SAN JOSE – Sanmina posted fiscal fourth quarter net sales of $1.6 billion, a decrease of 12.3% year-over-year.

Net income for the quarter ended Oct. 2 was $56.6 million, up 9.6% compared to the same period in 2020. Operating income was $66.8 million, down 18.6%.

For fiscal 2021, net sales were $6.8 billion, down 2.9% compared to fiscal 2020. Net income was $269 million, an increase of 92.5%. Operating income was up 23.5% to $281.3 million.

"We delivered solid financial results for fiscal 2021. Non-GAAP gross and operating margin expanded 70 basis points; non-GAAP EPS grew 30%, and we generated solid cash from operations, despite supply chain constraints. Our employees have done an outstanding job, and I appreciate all of their hard work and support," said Jure Sola, chairman and CEO, Sanmina. "Demand remains strong across all of our market segments. As we look to fiscal 2022, we remain focused on market diversification, operational excellence and leading-edge technology, which offer a distinct advantage to our customers. We are confident our operational discipline and our ability to service our customers will further strengthen our operating model and drive shareholder value. We are optimistic about fiscal 2022."

Cash and cash equivalents as of Oct. 2 were $650 million, up from $480.5 million as of Oct. 3, 2020.

Sanmina's board of directors has authorized the repurchase of up to an additional $200 million of Sanmina's common stock. The stock repurchase program has no expiration date. As of Oct. 2, approximately $81 million remained available under a previously authorized program.

For the fiscal first quarter ending Jan. 1, Sanmina forecasts revenue between $1.6 billion and $1.7 billion.