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Sanmina Corporation (SANM-2.52%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing details Sanmina's financial performance, reporting net sales of $2,006,348,000 for the quarter, an increase from $1,874,798,000 in the same quarter of the previous year. The increase is attributed to new program wins in telecommunications and automotive markets.
Gross profit for the quarter was $167,915,000, compared to $160,840,000 in the previous year. The gross margin decreased slightly to 8.4% from 8.6% due to an unfavorable mix in the CPS business.
Operating income was reported at $88,610,000, up from $87,576,000 in the previous year. Selling, general, and administrative expenses increased to $70,845,000 from $64,785,000, primarily due to higher professional fees and stock compensation expenses.
Net income attributable to common shareholders was $65,003,000, up from $57,068,000 in the previous year. The diluted earnings per share increased to $1.16 from $0.98.
Cash provided by operating activities was $63,938,000, while cash used in investing and financing activities was $17,221,000 and $28,831,000, respectively.
Sanmina reported a working capital of $2,000,000,000 as of December 28, 2024. The company continues to focus on improving operational efficiencies and diversifying into mission-critical markets.
The filing also discusses various legal proceedings, including a settlement agreement related to environmental matters and ongoing litigation under the False Claims Act.
Sanmina identified material weaknesses in its internal control over financial reporting, specifically in the control environment at one of its divisions and accounting for certain inventory transactions. Remediation plans are underway.
Sanmina's liquidity is supported by cash and cash equivalents of $642,402,000, a revolving credit facility, and accounts receivable sales programs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sanmina Corporation quarterly 10-Q report dated January 28, 2025. To report an error, please email earnings@qz.com.