SAN JOSE, CA – Sanmina reported fiscal first quarter revenue ended Jan. 2 of $1.53 billion, down 8.4% year-over-year and 6.7% sequentially.

GAAP net income was $27.1 million, up 19.4% compared to the same period a year ago. GAAP operating income was $54.1 million, or 3.5% of revenue, compared to $53.5 million, or 3.2% of revenue, for the fiscal first quarter 2015.

"We delivered solid margin improvement, EPS expansion and cash generation on a sequential basis, despite softer than expected revenue," said Jure Sola, chairman and CEO of Sanmina. "As we look to the second quarter, demand is stable with growth driven by new programs. We remain optimistic that fiscal 2016 will be a growth year."

Ending cash and cash equivalents for the period were $398.4 million, while cash flow from operations was $62.7 million.

The firm expects fiscal second quarter revenue between $1.55 billion and $1.65 billion.