SAN JOSE – Sanmina reported fiscal third quarter revenue of $2 billion, up 11.8% year-over-year and down 4.7% sequentially.

For the quarter ended June 29, net income was $42.9 million, up 26.4% compared to the same period last year and 5% sequentially.

Operating income was $67.3 million, an increase of 43.2% year-over-year and a decrease of 13.8% compared to the fiscal second quarter of 2019.

"Revenue exceeded our outlook at $2.03 billion, as we experienced solid demand from a broad set of customers,” said CEO Michael Clarke. “Non-GAAP diluted EPS was at the high end of our outlook at $0.82, and we generated free cash flow of $139 million for the quarter.”

Ending cash and cash equivalents was $414.3 million, while cash flow from operations was $165.5 million.

"As we look to the fourth quarter, the materials environment is stabilizing, and we believe we are at a more normalized revenue run rate. We are committed to controlling costs, driving efficiencies and leveraging our operating model to improve profitability. The team remains focused on excellence in quality, delivery and consistently meeting the needs of our customers.”

Sanmina expects fiscal fourth quarter revenue between $1.9 billion and $2 billion.

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