Sanmina Corp Files 10-Q for Period Ending December 30, 2023

TL;DR

<b>Sanmina Corporation filed its Q1 2024 10-Q report, detailing financial performance for the quarter ending December 30, 2023.</b>

AI Summary

SANMINA CORP (SANM) filed a Quarterly Report (10-Q) with the SEC on January 31, 2024. Sanmina Corporation filed a 10-Q report for the period ending December 30, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 28th. Sanmina Corp is incorporated in Delaware. The company's principal business address is in San Jose, California.

Why It Matters

For investors and stakeholders tracking SANMINA CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Sanmina Corp, crucial for understanding its current operational health and performance trends. The detailed financial information within the report allows for comparison against previous periods and industry benchmarks, aiding in investment decisions.

Risk Assessment

Risk Level: medium — SANMINA CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate significant positive or negative events, thus presenting a medium level of risk for immediate actionable insights.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify any emerging trends or significant changes in Sanmina Corp's performance.

Key Numbers

• 2023-12-30 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-01-31 — Filing Date (FILED AS OF DATE)
• 2023-10-01 — Quarter Start Date (Fiscal Period)
• 2022-12-31 — Prior Year Quarter End (Comparative Period)

Key Players & Entities

• SANMINA CORP (company) — FILER
• 20231230 (date) — CONFORMED PERIOD OF REPORT
• 20240131 (date) — FILED AS OF DATE
• 2700 N FIRST ST (address) — BUSINESS ADDRESS
• SAN JOSE (city) — BUSINESS ADDRESS
• CA (state) — BUSINESS ADDRESS
• 95134 (zip_code) — BUSINESS ADDRESS
• SANMINA-SCI CORP (company) — FORMER COMPANY

Forward-Looking Statements

• SANMINA will continue to manage its capital structure through share repurchases, potentially further reducing treasury stock. (SANMINA CORP) — medium confidence, target: 2024-09-28

FAQ

Industry Context

Sanmina Corporation operates in the electronics manufacturing services (EMS) industry, providing complex manufacturing solutions for original equipment manufacturers (OEMs).

Regulatory Implications

As a publicly traded company, Sanmina Corp is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, net income, and EPS trends.
2. Examine the balance sheet for changes in assets, liabilities, and equity.
3. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.

Key Dates

• 2023-12-30: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-01-31: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the quarterly update for the period ending December 30, 2023, compared to the prior year's comparable period ending December 31, 2022.

Filing Documents

• sanm-20231230.htm (10-Q) — 757KB
• sanmina_ex1044x20231230.htm (EX-10.44) — 79KB
• sanmina_ex311x20231230.htm (EX-31.1) — 10KB
• sanmina_ex312x20231230.htm (EX-31.2) — 9KB
• sanmina_ex321x20231230.htm (EX-32.1) — 6KB
• sanmina_ex322x20231230.htm (EX-32.2) — 7KB
• 0000897723-24-000009.txt (&nbsp;) — 5132KB
• sanm-20231230.xsd (EX-101.SCH) — 39KB
• sanm-20231230_cal.xml (EX-101.CAL) — 49KB
• sanm-20231230_def.xml (EX-101.DEF) — 202KB
• sanm-20231230_lab.xml (EX-101.LAB) — 611KB
• sanm-20231230_pre.xml (EX-101.PRE) — 357KB
• sanm-20231230_htm.xml (XML) — 486KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Interim Financial Statements (Unaudited)

Item 1. Interim Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 28

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43

Other Information

Item 5. Other Information 43

Exhibits

Item 6. Exhibits 44

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Interim Financial Statements (Unaudited)

ITEM 1. Interim Financial Statements (Unaudited) SANMINA CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS As of December 30, 2023 September 30, 2023 (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 631,590 $ 667,570 Accounts receivable, net of allowances of approximately $ 8 million as of December 30, 2023 and September 30, 2023 1,101,902 1,230,771 Contract assets 444,544 445,757 Inventories 1,391,720 1,477,223 Prepaid expenses and other current assets 60,500 58,249 Total current assets 3,630,256 3,879,570 Property, plant and equipment, net 634,912 632,836 Deferred income tax assets 173,461 177,597 Other 178,347 183,965 Total assets $ 4,616,976 $ 4,873,968 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,422,229 $ 1,612,833 Accrued liabilities 250,470 267,148 Accrued payroll and related benefits 131,919 127,406 Short-term debt, including current portion of long-term debt 17,500 25,945 Total current liabilities 1,822,118 2,033,332 Long-term liabilities: Long-term debt 308,105 312,327 Other 214,138 209,684 Total long-term liabilities 522,243 522,011 Commitments and Contingencies (Note 7) Stockholders' equity 2,272,615 2,318,625 Total liabilities and stockholders' equity $ 4,616,976 $ 4,873,968 See accompanying notes to condensed consolidated financial statements. 3 SANMINA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended December 30, 2023 December 31, 2022 (Unaudited) (In thousands, except per share data) Net sales $ 1,874,798 $ 2,355,808 Cost of sales 1,713,958 2,160,422 Gross profit 160,840 195,386 Operating expenses: Selling, general and administrative 64,785 60,730 Research and development 6,289 5,599 Restructuring 2,190 631 Total operating expenses 73,264 66,960 Operating income 87,576 128,426 Interest income 3,657 2,933 Interest expense ( 8,412 ) ( 8,681 ) Other expense ( 1,133 ) ( 6,712 ) Interest and other, net

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View this 10-Q filing on SEC EDGAR