Sanmina三季度盈利超预期但四季度收入指引偏弱，FY2027收入目标维持160亿美元以上

Earnings Call Insights: Sanmina (SANM) Q3 fiscal 2026
Management View
- "We delivered another great quarter. Revenue came in at $3.46 billion, non-GAAP operating margin at 8% and non-GAAP diluted EPS at $3.31 and cash flow from operations of $124 million." (Co-Founder, Executive Chairman & CEO Jure Sola)
- "Our revenue of $3.46 billion came in at the high end of our outlook range" and "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." (Executive VP & CFO Jonathan Faust)
- "Customer validation process is going well" for next-generation accelerated compute, and "we continue to secure more customer orders in the third quarter, expanding our overall customer base." (Executive VP & CFO Faust)
Outlook
- "We expect revenue between $3.3 billion and $3.6 billion" and "non-GAAP diluted earnings per share in the range of $3.05 to $3.35." (Executive VP & CFO Faust) Q4 revenue guidance $3.3B-$3.6B vs. analysts’ $3.52387136B; Q4 EPS guidance $3.05-$3.35 vs. analysts’ $2.90.
- "We expect core Sanmina revenue to be in the range of $2.5 billion to $2.6 billion, and ZT Systems revenue to be between $0.8 billion to $1.0 billion." (Executive VP & CFO Faust)
- "This ZT Systems range is lower than the implied guidance we provided last quarter" and "is driven completely by a few legacy programs"; additionally, "we haven't included" the next-generation accelerated compute program "in our Q4 outlook due to revenue recognition timing" and "expect it to begin contributing to revenue in Q1 fiscal 2027 and to ramp over time." (Executive VP & CFO Faust)
- "We expect fiscal 2026 revenue to be in the range of $14.0 billion to $14.3 billion" and "non-GAAP diluted earnings per share in the range of $11.90 to $12.20." (Executive VP & CFO Faust)
Financial Results
- Q3 revenue $3.46B vs. analysts’ $3.40136005B; Q3 non-GAAP diluted EPS $3.31 vs. analysts’ $2.79. (Management results cited in prepared remarks; estimates from analystsEstimates)
- "Our core Sanmina business revenue of $2.4 billion grew 17.0%" year-over-year and "our ZT Systems business revenue of $1.1 billion was at the midpoint of our outlook with a solid performance across all product categories." (Executive VP & CFO Faust)
- "Our non-GAAP gross profit was $370 million or 10.7% of revenue" and "non-GAAP operating profit" was "$275.8 million or 8.0% of revenue." (Executive VP & CFO Faust)
- "Cash and cash equivalents were $1.84 billion" and "we had no outstanding borrowings on our $1.5 billion revolver." (Executive VP & CFO Faust)
- "Capital expenditures were $100.9 million" and "free cash flow was $23.7 million"; "we did not repurchase any shares within the quarter" and had "approximately $600 million" remaining on the repurchase authorization. (Executive VP & CFO Faust)
Q&A
- Ruplu Bhattacharya, BofA: "How should we think about operating margins going forward... and... what was the margin impact of the nonrecurring engineering services?" Executive VP & CFO Faust: "A lot of that is due to mix" and engineering services were tied to "almost all of the preproduction work for the new accelerated compute program" and "it will ramp down a little bit over time"; longer term, "we still expect margin to be in that 6% to 7% range."
- Ruplu Bhattacharya, BofA: asked whether ZT could grow "50% year-on-year" in FY 2027. Executive VP & CFO Faust: "It's still too early to formally guide fiscal year '27" and the Q4 ZT guide was "really just a timing shift" in storage/general-purpose compute; "we're really focused on the future" accelerated compute ramp.
- Manmohanpreet Singh, JPMorgan: asked about wins beyond AMD, including "Cerebras." Executive VP & CFO Faust: "that is the additional platform business that we were referring to... with Cerebras" and said the company is seeing "success... with new program wins" across cloud and AI infrastructure.
- Steven Fox, Fox Advisors: asked about AMD’s "measured approach" and Sanmina share/ramp cadence. Co-Founder, Executive Chairman & CEO Sola: "for us, it's all about timing" and reiterated confidence in delivering "$16 billion plus" in FY 2027; Executive VP & CFO Faust added share is "pretty tough to gauge" because AMD "continues to add more customers" and the program should "ramp over time throughout '27."
- Anja Soderstrom, Sidoti: asked why the India JV payout was higher and then coming down. Executive VP & CFO Faust: "we're very pleased with the performance of the joint venture" and said the company is focused on "filling" expanded capacity and expects it "to continue" as "an area of focus."
Sentiment Analysis
- Analysts: slightly negative to neutral, with detailed scrutiny on Q3 margin upside vs. Q4 step-down and the lowered implied ZT outlook; Bhattacharya pressed on "mix" and asked how to model "working capital and free cash flow."
- Management: slightly positive and confident in prepared remarks and mostly steady in Q&A, emphasizing timing and execution; Faust said, "we're confident in our ability to generate future cash flows" and added, "it's still too early to formally guide fiscal year '27" when pressed on specific growth rates.
- Versus last quarter, management’s confidence language intensified; Faust said, "we are more confident than ever in our ability to achieve revenue of $16 billion plus in 2027," compared with Q2’s "increasingly confident" framing.
Quarter-over-Quarter Comparison
- Q3 highlighted outperformance driven by mix and nonrecurring engineering services tied to preproduction work, while Q2 emphasized ZT accelerated compute shipments pulled into the quarter; Q2 described "some accelerated compute shipments previously expected in the second half to shift into the second quarter," while Q3 said Q4 ZT is lower due to "a few legacy programs" and next-gen accelerated compute not included due to "revenue recognition timing." (Executive VP & CFO Faust)
- Q2 included share repurchases ("repurchased approximately 1.1 million shares for approximately $160 million"), while Q3 reported "we did not repurchase any shares within the quarter." (Executive VP & CFO Faust)
- Analyst focus shifted from Q2 questions about what drove ZT pull-ins and supply constraints to Q3 questions centered on sustainable margin structure, ZT mix, and working-capital build for rack/accelerated compute ramps.
Risks and Concerns
- "Working capital to grow in advance of the growth" is expected to "impact cash flow from operations" and Faust told analysts, "we do expect working capital to build" as an "investment in the business." (Executive VP & CFO Faust)
- "Ongoing market uncertainties and the geopolitical environment" were explicitly cited as factors embedded in Q4 outlook assumptions. (Executive VP & CFO Faust)
- Q4 ZT revenue variability risk was framed as timing: "legacy programs... can vary from quarter-to-quarter based on customer timing needs." (Executive VP & CFO Faust)
Final Takeaway
Management said Q3 delivered $3.46B revenue, 8.0% non-GAAP operating margin, and $3.31 non-GAAP EPS, while positioning the ZT Systems next-generation accelerated compute ramp as progressing through validation and order wins but not yet included in Q4 due to revenue recognition timing; for Q4, management guided $3.3B-$3.6B revenue and $3.05-$3.35 non-GAAP EPS, and reiterated increased confidence in reaching $16B+ revenue in FY 2027 alongside expectations for working-capital build and continued strategic capacity investments.
Read the full Earnings Call Transcript