Sanmina Corp (NAS:SANM)
$ 69.245 0.43 (0.62%) Market Cap: 3.78 Bil Enterprise Value: 3.44 Bil PE Ratio: 17.94 PB Ratio: 1.73 GF Score: 84/100
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Q3 2024 Sanmina Corp Earnings Call Transcript

Jul 29, 2024 / 09:00PM GMT
Release Date Price: $74.96 (+0.85%)

Key Points

Positve
  • Sanmina Corp (SANM) reported third-quarter revenue of $1.84 billion, in line with their outlook.
  • The communications networks and cloud infrastructure end market grew 8.3% sequentially.
  • Non-GAAP earnings per share came in at $1.25, meeting expectations.
  • Sanmina Corp (SANM) has a strong balance sheet with $658 million in cash and no outstanding borrowings on their $800 million revolver.
  • The company has a book-to-bill ratio of 1.1 to 1 over the last two quarters, indicating strong bookings driven by new programs.
Negative
  • Non-GAAP gross margin was 8.5%, slightly below the midpoint of their outlook and down 40 basis points sequentially.
  • Non-GAAP operating margin was at the low end of their outlook at 5.3%, down 10 basis points sequentially.
  • The industrial and automotive end markets experienced declines, partially offsetting growth in other areas.
  • Two programs in the CPS segment faced short-term delays, impacting revenue and margins.
  • Inventory levels remain high, with a slower-than-expected reduction, affecting cash flow and operational efficiency.
Operator

Good afternoon, ladies and gentlemen, and welcome to the Sanmina Corporation third quarter fiscal 2024 earnings conference call. (Operator Instructions) This call is being recorded on Monday, July 29, 2024.

And I would now like to turn the conference over to Paige Melching. Please go ahead.

Paige Melching
Sanmina Corp - Senior Vice President - Investor Communications

Thank you, Ina. Good afternoon, ladies and gentlemen, and welcome to Sanmina's third quarter fiscal 2024 earnings call. A copy of our press release and slides for today's discussion are available on our website at sanmina.com in the Investor Relations section.

Joining me on today's call is Jure Sola, Chairman and Chief Executive Officer.

Jure Sola
Sanmina Corp - Chairman of the Board, Chief Executive Officer

Good afternoon.

And Jon Faust, Executive Vice President, Chief Financial Officer.

Jon Faust
Sanmina Corp - Chief Financial Officer, Executive Vice President

Good afternoon

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