Sanmina Corp Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Sanmina Corp filed its Q2 2024 10-Q report on May 1, 2024.</b>

AI Summary

SANMINA CORP (SANM) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Sanmina Corp filed a 10-Q report for the period ending March 30, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on September 28. Sanmina Corp was formerly known as Sanmina-SCI Corp. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking SANMINA CORP, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Sanmina Corp. Understanding the details within this 10-Q is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — SANMINA CORP shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Sanmina Corp's performance and outlook.

Key Numbers

• 2024-03-30 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-01 — Filing Date (FILED AS OF DATE)
• 09-28 — Fiscal Year End (FISCAL YEAR END)
• 2002-02-11 — Name Change Date (DATE OF NAME CHANGE)

Key Players & Entities

• SANMINA CORP (company) — FILER
• SANMINA-SCI CORP (company) — FORMER COMPANY
• SANMINA CORP/DE (company) — FORMER COMPANY
• SANMINA HOLDINGS INC (company) — FORMER COMPANY
• DE (location) — STATE OF INCORPORATION
• SAN JOSE (location) — BUSINESS ADDRESS CITY
• CA (location) — BUSINESS ADDRESS STATE
• 2024-03-30 (date) — CONFORMED PERIOD OF REPORT

FAQ

Industry Context

Sanmina Corp operates in the electronics manufacturing services (EMS) industry, providing complex manufacturing solutions.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Review management's discussion and analysis (MD&A) for insights into business performance and outlook.
3. Identify any new risk factors or changes in existing risks disclosed in the filing.

Key Dates

• 2024-03-30: End of Reporting Period — Marks the end of the fiscal quarter for which financial information is reported.
• 2024-05-01: Filing Date — The date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 10-K annual report.

Filing Documents

• sanm-20240330.htm (10-Q) — 1035KB
• sanmina_ex1029x20240330.htm (EX-10.29) — 136KB
• sanmina_ex311x20240330.htm (EX-31.1) — 10KB
• sanmina_ex312x20240330.htm (EX-31.2) — 9KB
• sanmina_ex321x20240330.htm (EX-32.1) — 6KB
• sanmina_ex322x20240330.htm (EX-32.2) — 6KB
• 0000897723-24-000031.txt (&nbsp;) — 6139KB
• sanm-20240330.xsd (EX-101.SCH) — 42KB
• sanm-20240330_cal.xml (EX-101.CAL) — 49KB
• sanm-20240330_def.xml (EX-101.DEF) — 227KB
• sanm-20240330_lab.xml (EX-101.LAB) — 591KB
• sanm-20240330_pre.xml (EX-101.PRE) — 382KB
• sanm-20240330_htm.xml (XML) — 781KB

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 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 46

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Interim Financial Statements (Unaudited)

ITEM 1. Interim Financial Statements (Unaudited) SANMINA CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS As of March 30, 2024 September 30, 2023 (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 650,858 $ 667,570 Accounts receivable, net of allowances of approximately $ 10 million and $ 8 million as of March 30, 2024 and September 30, 2023, respectively 1,138,413 1,230,771 Contract assets 449,419 445,757 Inventories 1,383,739 1,477,223 Prepaid expenses and other current assets 75,050 58,249 Total current assets 3,697,479 3,879,570 Property, plant and equipment, net 641,008 632,836 Deferred income tax assets 169,533 177,597 Other 178,243 183,965 Total assets $ 4,686,263 $ 4,873,968 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,443,002 $ 1,612,833 Accrued liabilities 260,086 267,148 Accrued payroll and related benefits 127,168 127,406 Short-term debt, including current portion of long-term debt 17,500 25,945 Total current liabilities 1,847,756 2,033,332 Long-term liabilities: Long-term debt 303,884 312,327 Other 207,531 209,684 Total long-term liabilities 511,415 522,011 Commitments and Contingencies (Note 7) Stockholders' equity 2,327,092 2,318,625 Total liabilities and stockholders' equity $ 4,686,263 $ 4,873,968 See accompanying notes to condensed consolidated financial statements. 3 SANMINA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Six Months Ended March 30, 2024 April 1, 2023 March 30, 2024 April 1, 2023 (Unaudited) (In thousands, except per share data) Net sales $ 1,834,595 $ 2,320,103 $ 3,709,393 $ 4,675,911 Cost of sales 1,679,838 2,128,914 3,393,796 4,289,336 Gross profit 154,757 191,189 315,597 386,575 Operating expenses: Selling, general and administrative 69,199 63,390 133,984 124,120 Research and development 6,323 6,394 12,612 11,993 Restructuring 3,274 804 5,464 1,435 Total operating expenses 78,796 70,

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View this 10-Q filing on SEC EDGAR