Sanmina(SANM) - 2025 Q2 - Quarterly Results

Financial Performance - Revenue for Q2 FY25 was $1.98 billion, representing an increase from $1.83 billion in Q2 FY24, a growth of approximately 8.1%[15] - GAAP diluted earnings per share (EPS) for Q2 FY25 was $1.16, compared to $0.93 in Q2 FY24, reflecting a year-over-year increase of 24.7%[15] - Non-GAAP diluted EPS for Q2 FY25 was $1.41, up from $1.30 in Q2 FY24, indicating a growth of 8.5%[17] - GAAP operating margin for Q2 FY25 was 4.6%, while non-GAAP operating margin was 5.6%, consistent with previous quarters[5][17] - The company remains confident that fiscal 2025 will be a growth year based on the results from the first half and the outlook for the third quarter[2] Cash Flow and Investments - Cash flow from operations for Q2 FY25 was $157 million, with free cash flow amounting to $126 million[5] - Ending cash and cash equivalents as of March 29, 2025, were $647 million, an increase from $625.9 million at the end of September 2024[13] - Cash provided by operating activities increased to $156,858 million in Q1 2025, compared to $72,317 million in Q1 2024, representing a 117% increase[21] - Free cash flow for Q1 2025 was $126,211 million, significantly higher than $42,706 million in Q1 2024, indicating a 178% increase[21] - Net change in cash, cash equivalents, and restricted cash equivalents for Q1 2025 was $44,318 million, compared to $19,268 million in Q1 2024, reflecting a 130% increase[21] - Cash used in financing activities rose to $118,027 million in Q1 2025, compared to $21,852 million in Q1 2024[21] - Proceeds from long-term investments in Q1 2025 were $49,309 million, with no proceeds reported in Q1 2024[21] Share Repurchase and Guidance - The company repurchased 1.03 million shares for $84 million during the quarter[5] - The outlook for Q3 FY25 projects revenue between $1.925 billion and $2.025 billion, with GAAP diluted EPS expected to be between $1.05 and $1.15[6] - Non-GAAP diluted EPS guidance for Q3 FY25 is projected to be between $1.35 and $1.45[19] - Net share repurchases in Q1 2025 totaled $84,340 million, a significant increase from $1,255 million in Q1 2024[21] Depreciation and Capital Expenditures - Net purchases of property and equipment were $30,647 million in Q1 2025, slightly higher than $29,611 million in Q1 2024[21] - The company reported a depreciation expense of $28,208 million in Q1 2025, down from $30,274 million in Q1 2024[21] Net Income and Working Capital - Net income before noncontrolling interest for Q1 2025 was $70,515 million, up 27.5% from $55,309 million in Q1 2024[21] - The net change in net working capital for Q1 2025 was $44,214 million, a substantial improvement from a negative change of $(31,900) million in Q1 2024[21]