Sanmina(SANM) - 2024 Q3 - Quarterly Results

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]