SAN JOSE – Sanmina Corp. reported fiscal first quarter net sales of $1.76 billion, down 4.6% year-over-year.

For the quarter ended Jan. 2, net income was $48 million, an increase of 25.2% compared to the same fiscal quarter of 2020. Operating income was $75.6 million, up 32.1%.

Cash flow from operations for the fiscal first quarter was $62 million. Free cash flow was $51 million. Ending cash and cash equivalents were $516 million.

"Fiscal 2021 is off to a good start,” said Jure Sola, chairman and CEO of Sanmina. “Our continued focus on driving operational efficiencies and ability to provide increased value to our customers are evident in our solid financial results for the quarter.

"Our outlook for the second quarter reflects relatively stable demand across our customer base and takes into account typical seasonality. We remain focused on new and innovative solutions for our customers and growth opportunities that support our long-term financial objectives. As we look ahead, we are committed to executing our growth strategy and delivering greater value to our shareholders."

For the fiscal second quarter ending Apr. 3, the company expects revenue between $1.65 billion and $1.75 billion.

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