Financial Performance - Net sales for the company were $366 million, a 2% decrease compared to Q1 fiscal 2025[11, 13] - Gross margin rate in the first quarter was 7.9%, a 160 bps increase compared to the same period of fiscal 2025[27, 29] - Adjusted operating income was $17.5 million, or 4.8% of net sales, compared to $12.6 million, or 3.4% of net sales last year[37] - Borrowings at September 30, 2025, were $138 million, down $108 million, or 44%, from a year ago[51, 53] Segment Performance - Medical sales were $102 million, up 13% compared to the same period last year, representing 28% of total company revenue[14] - Automotive sales were $164 million, down 10% compared to the first quarter of last year, representing 45% of total company sales[16, 18] - Industrial sales totaled $100 million, a 1% decrease compared to Q1 last year, representing 27% of total company sales[19, 22] Fiscal Year 2026 Guidance - The company is reiterating its guidance for fiscal 2026, with net sales of $1.35 - $1.45 billion[55] - Adjusted operating income is expected to be 4.0% - 4.25% of net sales[55] - Capital expenditures are projected to be $50 - $60 million[55]

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Core Viewpoint - The company has successfully completed the acquisition of 100% equity in AllCircuits S.A.S. and 0.003% equity in TIS factory, enhancing its capabilities in the electronic manufacturing services sector [1] Group 1: Acquisition Details - The transaction involved the acquisition of AllCircuits S.A.S. and was executed with counterparties Hiwinglux S.A. and IEE International Electronics & Engineering S.A. [1] - The acquisition does not involve any performance guarantees, indicating a straightforward transaction without contingent liabilities [1] Group 2: Business Synergy - AllCircuits S.A.S. primarily operates in the electronic manufacturing services industry, which aligns well with the existing business operations of the company, suggesting potential for operational synergies [1]

Core Insights - TTM Technologies, Inc. (TTMI) is highlighted as a significant player in the printed circuit board industry, despite its relatively small market capitalization of $7 billion [1]. Company Overview - TTM Technologies is identified as the largest printed circuit board manufacturer, which positions it favorably within the industry [1]. Investment Insights - The article suggests that TTM Technologies may present a potential investment opportunity, particularly for those looking for growth and value balance [1].

Core Insights - Sanmina Corporation (SANM) reported strong fourth-quarter fiscal 2025 results, with both revenue and net income exceeding the Zacks Consensus Estimate [1][4] Financial Performance - Net income on a GAAP basis for the quarter was $48.1 million or $0.88 per share, down from $61.4 million or $1.09 per share in the prior-year quarter, impacted by higher operating expenses and income taxes [2] - Non-GAAP net income for the quarter was $91.5 million or $1.67 per share, compared to $80.3 million or $1.43 in the prior-year quarter, surpassing the Zacks Consensus Estimate of $1.57 [2] - For the full fiscal year 2025, GAAP net income was $245.9 million or $4.46 per share, up from $222.5 million or $3.91 per share in 2024 [3] Revenue Growth - Net sales for the fourth quarter increased to $2.09 billion from $2.01 billion year-over-year, driven by growth across multiple end markets, beating the consensus estimate by $46 million [4] - For fiscal year 2025, revenues rose to $8.13 billion from $7.56 billion in 2024 [4] - The Integrated Manufacturing Solutions segment generated $1.68 billion in revenues, up 3.3% year-over-year, contributing 80.2% to total revenues, with strong sales growth in communications networks, cloud, and AI infrastructure [4] Segment Performance - Components, Products and Services revenues increased to $448 million, up 7.3% year-over-year, supported by growth in several end markets [5] - Industrial & Energy, Medical, Defense & Aerospace, and Automotive markets generated $1.247 billion in revenues, slightly down from $1.253 billion [5] - Communications Networks and Cloud Infrastructure generated $849 million, up from $765 million a year ago [5] Operational Efficiency - Non-GAAP gross profit was $196.4 million compared to $175.5 million in the year-ago quarter, driven by a favorable mix and improved operational efficiency [6] - Non-GAAP operating income totaled $126.4 million, up from $107.3 million in the prior-year period, with a non-GAAP operating margin of 6%, slightly up from 5.6% [6] Cash Flow and Liquidity - In the fourth quarter, Sanmina generated $199.1 million of net cash from operating activities, compared to $51.9 million in the previous year's quarter [10] - For the full year 2025, the company generated $620.7 million in cash, up from $340.2 million in 2024 [10] - As of September 27, 2025, Sanmina had $926.3 million in cash and cash equivalents and $282.3 million in long-term debt [10] Future Outlook - For the first quarter of fiscal 2026, revenues are projected to be in the range of $2.05 billion to $2.15 billion, with non-GAAP earnings per share expected between $1.95 and $2.25 [11]

Financial Data and Key Metrics Changes - Revenue for fiscal year 2025 was $8.13 billion, representing a year-over-year growth of 7.4% [15] - Non-GAAP operating margin was 5.7%, an increase of 30 basis points year-over-year [15] - Non-GAAP diluted earnings per share (EPS) was $6.04, reflecting a growth of 14.4% year-over-year [23] - Cash flow from operations for the fiscal year was $621 million [15][25] Business Line Data and Key Metrics Changes - Integrated Manufacturing Services (IMS) revenue was $1.68 billion, up 3.3% year-over-year, with a non-GAAP gross margin of 7.8% [21] - Communications and Cloud Services (CPS) revenue was $448 million, up 7.3% year-over-year, with a non-GAAP gross margin of 14.5% [21] - Both IMS and CPS businesses showed growth but have not yet reached their full potential [21] Market Data and Key Metrics Changes - Communication networks and cloud and AI end markets showed strong demand, contributing to 41% of quarterly revenue and 38% for the year, with a growth of 17% year-over-year [35] - Industrial, energy, medical, defense, aerospace, and automotive segments accounted for 59% of quarterly revenue and 62% for the year, with a growth of 2.2% year-over-year [35] Company Strategy and Development Direction - The acquisition of ZT Systems is seen as transformative, increasing scale and capabilities in the cloud and AI end market [27] - The company aims to double revenue to around $16 billion within the next two years, focusing on margin expansion and profitable growth [41][42] - Strategic investments will continue in capacity and technologies across operations in the US, India, and Mexico [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, particularly in the cloud and AI sectors, and highlighted a strong pipeline for 2026 and beyond [36][37] - The company expects legacy Sanmina revenue to grow in the high single digits for fiscal 2026, with acceleration anticipated in the second half of the year [46] - Management emphasized the importance of executing on growth opportunities and maintaining a diversified customer base [48] Other Important Information - Cash and cash equivalents were $926 million, with no outstanding borrowings on the $800 million revolver, providing substantial liquidity of approximately $1.8 billion [24] - The company repurchased 1.44 million shares for $113.7 million during the fiscal year [26] Q&A Session Summary Question: Confirmation of ZT Systems annual run rate and margins - Management confirmed ZT Systems has a $5 billion-$6 billion annual run rate and expects margins to align with Sanmina's guidance of 5.6%-6.1% [44][45] Question: Growth expectations for legacy business - Legacy business is expected to grow in the high single digits, with acceleration anticipated in the second half of fiscal 2026 due to various market opportunities [46][47] Question: Cash conversion cycle and free cash flow outlook - The cash conversion cycle is back in the 50s, and the legacy business is expected to continue generating cash flow from operations, while ZT's cash flow trajectory is still being assessed [51][52] Question: Opportunities in AI and ZT Systems - Management highlighted significant AI opportunities in the pipeline for ZT Systems, emphasizing the importance of execution and strong leadership [59][60] Question: Automotive market outlook - The automotive segment showed some softness but management remains optimistic due to new programs and strong customer relationships [61]

Core Viewpoint - Fabrinet's first-quarter earnings report exceeded analyst expectations, leading to a significant increase in stock price [1][2]. Financial Performance - Fabrinet reported quarterly earnings of $2.92 per share, surpassing the analyst estimate of $2.82 [2]. - Quarterly revenue reached $978.12 million, exceeding the Street estimate of $933.71 million [2]. Management Commentary - CEO Seamus Grady highlighted that the record revenue was driven by strong telecom performance, early contributions from new High-Performance Computing revenue, and a smaller-than-expected decline in datacom revenue [3]. Future Outlook - For the second quarter, Fabrinet anticipates adjusted EPS between $3.15 and $3.30, compared to the analyst estimate of $2.97 [4]. - Revenue guidance for the second quarter is projected to be between $1.05 billion and $1.1 billion, exceeding the estimate of $981.08 million [4]. Stock Performance - Following the earnings report, Fabrinet's stock rose by 9.69%, reaching $485.90 in extended trading [4].

Core Insights - Sanmina Corporation reported strong financial results for Q4 and fiscal year 2025, driven by growth in Communications Networks and Cloud and AI Infrastructure markets [3][4] - The company anticipates continued strength in its legacy business and sees significant growth opportunities following the acquisition of ZT Systems [4] Financial Highlights - **Fourth Quarter Fiscal 2025**: - Revenue: $2.1 billion - GAAP operating margin: 3.7% - GAAP diluted EPS: $0.88 - Non-GAAP operating margin: 6.0% - Non-GAAP diluted EPS: $1.67 - Cash flow from operations: $199 million - Free cash flow: $137 million - Ending cash and cash equivalents: $926 million [2] - **Fiscal Year 2025**: - Revenue: $8.1 billion, an increase of 7.4% year-over-year - GAAP operating margin: 4.4% - GAAP diluted EPS: $4.46 - Non-GAAP operating margin: 5.7% - Non-GAAP diluted EPS: $6.04 - Cash flow from operations: $621 million - Free cash flow: $478 million - Share repurchases: Approximately 1.44 million shares for $114 million [2][4] Strategic Outlook - The acquisition of ZT Systems is expected to enhance Sanmina's scale and capabilities, particularly in the Cloud and AI sectors, providing a competitive advantage [4] - The company is optimistic about its growth trajectory for fiscal year 2026, supported by demand from both new and existing customers [4]

Core Insights - Celestica Inc. is a significant player in the electronics manufacturing services industry, providing design, manufacturing, and supply chain solutions, competing with firms like Flex Ltd. and Jabil Inc. [1] - The company has received approval from the Toronto Stock Exchange to initiate a Normal Course Issuer Bid, allowing it to repurchase up to 5.7 million common shares, approximately 5% of its public float [2][5] - The current stock price of Celestica is $340.13, reflecting a slight increase of 0.70% or $2.36, with a market capitalization of about $39.13 billion [3][4][5] Stock Performance - The stock has experienced fluctuations between $329.24 and $348.92 today, with a yearly high of $355.50 and a low of $58.05, indicating market volatility [3] - The average daily trading volume over the past six months was around 886,938 shares, with today's trading volume reaching 2.77 million shares [4] Shareholder Activity - Director KOELLNER LAURETTE T purchased 600 common shares at $340.55 each, increasing her total holdings to 1,300 shares [1][5]

Core Viewpoint - Celestica Inc. has announced the initiation of a Normal Course Issuer Bid to repurchase up to 5,722,527 common shares, representing approximately 5.0% of its public float, as part of its strategy to utilize funds effectively and enhance shareholder value [1][2][5]. Summary by Sections Normal Course Issuer Bid Details - The Bid will commence on November 3, 2025, and will conclude on the earlier of November 2, 2026, or upon completion of the share purchases [2]. - The maximum daily repurchase limit is set at 221,734 common shares based on the average daily trading volume of 886,938 shares over the past six months [3]. Financial Implications - The repurchases will be funded through existing cash resources and potential draws on the company's credit facility [4]. - As of October 20, 2025, Celestica had 115,036,621 issued and outstanding common shares, with a public float of 114,450,556 shares [5]. Previous Issuer Bid Performance - The company previously executed a normal course issuer bid that is set to expire on October 31, 2025, under which it repurchased and canceled 1,522,831 shares at a weighted average price of US$92.26 per share [6]. Company Overview - Celestica is recognized as a technology leader specializing in data center infrastructure and advanced technology solutions, focusing on AI, cloud, and hybrid cloud markets [7].