SAN JOSE, CA – Sanmina reported fiscal third quarter revenue of $1.7 billion, up 4% year-over-year and down 18.4% sequentially.

For the period ended June 27, net income was $44.9 million, an increase of 819.3% compared to the same quarter in 2019 and up 4.6% sequentially. Operating income was $64.1 million, up 163% year-over-year and down 4.9% sequentially.

"I am pleased to report that revenue grew 4% over the prior quarter and that we exceeded our expectations for revenue, margin and earnings per share, despite the continued challenges associated with Covid-19 and the macroeconomic environment," said CEO Hartmut Liebel. "I am encouraged by the actions taken by our leadership team and employees to control expenses, while continuing to meet our commitments and the demands of our customers."

Ending cash and cash equivalents were $1.1 billion, including $650 million of borrowings on the firm’s cash flow revolver as of the end of the quarter.

Cash flow from operations was $64 million, and free cash flow was $54 million.

The company repurchased 667,000 shares for approximately $17.5 million.

For the fiscal fourth quarter ending Oct. 3, Sanmina expects revenue between $1.73 billion and $1.83 billion.

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