SAN JOSE – Sanmina Corp. posted second quarter net sales were $1.7 billion, up 6.9% year-over-year.

Net income for the quarter ended Apr. 3 was $47 million, an increase of 863.5% compared to the same period last year. Operating income was $64.7 million, up 165.6%.

Cash flow from operations for the quarter was $81 million. Free cash flow was $67 million, and ending cash and cash equivalents were $575.2 million.

"We achieved solid financial results for the second fiscal quarter, despite the challenges associated with supply chain constraints and the typical seasonality,” said Jure Sola, chairman and CEO of Sanmina. “This performance was driven by broad end-market demand, favorable mix and operational execution. I commend our employees for their commitment to deliver on our customers' expectations.”

For the six months ended Apr. 3, net sales were $3.5 billion, up 0.7% year-over-year. Net income was $95 million, an increase of 120% compared to the same six-month period in 2020. Operating income was $140.3 million, up 72%.

"Our third quarter outlook reflects strong demand across our customer base, while taking into account our current understanding of the supply constraints facing the industry and the Covid-19 pandemic. Our focus on fundamentals, coupled with the quality of our customer relationships, gives us confidence in the long-term financial prospects of our company."

The company forecasts revenue between $1.68 billion and $1.78 billion for the quarter ending Jul. 3.

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