SAN JOSE – Sanmina reported fiscal first quarter revenue of $1.8 billion, down 15.9% year-over-year and 2.8% sequentially.

For the fiscal quarter ended Dec. 28, GAAP net income was $38.3 million, up 1% compared to the fiscal first quarter of 2019 and 94.1% sequentially. GAAP operating income was $57.2 million, down 26.3% year-over-year and 9.4% sequentially.

"We are pleased with our results for the first quarter,” said CEO Hartmut Liebel. “Revenue and non-GAAP earnings per share exceeded the high-end of our outlook. Our focus on operational execution and financial discipline is evident in our results. We remain focused on driving profitable revenue growth, lean, high-performance manufacturing processes and cash generation."

Ending cash and cash equivalents were $431 million, with cash flow from operations $21 million.

For the fiscal second quarter, Sanmina expects revenue between $1.7 billion and $1.8 billion.

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