Q4 2024 Sanmina Corp Earnings Call Transcript
Key Points
- Sanmina Corp (SANM) delivered solid revenue of $2.02 billion for the fourth quarter, exceeding their outlook of $1.9 billion to $2.0 billion.
- The company achieved a non-GAAP EPS of $1.43 per share, surpassing the high end of their guidance range.
- Sanmina Corp (SANM) reported strong cash flow from operations at $52 million for the fourth quarter and $340 million for the fiscal year.
- The company maintained a strong balance sheet with $626 million in cash and no outstanding borrowings on their $800 million revolver.
- Sanmina Corp (SANM) is optimistic about fiscal year 2025, expecting high single-digit revenue growth driven by new and existing programs.
- Fiscal year 2024 was described as a transition year with a year-over-year revenue decline due to inventory adjustments with customers.
- Non-GAAP operating expenses were above outlook due to targeted investments, impacting operating margins.
- The IMS segment experienced a decline in non-GAAP gross margin due to unfavorable mix.
- Non-GAAP earnings per share declined 16% compared to the prior year, despite improvements over previous years.
- The company faces challenges in improving inventory turns, which, although improved, still have room for further enhancement.
Good afternoon, ladies and gentlemen and welcome to the Sanmina's fourth quarter and fiscal year 2024 earnings conference call at this time. (Operator Instructions)
I would now like to turn the conference over to Paige Melching, Senior Vice President of Investor Communications. Please go ahead.
Thank you, Ludy. Good afternoon. Ladies and gentlemen and welcome to Sanmina's fourth quarter in fiscal year 2024 earnings call, a copy of our press release and slides for today's discussion are available on our website at sanmina.com in the investor relations section.
Joining me on this on today's call is Jure Sola Chairman and Chief Executive Officer. Good afternoon. And Jon Faust, Executive Vice President and Chief Financial Officer. Good afternoon before I turn the call over to Yuri. Let me remind everyone that today's call is being webcasted and recorded and will be available on our website.
You can follow along with our prepared remarks and the slides
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