SAN JOSE – Sanmina reported fiscal first quarter net sales of $1.76 billion, an increase of 0.12% year-over-year.

Net income for the period ended Jan. 1 was $58.6 million, up 22.1% compared to the same period in the prior year. Operating income was $81.4 million, growth of 7.8% year-over-year.

Cash flow from operations during the fiscal first quarter was $68 million, and free cash flow was $51 million. Ending cash and cash equivalents were $628 million.

"This is an excellent start to our fiscal 2022,” said Jure Sola, chairman and CEO, Sanmina. “Revenue for the first quarter was up over the prior quarter, supported by growth in our industrial, medical, defense and automotive segment. I am pleased by our solid execution and ability to expand our non-GAAP operating margin and non-GAAP earnings per share on a sequential basis and generate free cash flow in the quarter.  

"While demand remains strong, we expect the supply chain challenges to continue. Based on our first quarter results and outlook for the second quarter, we are optimistic about our growth objectives for fiscal 2022."

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

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