SAN JOSE – Sanmina-SCI Corp. reported fiscal second-quarter revenue of $1.2 billion, down about 14.3% sequentially.

The GAAP net loss was $37.5 million, compared to a net loss of $25.3 million in the December quarter.

Non-GAAP gross profit in the quarter was $70.6 million, or 5.9% of revenue, compared to gross profit of $95.9 million, or 6.7% of revenue in the first quarter.

Non-GAAP operating income was $11.4 million, or 1% of revenue in the quarter compared to $31.2 million, or 2.2% of revenue in the prior quarter.

"Demand was weak in January and February, but we did see signs of stabilization in March. As we await further economic recovery, we are cautiously optimistic the third quarter will continue to stabilize," stated Jure Sola, chairman and CEO.

During the quarter, the electronics manufacturing services company generated $55 million in cash and retired $34 million of debt.

All revenue segments declined sequentially and from last year. Enterprise computing was off 22%, industrial was down 27% and multimedia fell 20% sequentially, while communications was down 13% and medical was off 1%. More than 10% of the EMS firm's bookings were from new customers and the company's book-to-bill ratio moved into positive territory for the first time in nine months.

The firm expects third-quarter revenue between $1.18 billion and $1.25 billion.

 

 

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