Sanmina Reports Fourth Quarter and Fiscal 2024 Financial Results

PR Newswire11-05

SAN JOSE, Calif., Nov. 4, 2024 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSanmina Reports Fourth Quarter and Fiscal 2024 Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-05 05:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/sanmina-reports-fourth-quarter-fiscal-210100923.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SAN JOSE, Calif., Nov. 4, 2024 /PRNewswire/ -- Sanmina Corporation (\"Sanmina\" or the \"Company\") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results ...</p>\n\n<a href=\"https://finance.yahoo.com/news/sanmina-reports-fourth-quarter-fiscal-210100923.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4145","symbol_name":"电子制造服务","start_time":0,"source_url":"https://finance.yahoo.com/news/sanmina-reports-fourth-quarter-fiscal-210100923.html","article_id":"2481755282","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/aT7wjxR11Xp.5Pxm08.pYQ--~B/aD0xNjt3PTE2O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/prnewswire.com/4fa3ae7074c0cec738b56f901cbce4b7"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/sanmina-reports-fourth-quarter-fiscal-210100923.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2481755282","pubTimestamp":1730754060,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"SAN JOSE, Calif., Nov. 4, 2024 /PRNewswire/ -- Sanmina Corporation  , a leading integrated manufacturing solutions company, today reported financial results for the fourth quarter and fiscal year ended September 28, 2024 and outlook for its fiscal first quarter ending December 28, 2024.Fourth Quarter Fiscal 2024 Financial Highlights  Revenue: $2.02 billion  GAAP operating margin: 4.4%  GAAP diluted EPS: $1.09  Non-GAAP operating margin: 5.3%  Non-GAAP diluted EPS: $1.43. Additional Highlights  Cash flow from operations: Q4 $52 million and FY'24 $340 million  Free cash flow: $29 million in Q4 and $231 million in FY'24  Share repurchases: 0.9 million shares for $65 million in Q4 and approximately 4.0 million shares for $227 million in FY'24    Q4 ending cash and cash equivalents: $626 million. See Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation of the non-GAAP financial information contained in this release t","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4145":"电子制造服务","BK4585":"ETF&股票定投概念","BK4588":"碎股","SANM":"新美亚电子"},"translate_title":"Sanmina报告第四季度和2024财年财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SANM":1},"content_text":"SAN JOSE, Calif., Nov. 4, 2024 /PRNewswire/ -- 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, 2024 and outlook for its fiscal first quarter ending December 28, 2024.\n\n\n\n\nFourth Quarter Fiscal 2024 Financial Highlights •    Revenue: $2.02 billion •    GAAP operating margin: 4.4% •    GAAP diluted EPS: $1.09 •    Non-GAAP(1) operating margin: 5.3% •    Non-GAAP(1) diluted EPS: $1.43 \nFiscal Year 2024 Financial Highlights •    Revenue: $7.57 billion •    GAAP operating margin: 4.4% •    GAAP diluted EPS: $3.91 •    Non-GAAP(1) operating margin: 5.4% •    Non-GAAP(1) diluted EPS: $5.28 \n\n\nAdditional Highlights •    Cash flow from operations: Q4 $52 million and FY'24 $340 million •    Free cash flow(2): $29 million in Q4 and $231 million in FY'24 •    Share repurchases: 0.9 million shares for $65 million in Q4 and approximately 4.0 million shares for $227 million in FY'24   •    Q4 ending cash and cash equivalents: $626 million \n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nSee Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation of the non-GAAP financial information contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release. \n\n\n(2) \nSee Condensed Consolidated Cash Flow Statement included in the financial statements furnished with this release. \n\n\n\n\n\"We finished the year with solid momentum. Our fourth quarter revenue was up 9.6 percent sequentially, and non-GAAP diluted earnings per share was up 14.3 percent over the prior quarter and exceeded our outlook. We saw growth in the majority of our end-markets, primarily with strength from the communications networks and cloud infrastructure,\" stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.\n\"Our fiscal year 2024 results were in line with our expectations as we managed a challenging first half with improvements in the second half of the year. While our revenue was impacted for the year, we delivered another solid year of cash flow from operations. Furthermore, we demonstrated our commitment to return value to our shareholders by repurchasing 4 million shares for $227 million in fiscal 2024.\" \n\"The team has done an excellent job navigating the market dynamics and the Company continues to demonstrate resilience. Based on the forecasts from our customers and currently healthy demand levels, we expect fiscal 2025 to be a growth year,\" concluded Sola.\nFirst Quarter Fiscal 2025 OutlookThe following outlook is for the fiscal first quarter ending December 28, 2024. These statements are forward-looking and actual results may differ materially. \n\nRevenue between $1.925 billion to $2.025 billion\nGAAP diluted earnings per share between $1.03 to $1.13\nNon-GAAP diluted earnings per share between $1.30 to $1.40\n\nSafe Harbor StatementThe statements above including our financial outlook for the first quarter fiscal 2025 and expectations for growth in fiscal 2025 generally, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations; geopolitical uncertainty, including from the war in Ukraine and conflict in the Middle East; and the other risk factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission.\nThe Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.\nCompany Conference Call InformationSanmina will hold a conference call to review its financial results for the fourth quarter and fiscal year 2024 and outlook for the first quarter of fiscal 2025 on Monday, November 4, 2024 at 4:30 p.m. ET (1:30 p.m. PT). The access numbers are: domestic 800-836-8184 and international 646-357-8785. The conference will also be webcast live over the Internet. You can log on to the live webcast at Q4'24 Earnings. Additional information in the form of a slide presentation is available on Sanmina's website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 888-660-6345 and international 646-517-4150, access code is 88946#.\nAbout SanminaSanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.\nSanmina ContactPaige MelchingSVP, Investor Communications408-964-3610\n\n\n\n\nSanmina Corporation \n\n\nCondensed Consolidated Balance Sheets \n\n\n(in thousands) \n\n\n(GAAP) \n\n\n(Unaudited) \n\n\n\n\n\n\n\n\n\nSeptember 28,2024 \n\nSeptember 30,2023 \n\n\nASSETS \n\n\n\n\n\nCurrent assets: \n\n\n\n\n\nCash and cash equivalents \n$          625,860 \n\n$          667,570 \n\n\nAccounts receivable, net \n1,337,562 \n\n1,230,771 \n\n\nContract assets \n384,077 \n\n445,757 \n\n\nInventories \n1,335,744 \n\n1,477,223 \n\n\nPrepaid expenses and other current assets \n79,301 \n\n58,249 \n\n\nTotal current assets \n3,762,544 \n\n3,879,570 \n\n\nProperty, plant and equipment, net \n616,067 \n\n632,836 \n\n\nDeferred tax assets \n160,703 \n\n177,597 \n\n\nOther \n175,646 \n\n183,965 \n\n\nTotal assets \n$       4,714,960 \n\n$       4,873,968 \n\n\nLIABILITIES AND STOCKHOLDERS' EQUITY \n\n\n\n\n\nCurrent liabilities: \n\n\n\n\n\nAccounts payable \n$       1,485,484 \n\n$       1,612,833 \n\n\nAccrued liabilities \n196,681 \n\n267,148 \n\n\nAccrued payroll and related benefits \n133,129 \n\n127,406 \n\n\nShort-term debt, including current portion of long-term debt \n17,500 \n\n25,945 \n\n\nTotal current liabilities \n1,832,794 \n\n2,033,332 \n\n\nLong-term liabilities: \n\n\n\n\n\nLong-term debt \n299,823 \n\n312,327 \n\n\nOther \n220,835 \n\n209,684 \n\n\nTotal long-term liabilities \n520,658 \n\n522,011 \n\n\n\n\n\n\n\n\nStockholders' equity \n2,361,508 \n\n2,318,625 \n\n\nTotal liabilities and stockholders' equity \n$       4,714,960 \n\n$       4,873,968 \n\n\n\n\n\n\n\n\nSanmina Corporation \n\n\nCondensed Consolidated Statements of Income \n\n\n(in thousands, except per share amounts) \n\n\n(GAAP) \n\n\n(Unaudited) \n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended \n\nTwelve Months Ended \n\n\n\nSeptember 28,2024 \n\nSeptember 30,2023 \n\nSeptember 28,2024 \n\nSeptember 30,2023 \n\n\n\n\n\n\n\n\n\n\n\n\nNet sales \n$     2,017,505 \n\n$     2,052,019 \n\n$     7,568,328 \n\n$     8,935,048 \n\n\nCost of sales \n1,846,212 \n\n1,878,591 \n\n6,927,899 \n\n8,191,837 \n\n\nGross profit \n171,293 \n\n173,428 \n\n640,429 \n\n743,211 \n\n\n\n\n\n\n\n\n\n\n\n\nOperating expenses: \n\n\n\n\n\n\n\n\n\nSelling, general and administrative \n70,490 \n\n62,124 \n\n266,194 \n\n255,072 \n\n\nResearch and development \n8,243 \n\n7,715 \n\n28,514 \n\n26,427 \n\n\nRestructuring \n2,970 \n\n4,323 \n\n10,227 \n\n6,054 \n\n\nTotal operating expenses \n81,703 \n\n74,162 \n\n304,935 \n\n287,553 \n\n\n\n\n\n\n\n\n\n\n\n\nOperating income \n89,590 \n\n99,266 \n\n335,494 \n\n455,658 \n\n\n\n\n\n\n\n\n\n\n\n\nInterest income \n2,799 \n\n3,910 \n\n12,440 \n\n13,595 \n\n\nInterest expense \n(5,047) \n\n(8,257) \n\n(29,183) \n\n(36,290) \n\n\nOther expense \n(564) \n\n(8,168) \n\n(1,216) \n\n(20,156) \n\n\nInterest and other, net \n(2,812) \n\n(12,515) \n\n(17,959) \n\n(42,851) \n\n\n\n\n\n\n\n\n\n\n\n\nIncome before income taxes \n86,778 \n\n86,751 \n\n317,535 \n\n412,807 \n\n\nProvision for income taxes \n19,438 \n\n21,396 \n\n79,784 \n\n85,294 \n\n\nNet income before noncontrolling interest \n67,340 \n\n65,355 \n\n237,751 \n\n327,513 \n\n\n     Less: Net income attributable to noncontrolling interest \n5,959 \n\n3,514 \n\n15,215 \n\n17,543 \n\n\nNet income attributable to common shareholders \n$          61,381 \n\n$          61,841 \n\n$        222,536 \n\n$        309,970 \n\n\n\n\n\n\n\n\n\n\n\n\nNet income attributable to common shareholders per share: \n\n\n\n\n\n\n\n\n\nBasic \n$               1.12 \n\n$               1.08 \n\n$               4.00 \n\n$               5.36 \n\n\nDiluted \n$               1.09 \n\n$               1.04 \n\n$               3.91 \n\n$               5.18 \n\n\n\n\n\n\n\n\n\n\n\n\nWeighted-average shares used in computing per share amounts: \n\n\n\n\n\n\n\n\nBasic \n54,783 \n\n57,406 \n\n55,592 \n\n57,847 \n\n\nDiluted \n56,235 \n\n59,178 \n\n56,970 \n\n59,815 \n\n\n\n\n\n\n\n\nSanmina Corporation \n\n\nReconciliation of GAAP to Non-GAAP Measures \n\n\n(in thousands, except per share amounts) \n\n\n(Unaudited) \n\n\n\n\n\n\n\n\nThree Months Ended \n\nTwelve Months Ended \n\n\n\n\n\nSeptember 28,2024 \n\nJune 29,2024 \n\nSeptember 30,2023 \n\nSeptember 28,2024 \n\nSeptember 30,2023 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGAAP Operating income \n\n$           89,590 \n\n$           82,367 \n\n$          99,266 \n\n$         335,494 \n\n$         455,658 \n\n\n\nGAAP Operating margin \n\n4.4 % \n\n4.5 % \n\n4.8 % \n\n4.4 % \n\n5.1 % \n\n\nAdjustments: \n\n\n\n\n\n\n\n\n\n\n\n\n\nStock compensation expense (1) \n\n15,489 \n\n14,682 \n\n12,942 \n\n57,407 \n\n50,402 \n\n\n\nAmortization of intangible assets \n\n— \n\n— \n\n1,342 \n\n— \n\n2,493 \n\n\n\nDistressed customer charges (recoveries)(2) \n\n— \n\n(2,500) \n\n— \n\n1,799 \n\n— \n\n\n\nLegal and other (3) \n\n(720) \n\n500 \n\n— \n\n1,130 \n\n5,170 \n\n\n\nRestructuring \n\n2,970 \n\n1,793 \n\n4,323 \n\n10,227 \n\n6,054 \n\n\nNon-GAAP Operating income \n\n$         107,329 \n\n$           96,842 \n\n$        117,873 \n\n$        406,057 \n\n$        519,777 \n\n\n\nNon-GAAP Operating margin \n\n5.3 % \n\n5.3 % \n\n5.7 % \n\n5.4 % \n\n5.8 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGAAP Net income attributable to commonshareholders \n\n$           61,381 \n\n$           51,602 \n\n$          61,841 \n\n$         222,536 \n\n$         309,970 \n\n\nAdjustments: \n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating income adjustments (see above) \n\n17,739 \n\n14,475 \n\n18,607 \n\n70,563 \n\n64,119 \n\n\n\nLegal and other (3) \n\n— \n\n— \n\n— \n\n(4,967) \n\n(3,630) \n\n\n\nAdjustments for taxes (4) \n\n1,175 \n\n4,751 \n\n3,526 \n\n12,736 \n\n3,771 \n\n\nNon-GAAP Net income attributable to common shareholders \n$           80,295 \n\n$           70,828 \n\n$          83,974 \n\n$        300,868 \n\n$        374,230 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGAAP Net income attributable to common shareholders per share: \n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic \n\n$               1.12 \n\n$               0.93 \n\n$               1.08 \n\n$               4.00 \n\n$               5.36 \n\n\n\nDiluted \n\n$               1.09 \n\n$               0.91 \n\n$               1.04 \n\n$               3.91 \n\n$               5.18 \n\n\nNon-GAAP Net income attributableto common shareholders per share: \n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic \n\n$               1.47 \n\n$               1.28 \n\n$               1.46 \n\n$               5.41 \n\n$               6.47 \n\n\n\nDiluted \n\n$               1.43 \n\n$               1.25 \n\n$               1.42 \n\n$               5.28 \n\n$               6.26 \n\n\nWeighted-average shares used incomputing per share amounts: \n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic \n\n54,783 \n\n55,466 \n\n57,406 \n\n55,592 \n\n57,847 \n\n\n\nDiluted \n\n56,235 \n\n56,711 \n\n59,178 \n\n56,970 \n\n59,815 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nStock compensation expense  \n\n\n\n\n\n\n\n\n\n\n\n\n\nCost of sales \n\n$             4,700 \n\n$             4,327 \n\n$            3,978 \n\n$           17,493 \n\n$           16,763 \n\n\n\nSelling, general and administrative \n\n10,461 \n\n10,082 \n\n8,747 \n\n38,867 \n\n32,781 \n\n\n\nResearch and development \n\n328 \n\n273 \n\n217 \n\n1,047 \n\n858 \n\n\n\nTotal \n\n$           15,489 \n\n$           14,682 \n\n$          12,942 \n\n$          57,407 \n\n$          50,402 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(2) \nRelates to accounts receivable and inventory write-downs (recoveries) associated with distressed customers. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(3) \nRepresents expenses, charges and recoveries associated with certain legal and other matters. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(4) \nGAAP provision for income taxes \n\n$           19,438 \n\n$           19,900 \n\n$          21,396 \n\n$           79,784 \n\n$           85,294 \n\n\n\nAdjustments: \n\n\n\n\n\n\n\n\n\n\n\n\n\nTax impact of operating income adjustments \n\n1,550 \n\n1,303 \n\n2,645 \n\n7,415 \n\n7,736 \n\n\n\nDiscrete tax items \n\n2,925 \n\n1,462 \n\n1,210 \n\n3,425 \n\n12,930 \n\n\n\nDeferred tax adjustments \n\n(5,650) \n\n(7,516) \n\n(7,381) \n\n(23,576) \n\n(24,437) \n\n\n\nSubtotal - adjustments for taxes \n\n(1,175) \n\n(4,751) \n\n(3,526) \n\n(12,736) \n\n(3,771) \n\n\n\nNon-GAAP provision for income taxes \n\n$           18,263 \n\n$           15,149 \n\n$          17,870 \n\n$          67,048 \n\n$          81,523 \n\n\n\n\n\n\n\n\nQ1 FY25 Earnings Per Share Outlook*: \n\nQ1 FY25 EPS Range \n\n\n\n\n\nLow \n\nHigh \n\n\n\nGAAP diluted earnings per share \n\n$                  1.03 \n\n$                  1.13 \n\n\n\nStock compensation expense \n\n$                  0.27 \n\n$                  0.27 \n\n\n\nNon-GAAP diluted earnings per share \n\n$                  1.30 \n\n$                  1.40 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n* Due to uncertainty regarding the timing of recognition of restructuring charges, impairment charges and other unusual or infrequent items, if any, that could be incurred during the first quarter of FY25, an estimate of such items is not included in the outlook for Q1 FY25 GAAP EPS. \n\n\n\n\n\n\n\n\nSanmina Corporation \n\n\nCondensed Consolidated Cash Flow \n\n\n(in thousands) \n\n\n(GAAP) \n\n\n(Unaudited) \n\n\n\n\n\n\n\nThree Month Periods \n\nTwelve Month Periods \n\n\n\n\nQ4'24 \n\nQ3'24 \n\nQ2'24 \n\nQ1'24 \n\nQ4'23 \n\nFY24 \n\nFY23 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income before noncontrolling interest \n\n$    67,340 \n\n$    54,738 \n\n$    55,309 \n\n$    60,364 \n\n$    65,355 \n\n$  237,751 \n\n$  327,513 \n\n\nDepreciation and amortization \n\n31,654 \n\n29,764 \n\n30,274 \n\n30,726 \n\n30,521 \n\n122,418 \n\n118,237 \n\n\nOther, net \n\n30,110 \n\n19,708 \n\n18,634 \n\n18,185 \n\n21,947 \n\n86,637 \n\n80,923 \n\n\nNet change in net working capital \n\n(77,229) \n\n(14,211) \n\n(31,900) \n\n16,750 \n\n(40,966) \n\n(106,590) \n\n(291,505) \n\n\nCash provided by operating activities \n\n51,875 \n\n89,999 \n\n72,317 \n\n126,025 \n\n76,857 \n\n340,216 \n\n235,168 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPurchases of long-term investments \n\n(3,300) \n\n(600) \n\n(700) \n\n(600) \n\n(500) \n\n(5,200) \n\n(2,500) \n\n\nNet purchases of property & equipment \n\n(22,597) \n\n(22,772) \n\n(29,611) \n\n(34,216) \n\n(37,803) \n\n(109,196) \n\n(189,958) \n\n\nCash used in investing activities \n\n(25,897) \n\n(23,372) \n\n(30,311) \n\n(34,816) \n\n(38,303) \n\n(114,396) \n\n(192,458) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHoldback paid in connection with previousbusiness combination \n\n— \n\n— \n\n— \n\n— \n\n— \n\n— \n\n(8,558) \n\n\nNet share repurchases \n\n(60,412) \n\n(54,629) \n\n(17,477) \n\n(115,619) \n\n(30,397) \n\n(248,137) \n\n(103,681) \n\n\nNet borrowing activities \n\n— \n\n(4,375) \n\n(4,375) \n\n(12,820) \n\n4,070 \n\n(21,570) \n\n(9,055) \n\n\nProceeds from sale of non-controllinginterest \n\n— \n\n— \n\n— \n\n— \n\n— \n\n— \n\n215,799 \n\n\nCash used for financing activities \n\n(60,412) \n\n(59,004) \n\n(21,852) \n\n(128,439) \n\n(26,327) \n\n(269,707) \n\n94,505 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEffect of exchange rate changes \n\n2,585 \n\n(772) \n\n(886) \n\n1,250 \n\n(1,245) \n\n2,177 \n\n498 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet change in cash & cash equivalents \n\n$  (31,849) \n\n$      6,851 \n\n$    19,268 \n\n$  (35,980) \n\n$    10,982 \n\n$  (41,710) \n\n$  137,713 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFree cash flow: \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCash provided by operating activities \n\n$    51,875 \n\n$    89,999 \n\n$    72,317 \n\n$  126,025 \n\n$    76,857 \n\n$  340,216 \n\n$  235,168 \n\n\nNet purchases of property & equipment \n\n(22,597) \n\n(22,772) \n\n(29,611) \n\n(34,216) \n\n(37,803) \n\n(109,196) \n\n(189,958) \n\n\n\n\n$    29,278 \n\n$    67,227 \n\n$    42,706 \n\n$    91,809 \n\n$    39,054 \n\n$  231,020 \n\n$    45,210 \n\n\n\n\nSchedule 1\nThe statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income and earnings per share. Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other unusual or infrequent items, as adjusted for taxes, as more fully described below.\nManagement excludes these items principally because such charges or benefits are not directly related to the Company's ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company's operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of Company's strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of our ongoing, core business. The material limitations to management's approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company's liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company's performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases.\nAdditional information regarding the economic substance of each exclusion, management's use of the resultant non-GAAP measures, the material limitations of management's approach and management's methods for compensating for such limitations is provided below.\nStock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of equity awards granted to employees and directors, is excluded in order to permit more meaningful period-to-period comparisons of the Company's results since the Company grants different amounts and value of equity awards each quarter. In addition, given the fact that competitors grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company's core results with those of its competitors.\nRestructuring, Acquisition and Integration Expenses, which consist of employee severance, lease termination costs, exit costs, environmental investigation, remediation and related employee costs and other charges primarily related to closing and consolidating manufacturing facilities and those associated with the acquisition and integration of acquired businesses, are excluded because such charges (1) can be driven by the timing of acquisitions and exit activities which are difficult to predict, (2) are not directly related to ongoing business results and (3) generally do not reflect expected future operating expenses. In addition, given the fact that the Company's competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges or benefits permits more accurate comparisons of the Company's core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company's competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Therefore, management also reviews GAAP results including these amounts.\nImpairment Charges for Goodwill and Other Assets, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company's liquidity. In addition, given the fact that the Company's competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors.\nAmortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company's liquidity. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors because the Company's competitors complete acquisitions at different times and for different amounts than the Company.\nOther Unusual or Infrequent Items, such as charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, and gains and losses on sales of assets, are excluded because such items are typically non-recurring, difficult to predict or not directly related to the Company's ongoing or core operations and are therefore not considered by management in assessing the current operating performance of the Company and forecasting earnings trends. However, items excluded by the Company may be different from those excluded by the Company's competitors. In addition, these items include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.\nAdjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures, and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company's core results with those of its competitors. We determine the tax adjustments based upon the various applicable effective tax rates. In those jurisdictions in which we do not expect to realize a tax cost or benefit (due to a history of operating losses or other factors), a reduced tax rate is applied.\nLogo - https://mma.prnewswire.com/media/1992091/4833572/SANMINA_CORPORATION_LOGO_2024.jpg\n View original content:https://www.prnewswire.com/news-releases/sanmina-reports-fourth-quarter-and-fiscal-2024-financial-results-302295715.html\nSOURCE Sanmina Corporation","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481755282"}