Financial Data and Key Metrics Changes - The company reported revenue of $1,980,000,000 for Q2 2025, representing an 8.1% increase year-over-year [14][25] - Non-GAAP EPS was $1.41, up 7.8% compared to the same period last year [15][25] - Non-GAAP operating margin was 5.6%, up 20 basis points year-over-year [15][25] - Non-GAAP gross margin was 9.1%, an increase of 20 basis points compared to the same period last year [15][25] Business Line Data and Key Metrics Changes - IMS revenue was $1,600,000,000, up 9.8% year-over-year, primarily driven by growth in communication networks and cloud infrastructure [17] - CPS revenue was $411,000,000, up 3.3% year-over-year, with a non-GAAP gross margin of 13.9%, an increase of 100 basis points [17][18] Market Data and Key Metrics Changes - Revenue from industrial, energy, medical, defense, aerospace, and automotive sectors was $1,251,000,000, growing approximately 2.1% year-over-year [26] - Communication networks and cloud infrastructure revenue was $733,000,000, up 20.3% year-over-year [27] Company Strategy and Development Direction - The company aims to invest in faster-growing and higher-margin end markets, focusing on operational execution and customer satisfaction [36][42] - Strategic investments are planned in capacity and technology across the U.S., India, and Mexico to support future growth [21][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities despite geopolitical uncertainties, indicating a solid pipeline of new programs [49][50] - The company expects revenue growth of 6% to 8% for fiscal 2025, with a focus on maintaining stable operating margins [23][36] Other Important Information - The company maintained a strong balance sheet with cash and cash equivalents of $647,000,000 and no outstanding borrowings [19] - Free cash flow for the quarter was $126,000,000, allowing for continued investments and shareholder returns [22] Q&A Session Summary Question: Did you see any pull forward of demand in fiscal 2Q ahead of potential tariff increases? - Management indicated no major changes in customer behavior due to tariffs, but discussions with customers about options were ongoing [46][47] Question: Are you seeing any slowdown in demand in the fiscal second half of 2025? - Management stated they are being prudent in guidance but remain optimistic about future growth, with exciting programs on the horizon [49][50] Question: What drove the increase in gross inventory dollars? - The CFO explained that inventory is being built to support future growth, with a focus on year-over-year improvement [52][54] Question: How is demand trending in the communications end market? - Management reported strong demand across high-end routing, switching, and optical packaging, with expectations for continued strength [56][57] Question: Can you expand on the investments in capacity and technology in India, U.S., and Mexico? - Management highlighted significant growth opportunities in India, with expansions focused on data center demand and high technology printed circuit boards [66][66] Question: How competitive is the environment for new customer wins? - Management emphasized their competitive advantages in technology, quality, and flexibility, which have helped secure new customer contracts [78][80]

据悉，英业达选择前往德克萨斯州设厂，主要原因包括邻近墨西哥、当地电力供应较充足等。供应链此前还传出消息称，英业达考虑在德克萨 斯州租用厂房，建置先进服务器后段组装产线，预计最快下半年就可望启用。 4月29日消息，据台媒《经济日报》报道，电子代工大厂英业达也宣布加入了"美国制造"行列。而在此之前，鸿海、广达、纬创、纬颖、仁宝 等台系电子代工大厂均已投入"美国制造"，随着英业达也宣布在德克萨斯州建厂，台系主要电子代工厂当中，仅剩和硕未有宣布在美国布局。 4月28日，英业达董事会批准，拟斥资上限8,500万美元，在美国德克萨斯州设立服务器制造基地。此举有望降低特朗普政府关税战干扰，助力 后续营运。 英业达董事会通过美国投资计划，授权子公司在得州寻觅合适厂房。英业达指出，美国子公司为因应未来全球化策略布局及稳定客户合作关 系，满足客户出货地点需求，同时积极争取开发新客户或市场，并降低美国关税政策波动影响，将于美国得州设立产品制造基地。 代工厂忧心特朗普政府的关税政策，将为营运增添更多不确定性，因此特朗普上任以来，各大代工厂相继部署重兵，前往美国建立制造产能， 鸿海、广达、纬创及旗下服务器代工厂纬颖、仁宝等，陆续赴美投 ...

SAN JOSE, Calif., April 28, 2025 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the second quarter ended March 29, 2025 and outlook for its third fiscal quarter ending June 28, 2025.Second Quarter Fiscal 2025 Financial Highlights Revenue: $1.98 billion GAAP operating margin: 4.6% GAAP diluted EPS: $1.16 Non-GAAP(1) operating margin: 5.6% Non-GAAP(1) diluted EPS: $1.41Additional Highli ...

Financial Data and Key Metrics Changes - The company achieved revenues of $2.65 billion in Q1 2025, a 20% increase year-over-year, exceeding guidance [13][30] - Adjusted EPS for the quarter was $1.20, an increase of $0.37 or 45% year-over-year [14] - Adjusted operating margin reached 7.1%, marking the highest performance in the company's history, up 120 basis points [8][14] - Adjusted gross margin was 11.0%, up 110 basis points, driven by higher volumes and a favorable mix [14] Business Line Data and Key Metrics Changes - The CCS segment generated $1.84 billion in revenue, up 28%, driven by strong demand for networking switches [16] - The ATS segment revenue totaled $807 million, up 5%, primarily due to growth in the capital equipment business [15] - HPS revenue grew by 99% to just over $1 billion, accounting for 39% of total company revenue [18] Market Data and Key Metrics Changes - Communications end market revenues increased by 87%, driven by strong demand for HPS networking products [17] - Enterprise end market revenue decreased by 39%, better than the guidance of a mid-40s percentage decline, due to a technology transition in an AI/ML compute program [17] Company Strategy and Development Direction - The company raised its revenue outlook for 2025 from $10.7 billion to $10.85 billion, reflecting year-over-year growth of 12% [30] - The CCS segment is expected to grow in the high-teens percentage range in 2025, driven by hyperscaler customers [33] - The company is focusing on expanding its services component, particularly in higher-margin areas [73] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment has become increasingly dynamic due to trade policy uncertainty, but resilient demand remains [9][10] - The company is confident in its ability to navigate the current macro environment, supported by a globally diversified manufacturing network [40] - Management expressed optimism about the demand outlook for the remainder of 2025, citing strong customer feedback [30] Other Important Information - The company generated $94 million of free cash flow in Q1 2025, $26 million higher than the prior year [21] - The gross debt at the end of the quarter was $887 million, with a net debt position of $584 million [23] - The company repurchased $75 million of shares during the first quarter and an additional $40 million after the quarter [24] Q&A Session Summary Question: Visibility with customers in CCS given uncertainty - Management indicated that visibility with hyperscaler customers remains strong, with no changes in CapEx plans due to tariffs [45][46] Question: Re-acceleration in enterprise side - Management expects a ramp in AI/ML compute transition starting in Q3 2025, contributing to growth in the enterprise segment [52] Question: Impact of tariffs on ATS - Management noted minimal impact from tariffs in ATS, with demand remaining strong [58] Question: Guidance for CCS communications - Management explained that flat sequential revenues are due to timing of programs, not a decline in demand [62][65] Question: 1.6T switch program updates - Management confirmed strong bookings and ongoing development, with mass production expected in the second half of 2026 [70][72] Question: Price elasticity and customer feedback on tariffs - Management reported that customers did not waver in their commitment to CapEx plans during elevated tariff periods [112] Question: Pipeline changes in the last month - Management stated that the pipeline remains strong, with no major changes due to tariffs [116] Question: Ramps and guidance interaction - Management indicated that sequential growth is expected in the second half of 2025, with ongoing strong demand for 800G programs [122] Question: Margin improvement in ATS - Management noted that margin-dilutive programs are reflected in guidance, with opportunities for further margin expansion in ATS [129]

Q1 2025 Financial Performance - Revenue reached $2649 billion, a 20% increase year-over-year, exceeding the guidance of $2475 billion - $2625 billion[15] - Adjusted Operating Margin (Non-GAAP) was 71%, a 120 bps increase year-over-year, surpassing the guidance of 68%[15] - Adjusted EPS (Non-GAAP) was $120, a 45% increase year-over-year, also exceeding the guidance of $106 - $116[15] - Adjusted Gross Margin (non-GAAP) was 110%, a 11% increase year-over-year[18] - GAAP Earnings from Operations as a % of Revenue was 49%, a decrease of 80 bps year-over-year[15] - GAAP EPS was $074, a 4% decrease year-over-year[15] Segment Performance - ATS segment revenue was $807 million, a 5% increase year-over-year[19] - CCS segment revenue was $1842 billion, a 28% increase year-over-year, with Communications at $1428 billion (up 87%) and Enterprise at $414 million (down 39%)[19] - ATS segment income was $41 million, a 28% increase year-over-year, with a segment margin of 50%, up 80 bps[19] - CCS segment income was $147 million, a 49% increase year-over-year, with a segment margin of 80%, up 120 bps[19] 2025 Outlook - Revenue outlook is $1085 billion, increased from previous outlook of $1070 billion[39] - Adjusted Operating Margin (Non-GAAP) is 72%, increased from previous outlook of 69%[39] - Adjusted EPS (Non-GAAP) is $500, increased from previous outlook of $475[39]

Group 1 - Sanmina Corporation will host its second quarter fiscal 2025 earnings conference call on April 28, 2025, at 5:00 PM ET [1] - The live webcast presentation and supporting materials will be available on the Sanmina website in the Investor Relations section [1] - A webcast replay will be accessible at the same location after the event concludes [1] Group 2 - Sanmina Corporation is a Fortune 500 company and a leading integrated manufacturing solutions provider in the global Electronics Manufacturing Services (EMS) market [2] - The company is recognized as a technology leader, providing end-to-end manufacturing solutions to Original Equipment Manufacturers (OEMs) in various sectors including industrial, medical, defense, aerospace, automotive, communications networks, and cloud infrastructure [2] - Sanmina has strategically located facilities in key regions around the world [2]

Financial Performance - Q2 FY2025 - Net revenue was $6.728 billion, a slight decrease compared to $6.767 billion in the same period last year[4] - U.S GAAP operating income was $245 million, a significant decrease from $1.131 billion in the prior year[4] - Core operating income (non-GAAP) was $334 million, slightly down from $338 million year-over-year[4] - Core diluted earnings per share (non-GAAP) increased to $1.94, compared to $1.68 in the previous year[4] Segment Results - Q2 FY2025 - Regulated Industries net revenue decreased by 8% year-over-year, with a core margin of 4.8%[8] - Intelligent Infrastructure net revenue increased by 18% year-over-year, with a core margin of 5.3%[8] - Connected Living & Digital Commerce net revenue decreased by 13% year-over-year, with a core margin of 4.5%[8] Cash Flow - Q2 FY2025 - Net cash provided by operating activities was $334 million[10] - Adjusted free cash flow (non-GAAP) was $261 million[10] - Share repurchases amounted to $404 million[10] FY25 Outlook - The company anticipates full year net revenue of $27.9 billion[24] - The company anticipates full year core operating margin of 5.4%[24] - The company anticipates full year core EPS of $8.95[24]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $6.7 billion, a 3% year-on-year increase when excluding $250 million from the divested mobility business in the prior year quarter [8] - Core operating income was $334 million with core operating margins at 5% [8] - GAAP diluted earnings per share was $1.06, while core diluted earnings per share was $1.94, up $0.26 from Q2 of last year [9][30] - Adjusted free cash flow for Q2 was $261 million, bringing year-to-date adjusted free cash flow to $487 million, with expectations to exceed $1.2 billion for the year [16][37] Performance by Business Segment - Regulated Industry segment reported revenue of approximately $2.7 billion, down 8% year-on-year due to weakness in renewable energy and EV markets, but core operating margin increased to 4.8% [10] - Intelligent Infrastructure segment saw revenue of $2.6 billion, up 18% year-on-year, driven by strong demand in AI-related cloud and data center infrastructure [11] - Connected Living & Digital Commerce segment revenue was $1.3 billion, down 13% year-on-year, but grew approximately 4% when excluding the divested mobility business [12] Market Data and Key Metrics Changes - Anticipated revenue for the Intelligent Infrastructure segment in Q3 is expected to be $2.8 billion, up approximately 22% year-over-year [19] - Revenue for the Connected Living & Digital Commerce segment in Q3 is expected to be $1.2 billion, down 16% year-over-year [20] - Overall company revenue for Q3 is expected to be in the range of $6.7 billion to $7.3 billion [21] Company Strategy and Industry Competition - The company is focusing on maintaining a large-scale global manufacturing footprint to navigate geopolitical complexities and potential tariffs [25] - Jabil is well-positioned to support customers in shifting manufacturing to the U.S., with 30 sites across the country [45] - The company anticipates strong growth in AI-related business, expecting approximately $7.5 billion in revenue for FY 2025, representing a 40% year-on-year increase [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the diversified portfolio, with certain markets like capital equipment and data center infrastructure outperforming [30] - Caution was advised regarding electric vehicles, renewables, and 5G markets due to current uncertainties [39] - The company is actively monitoring tariff situations and believes it is well-positioned to adapt to changes [38] Other Important Information - The company completed the acquisition of Pharmaceuticals International Inc., enhancing its capabilities in the pharmaceutical sector and opening a $20 billion addressable market [35] - Inventory days increased to 80 days sequentially but decreased by 7 days year-on-year, reflecting typical seasonality [13] Q&A Session Summary Question: Can you talk about your existing footprint in the US and the ability to support customers who want to move manufacturing? - Management highlighted the extensive U.S. footprint with 30 sites and the capability to quickly establish operations to support customer needs [45][46] Question: Can you elaborate on the opportunity with silicon photonics and how you see that market growing? - Management indicated strong growth in AI revenue and highlighted the acquisition from Intel that enhanced capabilities in silicon photonics [51][52] Question: What should we read into the slight reductions in networking and healthcare forecasts for fiscal 2025? - Management clarified that the reductions were primarily due to uncertainties in the 5G infrastructure market [56] Question: Can you expand on the comment about GPU racks and liquid cooling continuing to accelerate? - Management explained that improved yields at launch are driven by design architecture and engineering capabilities, with significant potential in liquid cooling solutions [101][102] Question: How confident are you about EV production for the second half of the year? - Management expressed prudence in forecasts but noted that there are positive developments in the Chinese EV market that could offset some concerns [105][106]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $6.7 billion, a 3% year-on-year increase when excluding $250 million from the divested mobility business [6][7] - Core operating income was $334 million with core operating margins at 5% [7] - GAAP diluted earnings per share was $1.06, while core diluted earnings per share was $1.94, an increase of $0.26 from Q2 of the previous year [7][19] - Adjusted free cash flow for the quarter was $261 million, bringing year-to-date adjusted free cash flow to $487 million, with expectations to exceed $1.2 billion for the full year [10][25] Performance by Business Segment - Regulated Industry segment reported revenue of approximately $2.7 billion, down 8% year-on-year due to weakness in renewable energy and EV markets, but core operating margin increased by 20 basis points to 4.8% [7][8] - Intelligent Infrastructure segment saw revenue of $2.6 billion, up 18% year-on-year, driven by strong demand in AI-related cloud and data center infrastructure [8][19] - Connected Living and Digital Commerce segment revenue was $1.3 billion, down 13% year-on-year, but grew approximately 4% when excluding the divested mobility business [8][9] Market Data and Key Metrics Changes - Inventory days increased by four days sequentially to 80 days, but decreased by seven days year-on-year [9] - The company anticipates revenue for Q3 2025 to be between $6.7 billion and $7.3 billion, with core operating income estimated between $348 million and $408 million [12] Company Strategy and Industry Competition - The company is well-positioned to navigate potential tariffs and geopolitical complexities, emphasizing its U.S. domicile manufacturing footprint [15][18] - Jabil expects to play a significant role in the Indian market, particularly in photonics capabilities [21][22] - The company is focusing on growth in AI-related business, projecting approximately $7.5 billion in revenue for FY 2025, representing a 40% year-on-year increase [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the diversified portfolio, with certain markets like capital equipment and data center infrastructure outperforming [19][27] - Caution was advised regarding the EV and renewable energy markets, with expectations for continued growth in Intelligent Infrastructure [24][25] - The company is actively monitoring supply chain dynamics and customer procurement strategies in light of potential tariffs [99][100] Other Important Information - The company completed the acquisition of U.S.-based Pharmaceuticals International Inc., enhancing its capabilities in the pharmaceutical sector [23][106] - Jabil repurchased 2.5 million shares during the quarter, with $364 million remaining on its share repurchase authorization [10] Q&A Session Summary Question: Can you talk about your existing footprint in the U.S.? - Management highlighted the extensive U.S. footprint with 30 sites and the capability to support customers wanting to move manufacturing [30][34] Question: Can you elaborate on the opportunity with silicon photonics? - The company is well-positioned in silicon photonics, with significant growth expected in this area due to recent acquisitions and capabilities [36][38] Question: What should we read into the slight reduction in networking and healthcare forecasts? - The reduction is primarily due to uncertainty in the 5G infrastructure side, not affecting AI-related revenue [40] Question: What is driving the positive change in Intelligent Infrastructure? - Growth in semi-cap and cloud data center infrastructure is driving confidence, with strong demand for automated testing and custom chips [46][48] Question: Can you expand on GPU racks and liquid cooling? - The company is improving yields at launch due to better design architecture and engineering capabilities, with liquid cooling opening new opportunities [81][82] Question: How confident are you about EV production in the second half of the year? - Management is being prudent with forecasts, but sees potential growth in the Chinese EV market offsetting some concerns [84] Question: How are customers responding to potential tariffs? - Customers are considering localized supply chains, but no major changes have been completed yet [100][101] Question: Are there any other capabilities you are looking to acquire? - The company is actively exploring further acquisitions to fill capability gaps, particularly in pharmaceuticals [106][107]