Financial Performance - Net sales for the three months ended June 29, 2024, were $1,841.43 million, a decrease of 16.6% compared to $2,207.12 million in the same period last year[95][96] - Gross profit for the three months ended June 29, 2024, was $153.54 million, down from $183.21 million in the same period last year[95] - Operating income for the three months ended June 29, 2024, was $82.37 million, compared to $107.37 million in the same period last year[95] - Net income attributable to common shareholders for the three months ended June 29, 2024, was $51.60 million, down from $76.49 million in the same period last year[95] - Net sales decreased by 16.6% for the three months ended June 29, 2024, and by 19.4% for the nine months ended June 29, 2024, primarily due to reduced demand in telecommunications and other end markets[97] - Gross margin remained at 8.3% for the three months ended June 29, 2024, but IMS gross margin decreased to 7.6% from 8.3%, while CPS gross margin increased to 11.5% from 8.8%[98] - Selling, general, and administrative expenses decreased to $62 million for the three months ended June 29, 2024, from $69 million in the same period in 2023, representing 3.4% and 3.1% of net sales, respectively[99] Segment Performance - Industrial, Medical, Defense and Aerospace, and Automotive segment revenue for the three months ended June 29, 2024, was $1,181.49 million, a decrease of 12.1% compared to $1,344.07 million in the same period last year[96] - Communications Networks and Cloud Infrastructure segment revenue for the three months ended June 29, 2024, was $659.94 million, a decrease of 23.5% compared to $863.05 million in the same period last year[96] - The Integrated Manufacturing Solutions (IMS) segment represented approximately 80% of the company's total revenue for the nine months ended June 29, 2024[85] Strategic Initiatives - The company expects headwinds to revenue growth in the near term due to customers absorbing their finished goods inventory in some end markets[86] - The company is focusing on diversifying into mission-critical markets with longer product life cycles and higher technology products[86] - The company is proactively managing cost impacts through pricing actions and targeted cost-saving measures to enhance stockholder value[86] Cash Flow and Liquidity - Cash and cash equivalents were $658 million at June 29, 2024, compared to $668 million at September 30, 2023, with working capital at $1.9 billion and $1.8 billion, respectively[109] - Net cash provided by operating activities was $288 million for the nine months ended June 29, 2024, compared to $158 million in the same period in 2023[110] - Net cash used in investing activities was $88 million for the nine months ended June 29, 2024, primarily for capital expenditures, compared to $154 million in the same period in 2023[112] - The company generated $288 million of cash from operations for the nine months ended June 29, 2024[120] - The company's cash and cash equivalents totaled $658 million as of June 29, 2024, with $188 million held by Sanmina SCI India Private Limited (SIPL) for its operations[120] - The company had $786 million available under its Credit Agreement, net of outstanding borrowings and letters of credit, as of June 29, 2024[120] - The company's foreign short-term borrowing facilities amounted to $71 million, all of which was available as of June 29, 2024[120] - The company may increase the revolving commitments under the Credit Agreement by up to an additional $200 million, subject to certain conditions[120] - 35% of the company's cash balance was held in the United States as of June 29, 2024[122] - The company believes its existing cash resources and liquidity sources will be sufficient to meet working capital requirements for at least the next twelve months[121] Share Repurchase and Liabilities - The company repurchased 3 million shares of common stock for $162 million during the nine months ended June 29, 2024, compared to 1 million shares for $51 million in the same period in 2023[113] - Accounts receivable sold under the Receivables Purchase Agreement (RPA) were $127 million as of June 29, 2024, compared to $162 million as of September 30, 2023[116] - The company had accrued liabilities of $37 million related to legal proceedings and contingencies as of June 29, 2024[118] - The liability for uncertain tax positions was $51 million as of June 29, 2024, with potential future cash flows that could be significantly higher or lower than the recorded liability[119] Risk Management and Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements as of June 29, 2024 that would materially affect its financial condition[123] - The company's primary risk exposures and management of market risks remained unchanged from those disclosed in its Annual Report on Form 10-K for the fiscal year ended September 30, 2023[125]

Communications Networks & Cloud Infrastructure 33% Industrial/Medical/ Defense/Automotive 67% Cloud Infrastructure AI/ML – new opportunities Upgrades to cloud networks to meet AI traffic needs Industrial/Energy Solid base, new projects in the pipeline, lot of opportunity Generation and storage Power controls and management Factory automation and lithography Q3'24 Non-GAAP diluted EPS: $1.25, in line with our outlook Fiscal 2024 Continue to Execute on Our Strategy (Unaudited) Total liabilities and stockholde ...

Sanmina Corporation (NASDAQ:SANM) Q3 2024 Earnings Conference Call July 29, 2024 5:00 PM ET Company Participants Paige Melching - Senior Vice President, Investor Communications Jure Sola - Chairman and CEO Jon Faust - Executive Vice President and CFO Conference Call Participants Ruplu Bhattacharya - Bank of America Steven Fox - Fox Advisors Christian Schwab - Craig-Hallum Capital Group Operator Good afternoon, ladies and gentlemen. And welcome to the Sanmina Corporation Third Quarter Fiscal 2024 Earnings Co ...

Core Viewpoint - Sanmina reported quarterly earnings that missed expectations, indicating potential challenges ahead for the company despite its strong year-to-date stock performance [1][8][12]. Financial Performance - Sanmina's revenues for the quarter ended June 2024 were $1.84 billion, missing the Zacks Consensus Estimate by 0.19% and down from $2.21 billion year-over-year [2]. - The company posted earnings of $1.25 per share, which was below the Zacks Consensus Estimate of $1.30 per share and down from $1.55 per share a year ago [8]. - The current consensus EPS estimate for the upcoming quarter is $1.50 on revenues of $1.97 billion, and for the current fiscal year, it is $5.40 on revenues of $7.52 billion [5]. Stock Performance - Sanmina shares have increased approximately 44.7% since the beginning of the year, significantly outperforming the S&P 500's gain of 14.5% [3]. - The company has surpassed consensus EPS estimates two times over the last four quarters [9]. Earnings Outlook - The estimate revisions trend for Sanmina is currently mixed, leading to a Zacks Rank of 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [12]. - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call [10]. Industry Context - The Electronics - Manufacturing Services industry, to which Sanmina belongs, is currently ranked in the top 41% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [13].

Financial Performance - Revenue for Q3 FY24 was $1.84 billion, a decrease from $2.21 billion in Q3 FY23[15] - GAAP diluted EPS for Q3 FY24 was $0.91, compared to $1.28 in Q3 FY23[15] - Non-GAAP diluted EPS for Q3 FY24 was $1.25, down from $1.55 in Q3 FY23[17] - The company reported a GAAP operating margin of 4.5% for Q3 FY24, compared to 4.9% in Q3 FY23[17] - Non-GAAP operating margin for Q3 FY24 was 5.3%, slightly down from 5.7% in Q3 FY23[17] - Net income before noncontrolling interest for Q3'24 was $54,738 million, a decrease of 33.1% compared to Q3'23's $81,737 million[20] Cash Flow and Liquidity - Cash flow from operations for Q3 FY24 was $90 million, with ending cash and cash equivalents at $658 million[7] - Cash provided by operating activities increased to $89,999 million in Q3'24 from $56,509 million in Q3'23, representing a year-over-year growth of 59.2%[20] - Free cash flow for Q3'24 was $67,227 million, up from $4,342 million in Q3'23, indicating a significant improvement in cash generation[20] - Net change in cash and cash equivalents for Q3'24 was $6,851 million, compared to a decrease of $61,615 million in Q3'23[20] - Cash used in investing activities decreased to $23,372 million in Q3'24 from $52,667 million in Q3'23, reflecting a reduction in capital expenditures[20] Future Outlook - The outlook for Q4 FY24 projects revenue between $1.9 billion and $2.0 billion, with GAAP diluted EPS expected to be between $1.02 and $1.12[8] - Non-GAAP diluted EPS for Q4 FY24 is projected to be between $1.30 and $1.40[18] - The company anticipates growth in fiscal 2025, citing stabilization and improved demand going into Q4 FY24[3] Asset Management - Total assets as of June 29, 2024, were $4.66 billion, down from $4.87 billion as of September 30, 2023[13] - The net change in net working capital improved to $(14,211) million in Q3'24 from $(76,300) million in Q3'23, indicating better management of working capital[20] Other Financial Metrics - Net share repurchases in Q3'24 totaled $54,629 million, significantly higher than $52,072 million in Q3'23[20] - Depreciation and amortization expenses for Q3'24 were $29,764 million, slightly up from $29,898 million in Q3'23[20] - The company reported a net borrowing activity of $(4,375) million in Q3'24, consistent with the previous quarter[20] - The effect of exchange rate changes resulted in a loss of $(772) million in Q3'24, compared to a loss of $(452) million in Q3'23[20]

Core Viewpoint - Sanmina Corporation reported financial results for the fiscal third quarter of 2024, showing stabilization in demand and an optimistic outlook for growth in fiscal 2025 [3][4]. Financial Highlights - Revenue for Q3 2024 was $1.84 billion, a decrease from $2.21 billion in Q3 2023 [2][12]. - GAAP operating margin was 4.5%, while non-GAAP operating margin was 5.3% [2][13]. - GAAP diluted earnings per share (EPS) was $0.91, and non-GAAP diluted EPS was $1.25 [2][12]. - Cash flow from operations amounted to $90 million, with ending cash and cash equivalents at $658 million [2][12]. Fourth Quarter Outlook - The company expects revenue for Q4 2024 to be between $1.9 billion and $2.0 billion [4]. - GAAP diluted EPS is projected to be between $1.02 and $1.12, while non-GAAP diluted EPS is expected to range from $1.30 to $1.40 [4][12]. Management Commentary - Jure Sola, Chairman and CEO, stated that the company is seeing demand improve and is focused on delivering profitable growth and free cash flow while maintaining a strong balance sheet [3][4]. Company Overview - Sanmina Corporation is a leading integrated manufacturing solutions provider in the Electronics Manufacturing Services (EMS) market, serving various sectors including industrial, medical, defense, aerospace, automotive, communications networks, and cloud infrastructure [7].

Company Overview - Sanmina Corporation is a leading integrated manufacturing solutions provider in the global Electronics Manufacturing Services (EMS) market, recognized as a technology leader [4] - The company serves various sectors including industrial, medical, defense and aerospace, automotive, communications networks, and cloud infrastructure [4] - Sanmina operates facilities strategically located in key regions worldwide [4] Upcoming Events - Sanmina will host its third quarter fiscal 2024 earnings conference call on July 29, 2024, at 5:00 PM ET [1] - A live webcast presentation and supporting materials will be available on the Sanmina website in the Investor Relations section [3]

Core Insights - The launch of the 42Q chatbot represents a significant advancement in manufacturing automation and customer interaction, leveraging Amazon Bedrock technology to enhance user engagement and operational efficiency [1][9]. Company Overview - 42Q is a division of Sanmina Corporation, a Fortune 500 company recognized as a leader in integrated manufacturing solutions, particularly in the Electronics Manufacturing Services (EMS) market [7]. - Sanmina serves various sectors including industrial, medical, defense, aerospace, automotive, communications networks, and cloud infrastructure [7]. Product Features - The 42Q chatbot is designed to provide automated customer support, handling a high volume of inquiries and offering instant responses to frequently asked questions, thereby reducing the workload on customer service teams [15]. - It supports multi-language capabilities, allowing users to interact in their local language and access information from various sources such as wikis and whitepapers [15]. - The chatbot integrates seamlessly with existing Manufacturing Execution Systems (MES), ensuring minimal disruption to ongoing operations [10][15]. - It features advanced natural language processing capabilities, enabling it to understand and respond to a wide range of user inputs [10]. - The chatbot can generate code examples for developers based on API documentation, enhancing its utility for technical users [15]. - Built on Amazon Bedrock, the chatbot is customizable and scalable, allowing organizations to tailor it to specific needs and grow alongside their operations [15]. Technological Integration - Amazon Bedrock provides the foundational technology for the 42Q chatbot, enhancing its accuracy, speed, and flexibility in user engagement [5]. - The chatbot is equipped to handle various tasks, including guiding users through complex MES functions and interacting with all 42Q's documentation resources [5][10]. Market Position - The introduction of the 42Q chatbot is expected to set a new standard in the manufacturing industry, reflecting the company's commitment to innovation and excellence [1][9].

Core Insights - Viking Technology, a division of Sanmina Corporation, has launched a new 16GB DDR4 Multi-Chip Package (MCP) designed for embedded systems and rugged applications, emphasizing performance, efficiency, and compactness [1][2] Product Features - The 16GB DDR4 MCP offers high storage capacity in a compact BGA footprint, enhancing memory density and speed compared to previous models [2] - The design features soldered connections for improved ruggedness, providing significant space savings over standard DIMM modules [2] - The product delivers superior signal integrity and high memory bandwidth efficiency, contributing to lower motherboard costs [2] Application and Performance - The MCP has proven its reliability in demanding environments, including missile applications and fighter jets, enhancing guidance systems and ensuring mission success [3] - Its integration into Digital Signal Processing (DSP) boards allows for advanced signal processing capabilities, facilitating real-time data analysis in complex battlefield situations [3] Company Background - Viking Technology has over 25 years of experience in engineering, design, manufacturing, and testing, providing advanced hardware products for various markets, including defense and aerospace [5] - Sanmina Corporation, a Fortune 500 company, is recognized as a technology leader in integrated manufacturing solutions, serving sectors such as industrial, medical, and defense [6]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 0-21272 Sanmina Corporation (Exact name of registrant as specified in its charter) DE 77-0228183 (State or other jurisdiction of ( ...