SAN JOSE – Sanmina reported fiscal fourth quarter net sales of $1.87 billion, a decrease of 0.9% year-over-year.

For the period ended Oct. 3, net income was $51.6 million, up 161.2% compared to the same quarter last year. Operating income was $82 million, up 30%.

Cash flow from operations in the fourth quarter was $80 million, and free cash flow was $69 million.

"We delivered strong financial results for the fourth quarter,” said chairman and CEO Jure Sola. “Revenue was up 13.3% over the prior quarter, operating margin expanded, EPS exceeded outlook and we generated solid free cash flow. Our performance in the quarter is a testament that our strategy is working."

For fiscal 2020, net sales were nearly $7 billion, down 15.5% year-over-year. Net income was $139.7 million, a decrease of 1.3% compared to fiscal 2019. Operating income was $227.7 million, down 20.4%.

Cash flow from operations for fiscal 2020 was $301 million, and free cash flow was $236 million.

Ending cash and cash equivalents was $481 million.

"Fiscal 2020 was a challenging year. The team did a phenomenal job adapting, and I am proud of our people for all that we have accomplished.

"As we look to fiscal 2021, we remain focused on delivering mission-critical products, technologies and services to our customers, coupled with operational excellence and financial discipline. Our strong foundation and experienced management team positions us well for any economic environment."

For the fiscal first quarter, revenue is expected to be $1.7 billion to $1.8 billion.

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