SAN JOSE, Calif., April 29, 2024 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ:SANM), a leading integrated manufacturing solutions company, today reported financial results for the fiscal second quarter ended March 30, 2024 and outlook for its fiscal third quarter ending June 29, 2024. Second Quarter Fiscal 2024 Financial Highlights Revenue: $1.83 billion GAAP operating margin: 4.1% GAAP diluted EPS: $0.93 Non-GAAP(1) operating margin: 5.4% Non-GAAP(1) diluted EPS: $1.30 Cash flow from operations: $72 million Ending cash and cash equivalents: $651 million (1)See Schedule 1 below for more information regarding our use of non-GAAP financial measures. A reconciliation of the non-GAAP financial information contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release. "Our focused execution and operating discipline yielded financial results in line with our outlook," stated Jure Sola, Chairman and Chief Executive Officer. "During the quarter, we started to see positive movement in some end-markets that have been notably depressed for the last few quarters. While there is still macroeconomic uncertainty, the team continues to demonstrate resilience. We remain optimistic that we will see sequential improvement as we progress through 2024." Third Quarter Fiscal 2024 Outlook The following outlook is for the fiscal third quarter ending June 29, 2024. These statements are forward-looking and actual results may differ materially.  Revenue between $1.8 billion to $1.9 billion GAAP diluted earnings per share between $0.95 to $1.05 Non-GAAP diluted earnings per share between $1.22 to $1.32 Safe Harbor Statement The statements above including our financial outlook for the third quarter fiscal 2024 and our expectations for sequential improvement in 2024 generally, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations; geopolitical uncertainty, including from the war in Ukraine and conflict in the Middle East; and the other risk factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law. Company Conference Call Information Sanmina will hold a conference call to review its financial results for the second quarter and outlook for the third quarter of fiscal 2024 on Monday, April 29, 2024 at 5:00 p.m. ET (2:00 p.m. PT). The access numbers are: domestic 800-836-8184 and international 646-357-8785. The conference will also be webcast live over the Internet. You can log on to the live webcast at Q2'24 Earnings. Additional information in the form of a slide presentation is available on Sanmina's website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 888-660-6345 and international 646-517-4150, access code is 35579#. About Sanmina Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com. Sanmina ContactPaige MelchingSVP, Investor Communications408-964-3610 Sanmina Corporation Condensed Consolidated Balance Sheets (in thousands) (GAAP) (Unaudited) March 30,2024 September 30,2023 ASSETS Current assets: Cash and cash equivalents $          650,858 $          667,570 Accounts receivable, net 1,138,413 1,230,771 Contract assets 449,419 445,757 Inventories 1,383,739 1,477,223 Prepaid expenses and other current assets 75,050 58,249 Total current assets 3,697,479 3,879,570 Property, plant and equipment, net 641,008 632,836 Deferred tax assets 169,533 177,597 Other 178,243 183,965 Total assets $       4,686,263 $       4,873,968 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $       1,443,002 $       1,612,833 Accrued liabilities 260,086 267,148 Accrued payroll and related benefits 127,168 127,406 Short-term debt, including current portion of long-term debt 17,500 25,945 Total current liabilities 1,847,756 2,033,332 Long-term liabilities: Long-term debt 303,884 312,327 Other 207,531 209,684 Total long-term liabilities 511,415 522,011 Stockholders' equity 2,327,092 2,318,625 Total liabilities and stockholders' equity $       4,686,263 $       4,873,968   Sanmina Corporation Condensed Consolidated Statements of Income (in thousands, except per share amounts) (GAAP) (Unaudited) Three Months Ended Six Months Ended March 30,2024 April 1,2023 March 30,2024 April 1,2023 Net sales $     1,834,595 $     2,320,103 $     3,709,393 $     4,675,911 Cost of sales 1,679,838 2,128,914 3,393,796 4,289,336 Gross profit 154,757 191,189 315,597 386,575 Operating expenses: Selling, general and administrative 69,199 63,390 133,984 124,120 Research and development 6,323 6,394 12,612 11,993 Restructuring 3,274 804 5,464 1,435 Total operating expenses 78,796 70,588 152,060 137,548 Operating income 75,961 120,601 163,537 249,027 Interest income 3,412 2,539 7,069 5,472 Interest expense (8,218) (9,286) (16,630) (17,967) Other income (expense), net 3,276 (2,768) 2,143 (9,480) Interest and other, net (1,530) (9,515) (7,418) (21,975) Income before income taxes 74,431 111,086