Sanmina reports Q4 adjusted EPS $1.42 vs. $1.37 last year

Reports Q4 revenue $2.05B vs. $2.22B last year. “We delivered strong fiscal 2023 financial results. Revenue was up 13 percent, non-GAAP operating margin expanded 80 basis points to 5.8 percent and non-GAAP earnings per share was up 34 percent year-over-year,” stated Jure Sola, Chairman and CEO of Sanmina Corporation. “Revenue for the fourth quarter was down 7 percent sequentially due to ongoing customer inventory adjustments primarily in the communications end-market. Despite lower revenue, we delivered consistent non-GAAP operating margin sequentially and a 40 basis point improvement compared to the same quarter a year ago. The team continues to demonstrate resilience in a dynamic market environment. Over the last year, we’ve made significant investments to support new programs, further diversify within our end-markets and expand our capabilities, positioning our business to capture future opportunities. Our first quarter outlook is down sequentially, driven by some customers continuing to adjust inventory levels and ongoing macroeconomic uncertainty. We expect headwinds for the next couple of quarters with an improvement in the back half of the year. We remain confident in our strategy and long-term financial performance,” concluded Sola.