Sanmina-SCI Corporation (SANM), a leading global Electronics Manufacturing Services company, reported financial results for their first fiscal quarter ended December 29, 2007.
Specifically, first quarter fiscal 2008 highlights include:
— Revenue of $2.53 Billion whereas guidance was between $2.5-2.65 Billion
— Non-GAAP Gross margin of 6.1%, exceeding guidance of 5.7%-5.9%
— Non-GAAP diluted Earnings Per Share of $0.04, guidance was between $0.02-$0.04
— GAAP Diluted Earnings Per Share of $0.01
Sanmina-SCI reported revenue of $2.53 billion for the first fiscal quarter ended December 29, 2007. Compared to the value of $2.51 billion reported during the fourth fiscal quarter ended September 29, 2007, this represents a significant increase.
Furthermore, Net income for the first quarter of fiscal 2008 totaled $21.0 million, $0.04 diluted earnings per share. Previously, Sanmina reported revenue of $134.1 million; thus, this new value represents an increase of 6.1% . Additionally, operating income for the quarter was $61.2 million.
Jure Sola, Chairman and CEO, stated, “I am pleased with the progress we made during the quarter. Our Technology Components Group made significant operational and financial improvements and our core business met our profitability expectations. Strength in the quarter was driven by the communications, defense and aerospace and enterprise computing and storage end-markets,” stated Jure Sola, Chairman and Chief Executive Officer.
Sola added, “Our second quarter has historically been seasonally down, but we are cautiously optimistic about our outlook based on what we currently have in the pipeline from new and existing customers. We expect to continue to strengthen our results, improve profitability and generate free cash flow throughout fiscal 2008.”
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