SANMINA CORP (SANM): auditor change — Sanmina says prior financials from FY2020 to Q1 FY2023 cannot be relied upon; restatement pending

SANMINA CORP

Audit Committee found division personnel made unsupported cost adjustments; revenue misstated by $10.2M (FY20), $18.3M (FY21), ($29.1M) (FY22), $5.6M (Q1 FY23).
EPS over/(under)stated by $0.09 (FY20), $0.29 (FY21), $0.25 (FY22), ($0.06) (Q1 FY23) in the affected periods.
Division accounts for ~3% of annual revenue; investigation identified weak finance function and culture lacking rigor in contract estimate review.
Preliminary Q2 FY23 results: revenue $2.32B, GAAP diluted EPS $1.33, non-GAAP diluted EPS $1.59.
Company intends to file restated financials on Form 10-K/A and 10-Q/A as soon as possible.

item 2.02 item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

SANMINA CORP reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: PricewaterhouseCoopers LLP

Exact text from the filing

the Audit Committee concluded that the consolidated financial statements for the Affected Periods included in the Company’s Annual Reports on Form 10-K for the fiscal years ended October 3, 2020, October 2, 2021 and October 1, 2022 and the unaudited condensed consolidated financial statements included in the Company’s Quarterly Reports on Form 10-Q for the quarterly fiscal periods included in such fiscal years and for the first fiscal quarter ended December 31, 2022 should no longer be relied upon

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SANMINA CORP reported for the fiscal second quarter ended April 1, 2023 results: revenue Revenue: $2.32 billion, EPS GAAP diluted EPS: $1.33; Non-GAAP diluted EPS: $1.59.

Period: for the fiscal second quarter ended April 1, 2023
Revenue: Revenue: $2.32 billion
EPS: GAAP diluted EPS: $1.33; Non-GAAP diluted EPS: $1.59
Result: preliminary results

Exact text from the filing

Sanmina Corporation (“Sanmina” or the “Company”) (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported preliminary financial results for the fiscal second quarter ended April 1, 2023 and outlook for its fiscal third quarter ending July 1, 2023. Second Quarter Fiscal 2023 Financial Highlights § Revenue: $2.32 billion § GAAP operating margin: 5.2% § GAAP diluted EPS: $1.33 § Non-GAAP (1) operating margin: 5.8% § Non-GAAP diluted EPS: $1.59

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SANMINA CORP filing history →

Source: SEC EDGAR

accession 0001104659-23-059130

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