SANM · SANMINA CORP Q3 FY2026 earnings call record财报电话会记录

“Revenue came in at $3.46 billion, non-GAAP operating margin at 8%, non-GAAP diluted EPS at $3.31, and cash flow from operations of $124 million.”

“Additionally, our non-GAAP operating margin of 8.0% and our non-GAAP diluted earnings per share of $3.31 both exceeded our outlook, driven by strong execution, mix, and disciplined cost management, as well as contribution from new product launch services or what we commonly refer to as non-recurring engineering services.”

“These strong revenue and non-GAAP gross profit results, along with ongoing cost discipline and operating leverage, enabled us to achieve non-GAAP operating profit of $275.8 million, or 8.0% of revenue, up 230 basis points versus the same period a year ago.”

“Total IMS non-GAAP gross margin was 10.2%, up 270 basis points versus the same period a year ago.”

“CPS non-GAAP gross margin was 12.8%, down 190 basis points versus the same period a year ago, but up 120 basis points on a sequential basis.”

“We entered the quarter with inventory of $2.2 billion, net of customer advances, which is up 87.2% versus the same period a year ago, driven by the ZT Systems acquisition.”

“Last quarter, we communicated that we secured orders for the next generation accelerated compute business with both hyperscale and OEM customers, and I'm pleased to announce that we continued to secure more customer orders in the third quarter, expanding our overall customer base.”

“As a result of our broader focus on the cloud and AI infrastructure end market since the announcement of the ZT Systems acquisition, we've now won incremental programs in the core Sanmina business, including with new customers and additional platforms.”

“Non-GAAP operating margin of 7.5%-8.0%, driven by mix and continued contribution from the non-recurring engineering services that I referenced earlier.”

“With our results for the third quarter and our outlook for the fourth, we expect fiscal 2026 revenue to be in the range of $14.0 billion-$14.3 billion.”

“We expect ZT Systems revenue between $4.8 billion-$5.0 billion for the 11 months, which falls within the $5 billion-$6 billion annualized run rate range that we communicated when we first announced the acquisition of the ZT Systems business.”

“Based on what is in front of us, we are more confident than ever in our ability to achieve revenue of $16+ billion in 2027, and we believe we're setting a strong foundation for future growth beyond that in the current strong demand environment.”