0000897723false00008977232025-01-272025-01-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
the Securities Exchange Act of 1934

(January 27, 2025)
Date of Report (date of earliest event reported)

SANMINA CORPORATION
(Exact name of registrant as specified in its charter)
DE
0-21272
77-0228183
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
2700 North First Street
San Jose,
CA
95134
(Address of principal executive offices, including zip code)
(408)964-3500
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock
SANM
NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐






ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On January 27, 2025, Sanmina Corporation (the “Company”) issued the press release attached as Exhibit 99.1 announcing unaudited financial results for its fiscal quarter ended December 28, 2024.
The information set forth in this Item 2.02, including the exhibit hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. In addition, the information in this Item 2.02 shall not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

Exhibit No
Description
104
Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURE

Pursuant to the Requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

                                              SANMINA CORPORATION
  
 By:/s/ JONATHAN FAUST
  Jonathan Faust
  Executive Vice President and Chief Financial Officer
Date:January 27, 2025 

Exhibit 99.1

image_0a.jpg







FINANCIAL NEWS
Sanmina Reports First Quarter Fiscal 2025 Financial Results

San Jose, CA – January 27, 2025. Sanmina Corporation (“Sanmina” or the “Company”) (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the first quarter ended December 28, 2024 and outlook for its second fiscal quarter ending March 29, 2025.

First Quarter Fiscal 2025 Financial Highlights
•Revenue: $2.01 billion
•GAAP operating margin: 4.4%
•GAAP diluted EPS: $1.16
•Non-GAAP(1) operating margin: 5.6%
•Non-GAAP(1) diluted EPS: $1.44
Additional Highlights
•Cash flow from operations: $64 million
•Free cash flow(2): $47 million
•Share repurchases: 0.2 million shares for $16 million
•Ending cash and cash equivalents: $642 million
(1)See Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation of the non-GAAP financial information contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release.
(2)See Condensed Consolidated Cash Flow Statement included in the financial statements furnished with this release.

“We delivered solid first quarter financial results, with revenue towards the high end and non-GAAP earnings per share exceeding our outlook. We continue to execute well, as evident in our consistent operating margin and cash generation,” stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation. “Our operational discipline and ability to service our customers will further strengthen our operating model and drive shareholder value. We continue to see positive trends and are confident that fiscal 2025 will be a growth year.”

Expanded Share Repurchase Program
Sanmina's Board of Directors has authorized the repurchase of up to an additional $300 million of Sanmina's common stock. The stock repurchase program has no expiration date. As of December 28, 2024, approximately $37 million remained available under the current repurchase program. The expansion of this program is consistent with Sanmina's capital allocation priorities.

Second Quarter Fiscal 2025 Outlook
The following outlook is for the second fiscal quarter ending March 29, 2025. These statements are forward-looking and actual results may differ materially.
•Revenue between $1.9 billion to $2.0 billion
•GAAP diluted earnings per share between $1.03 to $1.13
•Non-GAAP diluted earnings per share between $1.30 to $1.40




Safe Harbor Statement
The statements above including our financial outlook for the second quarter fiscal 2025 and expectations for growth in fiscal 2025 generally, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations; geopolitical uncertainty, including from the war in Ukraine and conflict in the Middle East; and the other risk factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission.

The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.
Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the first quarter and outlook for the second quarter of fiscal 2025 on Monday, January 27, 2025 at 5:00 p.m. ET (2:00 p.m. PT). The access numbers are: domestic 800-836-8184 and international 646-357-8785. The conference will also be webcast live over the Internet. You can log on to the live webcast at Q1'25 Earnings. Additional information in the form of a slide presentation is available on Sanmina’s website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 888-660-6345 and international 646-517-4150, access code is 98068#.
About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.
Sanmina Contact
Paige Melching
SVP, Investor Communications
408-964-3610


Sanmina Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(GAAP)
(Unaudited)
December 28,
2024		September 28,
2024
ASSETS
Current assets:
Cash and cash equivalents$642,402$625,860
Accounts receivable, net1,354,1991,337,562
Contract assets386,633384,077
Inventories1,425,8691,443,629
Prepaid expenses and other current assets67,347 79,301 
Total current assets3,876,450 3,870,429 
Property, plant and equipment, net605,073616,067
Deferred income tax assets153,246160,703
Other assets177,253 175,646 
Total assets$4,812,022 $4,822,845 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$1,391,649$1,441,984
Accrued liabilities107,665132,513
Deferred revenue and customer advances239,642215,553
Accrued payroll and related benefits126,483133,129
Short-term debt, including current portion of long-term debt17,500 17,500 
Total current liabilities1,882,939 1,940,679 
Long-term liabilities:
Long-term debt295,608299,823
Other liabilities212,283 220,835 
Total long-term liabilities507,891 520,658 
Stockholders' equity2,421,192 2,361,508 
Total liabilities and stockholders' equity$4,812,022 $4,822,845 


Sanmina Corporation
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(GAAP)
(Unaudited)
Three Months Ended
December 28,
2024		December 30,
2023
Net sales$2,006,348 $1,874,798 
Cost of sales1,838,433 1,713,958 
Gross profit167,915 160,840 
Operating expenses:
Selling, general and administrative70,845 64,785 
Research and development7,024 6,289 
Restructuring1,436 2,190 
Total operating expenses79,305 73,264 
Operating income88,610 87,576 
Interest income3,396 3,657 
Interest expense(5,001)(8,412)
Other income (expense), net(729)(1,133)
Interest and other, net(2,334)(5,888)
Income before income taxes86,276 81,688 
Provision for income taxes15,392 21,324 
Net income before noncontrolling interest70,884 60,364 
     Less: Net income attributable to noncontrolling interest5,881 3,296 
Net income attributable to common shareholders$65,003$57,068
Net income attributable to common shareholders per share:
Basic$1.20 $1.01 
Diluted$1.16 $0.98 
Weighted-average shares used in computing per share amounts:
Basic54,206 56,538 
Diluted55,853 58,240 


Sanmina Corporation
Reconciliation of GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended
December 28,
2024		September 28,
2024		December 30,
2023
GAAP Operating income$88,610 $89,590 $87,576 
GAAP Operating margin4.4 %4.4 %4.7 %
Adjustments:
Stock compensation expense (1)15,292 15,489 12,585 
Distressed customer charges (2)6,872 — — 
Legal (3)450 (720)— 
Restructuring1,436 2,970 2,190 
Non-GAAP Operating income$112,660 $107,329 $102,351 
Non-GAAP Operating margin5.6 %5.3 %5.5 %
GAAP Net income attributable to common shareholders$65,003 $61,381 $57,068 
Adjustments:
Operating income adjustments (see above)24,050 17,739 14,775 
Adjustments for taxes (4)(8,880)1,175 3,961 
Non-GAAP Net income attributable to common shareholders$80,173 $80,295 $75,804 
GAAP Net income attributable to common shareholders per share:
Basic$1.20 $1.12 $1.01 
Diluted$1.16 $1.09 $0.98 
Non-GAAP Net income attributable to common shareholders per share:
Basic$1.48 $1.47 $1.34 
Diluted$1.44 $1.43 $1.30 
Weighted-average shares used in computing per share amounts:
Basic54,206 54,783 56,538 
Diluted55,853 56,235 58,240 
(1)Stock compensation expense
Cost of sales$5,024 $4,700 $4,050 
Selling, general and administrative9,962 10,461 8,340 
Research and development306 328 195 
Total$15,292 $15,489 $12,585 
(2)Relates to accounts receivable and inventory write-downs associated with distressed customers.
(3)Represents charges and recoveries associated with certain legal matters.
(4)Adjustments for taxes include the tax effects of the various adjustments we exclude from our non-GAAP measures, and adjustments related to deferred tax and discrete tax items.

Q2 FY25 Earnings Per Share Outlook*:Q2 FY25 EPS Range
LowHigh
GAAP diluted earnings per share$1.03 $1.13 
Stock compensation expense$0.27 $0.27 
Non-GAAP diluted earnings per share$1.30 $1.40 
* Due to uncertainty regarding the timing of recognition of restructuring charges, impairment charges and other unusual or infrequent items, if any, that could be incurred during the second quarter of FY25, an estimate of such items is not included in the outlook for Q2 FY25 GAAP EPS.


Sanmina Corporation
Condensed Consolidated Cash Flow
(in thousands)
(GAAP)
(Unaudited)

Three Month Periods
Q1'25Q4'24Q3'24Q2'24Q1'24
Net income before noncontrolling interest$70,884 $67,340 $54,738 $55,309 $60,364 
Depreciation31,845 31,654 29,764 30,274 30,726 
Other, net21,154 30,110 19,708 18,634 18,185 
Net change in net working capital(59,945)(77,229)(14,211)(31,900)16,750 
Cash provided by operating activities63,938 51,875 89,999 72,317 126,025 
Purchases of long-term investments(300)(3,300)(600)(700)(600)
Net purchases of property & equipment(16,921)(22,597)(22,772)(29,611)(34,216)
Cash used in investing activities(17,221)(25,897)(23,372)(30,311)(34,816)
Net share repurchases(24,456)(60,412)(54,629)(17,477)(115,619)
Net borrowing activities(4,375)— (4,375)(4,375)(12,820)
Cash used in financing activities(28,831)(60,412)(59,004)(21,852)(128,439)
Effect of exchange rate changes(1,344)2,585 (772)(886)1,250 
Net change in cash & cash equivalents$16,542 $(31,849)$6,851 $19,268 $(35,980)
Free cash flow:
Cash provided by operating activities$63,938 $51,875 $89,999 $72,317 $126,025 
Net purchases of property & equipment(16,921)(22,597)(22,772)(29,611)(34,216)
$47,017 $29,278 $67,227 $42,706 $91,809 


Schedule 1

The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income and earnings per share. Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other unusual or infrequent items, as adjusted for taxes, as more fully described below.

Management excludes these items principally because such charges or benefits are not directly related to the Company’s ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company’s operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of Company’s strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of our ongoing, core business. The material limitations to management’s approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company’s liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company’s performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases.

Additional information regarding the economic substance of each exclusion, management’s use of the resultant non-GAAP measures, the material limitations of management’s approach and management’s methods for compensating for such limitations is provided below.

Stock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of equity awards granted to employees and directors, is excluded in order to permit more meaningful period-to-period comparisons of the Company’s results since the Company grants different amounts and value of equity awards each quarter. In addition, given the fact that competitors grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company’s core results with those of its competitors.

Restructuring, Acquisition and Integration Expenses, which consist of employee severance, lease termination costs, exit costs, environmental investigation, remediation and related employee costs and other charges primarily related to closing and consolidating manufacturing facilities and those associated with the acquisition and integration of acquired businesses, are excluded because such charges (1) can be driven by the timing of acquisitions and exit activities which are difficult to predict, (2) are not directly related to ongoing business results and (3) generally do not reflect expected future operating expenses. In addition, given the fact that the Company’s competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges or benefits permits more accurate comparisons of the Company’s core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company’s competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company’s liquidity. Therefore, management also reviews GAAP results including these amounts.

Impairment Charges for Goodwill and Other Assets, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company’s liquidity. In addition, given the fact that the Company’s competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company’s core results with those of its competitors.

Amortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company’s liquidity. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company’s core results with those of its competitors because the Company’s competitors complete acquisitions at different times and for different amounts than the Company.

Other Unusual or Infrequent Items, such as charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, and gains and losses on sales of assets, are excluded because such items are typically non-recurring, difficult to predict or not directly


related to the Company’s ongoing or core operations and are therefore not considered by management in assessing the current operating performance of the Company and forecasting earnings trends. However, items excluded by the Company may be different from those excluded by the Company’s competitors. In addition, these items include both cash and non-cash expenses. Cash expenses reduce the Company’s liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.

Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company's core results with those of its competitors. We determine the tax adjustments based upon the various applicable effective tax rates. In those jurisdictions in which we do not expect to realize a tax cost or benefit (due to a history of operating losses or other factors), a reduced tax rate is applied.

v3.24.4
Document and Entity Information Document
Jan. 27, 2025
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 27, 2025
Entity Registrant Name SANMINA CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 0-21272
Entity Tax Identification Number 77-0228183
Entity Address, Address Line One 2700 North First Street
Entity Address, City or Town San Jose,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 95134
City Area Code (408)
Local Phone Number 964-3500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock
Trading Symbol SANM
Security Exchange Name NASDAQ
Entity Central Index Key 0000897723
Amendment Flag false
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