Sanmina: Sitting In The Sweet Spot Of Contract Manufacturing
Helix Investment Research
Helix Investment Research
Tue, Jul. 26, 3:07 PM
Tue, Jul. 26, 12:48 PM
Tue, Jul. 26, 11:16 AM
- Sanmina (SANM -18%) reported an inline quarter, but the midpoint of Q4 EPS guidance of $0.64-$0.68 is weaker than the consensus $0.67. Revenue of $1.68B-$1.73B is also shy of consensus hopes for $1.72B.
- With the stock higher by 70% since mid-January, investors have an excuse to take profits.
- Q3 revenue of $1.67B vs $1.61B Q/Q and $1.65B Y/Y.
- Craig Hallum downgrades from Buy to Hold following the report.
- Earnings call transcript.
- Presentation slides.
Mon, Jul. 25, 5:37 PM
Mon, Jul. 25, 4:06 PM
Sun, Jul. 24, 5:35 PM
Mon, Apr. 25, 4:50 PM
- Sanmina (NASDAQ:SANM) is up 6.3% in postmarket trade following a fiscal Q2 earnings report where it beat on top and bottom lines and guided to the high side for Q3 profits.
- The company's EPS was highest in more than 10 years and cash generation was solid, CEO Jure Sola said.
- Non-GAAP operating margin was 4.1% and cash flow from operations was $142.6M. Inventory turns were 6.5x; cash cycle was at 44.6 days.
- For fiscal Q3, the company expects revenues of $1.625B-$1.675B (in line) and non-GAAP EPS of $0.61-$0.65, vs. consensus expectations for $0.61.
- Conference call to come at 5 p.m. ET.
Mon, Apr. 25, 4:08 PM
- Sanmina (NASDAQ:SANM): FQ2 EPS of $0.63 beats by $0.06.
- Revenue of $1.61B (+5.2% Y/Y) beats by $10M.
- Shares +6%.
Sun, Apr. 24, 5:35 PM
Mon, Jan. 25, 5:10 PM
- Though Sanmina (NASDAQ:SANM) missed FQ1 sales estimates and posted in-line EPS, the company is guiding for FQ2 revenue of $1.55B-$1.65B and EPS of $0.55-$0.59 vs. a consensus of $1.56B and $0.52.
- CEO Jure Sola: "We delivered solid margin improvement, EPS expansion and cash generation on a sequential basis [in FQ1], despite softer than expected revenue. As we look to the second quarter, demand is stable with growth driven by new programs. We remain optimistic that fiscal 2016 will be a growth year." The FY16 (ends Sep. '16) revenue growth consensus is at 1.8%.
- FQ1 details: Helping EPS meet estimates: Gross margin rose 50 bps Y/Y to 8.1% in spite of an 8% revenue drop, and SG&A spend fell by $1.7M to $57.7M. Also: $28.7M was spent to buy back 1.4M shares. R&D spend rose by $1.5M to $9.6M. Sanmina ended FQ1 with $398.4M in cash, and $513.6M in debt.
- Shares have risen to $18.30 after hours.
- Sanmina's FQ1 results, earnings release
Mon, Jan. 25, 4:21 PM
- Sanmina (NASDAQ:SANM): FQ1 EPS of $0.58 in-line.
- Revenue of $1.53B (-8.4% Y/Y) misses by $60M.
- Shares +1.84%.
Sun, Jan. 24, 5:35 PM
Nov. 3, 2015, 10:13 AM
- Sanmina (NASDAQ:SANM) has surged towards $25 after beating FQ4 estimates and guiding for FQ1 EPS of $0.56-$0.60, above a $0.54 consensus. . Revenue guidance of $1.55-$1.6B is in-line with a $1.58B consensus.
- The contract manufacturer is optimistic FY16 (ends Sep. '16) "will be another growth year." The pre-earnings consensus was for FY16 sales to total $6.39B (nearly flat Y/Y).
- Buybacks lifted FQ4 EPS: $51.8M was spent to repurchase 2.5M shares. A new $200M buyback was launched in September. A 3% Y/Y revenue drop led op. margin (non-GAAP) to fall to 3.8% from 4.2% a year ago. Sanmina ended FQ4 with $412M in cash, and $537M in debt.
- FQ4 results, PR
Nov. 2, 2015, 4:07 PM
- Sanmina (NASDAQ:SANM): FQ4 EPS of $0.57 beats by $0.02.
- Revenue of $1.64B (-3.0% Y/Y) beats by $40M.
Nov. 1, 2015, 5:35 PM
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Oct. 22, 2015, 1:53 PM
- Believing its valuation is high and end-market demand is weakening, Goldman has downgraded Sanmina (NASDAQ:SANM) to Sell, and set a $20 target.
- The contract manufacturer currently goes for 9x an FY16 (ends Sep. '16) EPS consensus of $2.32. Shares rallied in July thanks to an FQ3 beat and strong guidance.