SAN JOSE – Sanmina today reported first-quarter revenue for the period ended Dec. 28 of $1.45 billion, down 2.7% compared to the fiscal first quarter of 2013, and down nearly 4% sequentially. Net income for the quarter was $23.1 million, compared to $621,000 for the same period a year ago.

GAAP operating income was $39.5 million, or 2.7% of revenue, down 25.4% year-over-year.

Revenue at Sanmina's Integrated Manufacturing Solutions segment, which includes printed circuit board assembly and test, final system assembly and test, and direct order fulfillment, was down $56 million, or 4.7% sequentially. Gross margin rose 40 basis points to 7%, driven by a product mix and execution.

“Our first quarter results were in line with our expectations. Our outlook for the second quarter reflects our view of a soft first half of fiscal 2014," said Jure Sola, chairman and CEO of Sanmina.

The contract electronics manufacturer expects second-quarter revenue between $1.425 billion and $1.475 billion.

Sanmina is the world's 11th largest EMS company and among the top 50 PCB fabricators.

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