Sanmina Reports Q2 Revenue Up 27%
SAN JOSE, CA – Sanmina Corp. reported fiscal second quarter revenue of $2.1 billion, up 26.9% year-over-year and down 2.8% sequentially.
For the quarter ended Mar. 30, net income was $40.9 million, an increase of 66% compared to the second quarter of 2018, and up 7.7% sequentially.
Operating income was $78.1 million, up 60.2% year-over-year and 0.7% sequentially.
"We exceeded our expectations for the quarter,” said CEO Michael Clarke. “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%. Cash flow from operations was $105.7 million, as our team made positive strides in reducing our inventory levels.”
Ending cash and cash equivalents was $405.5 million, and cash flow from operations was $105.7 million.
For the third fiscal quarter, Sanmina expects revenue between $1.925 billion and $2.025 billion.
