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Sanmina Corporation (SANM+0.55%) has submitted its 10-K filing for the fiscal year ended September 28, 2024.
The filing details Sanmina's operations as a global provider of integrated manufacturing solutions, components, products, and services to OEMs in various industries, including industrial, medical, defense and aerospace, automotive, communications networks, and cloud infrastructure.
Sanmina's revenue for 2024 was $7.6 billion, a decrease from $8.9 billion in 2023. This decline was attributed to reduced demand in some end markets, particularly communications networks.
Gross profit for the year was $640 million, with a gross margin of 8.5%, compared to $743 million and a margin of 8.3% in 2023.
Operating expenses totaled $305 million, up from $288 million in 2023, primarily due to higher stock compensation expenses and variable compensation.
Net income attributable to common shareholders was $223 million, down from $310 million in the previous year.
Sanmina continues to focus on its two business segments: Integrated Manufacturing Solutions (IMS) and Components, Products, and Services (CPS). IMS accounted for approximately 80% of total revenue in 2024.
The company reported $340 million in cash provided by operating activities, with a significant portion used to reduce accounts payable and increase accounts receivable.
Sanmina's liquidity remains strong, with $626 million in cash and cash equivalents as of September 28, 2024, and access to $786 million under its revolving credit facility.
The filing also highlights Sanmina's joint venture in India with Reliance Strategic Business Ventures Limited, where Sanmina retains a 49.9% stake in Sanmina SCI India Private Limited.
Sanmina identified material weaknesses in its internal controls over financial reporting, specifically in the control environment at one of its divisions and the accounting for certain raw materials inventory.
The company is actively working on remediation plans to address these weaknesses, including enhancing controls and training relevant personnel.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sanmina Corporation annual 10-K report dated November 27, 2024. To report an error, please email earnings@qz.com.