previously announced guidance.
The electronics manufacturer previously forecast revenue for $1.75 billion to $1.8 billion for the period ended Dec. 30.
The net loss in the quarter was $154.9 million, compared to net income of $44.9 million a year ago.
GAAP operating income in the first quarter was $13.8 million or 0.8 percent of revenue, compared to $58.7 million or 3.4 percent of revenue for the first quarter fiscal 2017. GAAP operating margin was 0.8%, and non-GAAP operating margin was 2.7%.
Non-GAAP operating income in the first quarter was $47.5 million or 2.7% of revenue, compared to $71.7 million or 4.2% of revenue in 2017. Non-GAAP net income was $36.5 million, compared to $57.7 million last year.
"As I mentioned in our preliminary announcement last week, we are disappointed with our actual results for the first quarter and expectations for the first half of fiscal 2018," stated Bob Eulau, chief executive of Sanmina. "Based on new programs moving to volume production, a solid pipeline of new business and the current forecasts from our customers we are confident the second half of fiscal 2018 will be stronger."
At quarter's end, Sanmina has cash and cash equivalents $404.9 million, and cash flow from operations was $8.4 million. Inventory turns were 6.1 turns, and the cash cycle was 46.1 days.
The firm gave a fiscal second quarter forecast of $1.60 billion to $1.70 billion in revenue.