SAN JOSE – Sanmina Corp. reported fiscal second quarter net sales were $1.9 billion, an increase of 12.5% year-over-year.

For the period ended Apr. 2, net income was $53.2 million, up 13.1% compared to the same period last year. Operating income was $82.2 million, growth of 27%.

Cash flow from operations during the fiscal second quarter was $79 million, and free cash flow was $52 million. Ending cash and cash equivalents amounted to $559.9 million, down 13.9% year-over-year.

"We are pleased with our second quarter financial results,” said Jure Sola, chairman and CEO, Sanmina. “Strong demand across our end markets and solid execution from our teams were key contributors to revenue and non-GAAP earnings per share growth.

"The team continues to show great resilience in this dynamic market. We are focused on the fundamentals, and we are confident in our business model. Based on our outlook for the third quarter and our strong performance in the first half of the fiscal year, we remain committed to revenue and non-GAAP earnings per share growth and solid cash generation for fiscal 2022."

Net sales for the six months ended Apr. 2 were $3.67 billion, up 6.2% compared to the same period in 2021. Net income was $111.9 million, an increase of 17.7%. Operating income was $163.7 million, up 16.7%.

Sanmina's board 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 Apr. 2, approximately $111 million remained available under the current repurchase program.

For the fiscal third quarter, the company expects revenue between $1.825 billion and $1.925 billion.

• Prev
• Next