Sanmina Q1 revenue beat, weak guide
- Sanmina said on January 26 that fiscal first-quarter 2026 revenue rose to $3.19 billion and non-GAAP earnings reached $2.38 a share, topping analyst estimates for both sales and profit. - The electronics manufacturer guided fiscal second-quarter revenue to $3.1 billion to $3.4 billion, with a midpoint of $3.25 billion, below the $3.52 billion analysts had modeled. - Sanmina tied the quarter’s strength to Communications Networks and Cloud & AI Infrastructure demand and said ZT Systems integration was on track, but the softer sales outlook tempered the setup. (ir.sanmina.com)
Sanmina reported a strong fiscal first quarter on January 26, then gave a weaker sales outlook for the current quarter. (ir.sanmina.com) (prnewswire.com) The company said revenue for the quarter ended December 27, 2025 was $3.19 billion, up 59% from a year earlier. Non-GAAP diluted earnings were $2.38 a share, while GAAP diluted earnings were $0.89 a share. (ir.sanmina.com) (finance.yahoo.com) Analyst estimates had been about $3.09 billion for revenue and $2.15 a share for adjusted earnings, according to StockStory and Zacks. Zacks said the revenue beat was about $90 million. (stockstory.org) (finance.yahoo.com) The tension in the report was the next quarter. Sanmina projected fiscal second-quarter revenue of $3.1 billion to $3.4 billion and non-GAAP earnings of $2.25 to $2.55 a share. (ir.sanmina.com) (prnewswire.com) At the midpoint, that revenue guide is $3.25 billion, which StockStory said was 7.6% below the analyst consensus of $3.52 billion. The same source said the midpoint of earnings guidance, $2.40 a share, was slightly above the $2.34 consensus. (stockstory.org) Sanmina said the quarter was lifted by Communications Networks and Cloud & AI Infrastructure, where revenue climbed to $1.964 billion from $737 million a year earlier. Its other end markets — industrial and energy, medical, defense and aerospace, and automotive and transportation — fell to $1.226 billion from $1.269 billion. (finance.yahoo.com) Chief executive Jure Sola said Communications Networks and Cloud & AI Infrastructure remained strong because of demand for AI-driven hardware. He also said the integration of ZT Systems was proceeding in line with expectations. (ir.sanmina.com) (prnewswire.com) Cash flow also improved. Sanmina reported $179 million in operating cash flow, $92 million in free cash flow, $1.42 billion in cash at quarter end, and $79 million of share repurchases during the quarter. (ir.sanmina.com) (finance.yahoo.com) The report landed against a shakier stock backdrop later in the quarter. On March 30, JPMorgan initiated coverage with a Neutral rating, and StockStory said Sanmina shares fell 5.4% that day as the bank pointed to exposure to cyclical industrial markets. (stockstory.org) So the quarter showed two Sanminas at once: an AI-linked manufacturing business posting 59% sales growth, and a company still guiding investors to a slower current quarter than Wall Street had penciled in. (ir.sanmina.com) (stockstory.org)
