SAN JOSE, Calif., March 12, 2020 /PRNewswire/ -- Sanmina
Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), today
announced as the result of the impact of COVID-19, that it does not
expect to meet the second quarter fiscal 2020 financial outlook
provided on January 27, 2020.
"We continue to monitor this evolving situation, and the safety
and health of our employees, customers and partners remain a
priority," stated Hartmut Liebel,
Chief Executive Officer of Sanmina Corporation. "I would like
to thank our employees who have worked tirelessly in conjunction
with our customers to mitigate supply chain disruption and support
their demand requirements. While the full impact and duration
of the COVID-19 outbreak is unknown at this time, we believe the
company has a strong operating model and solid balance sheet which
will enable us to weather this disruption. We remain confident in
our long-term prospects and strategy, and we will continue to
manage Sanmina in a measured way to build value for the long
term."
About Sanmina
Sanmina Corporation, a Fortune 500
company, is a leading integrated manufacturing solutions provider
serving the fastest growing segments of the global Electronics
Manufacturing Services (EMS) market. Recognized as a technology
leader, Sanmina provides end-to-end manufacturing solutions,
delivering superior quality and support to Original Equipment
Manufacturers (OEMs) primarily in the communications networks,
cloud solutions, industrial, defense, medical and automotive.
Sanmina has facilities strategically located in key regions
throughout the world. More information about the Company is
available at www.sanmina.com.
Sanmina Safe Harbor Statement
Certain statements
contained in this press release, including the Company's outlook
for the second quarter and its expectations regarding the impact of
the COVID-19 outbreak on its operations constitute forward-looking
statements within the meaning of the safe harbor provisions of
Section 21E of the Securities Exchange Act of 1934. Actual results
could differ materially from those projected in these statements as
a result of a number of factors, including adverse changes to the
key markets we target; significant uncertainties that can cause our
future sales and net income to be variable; reliance on a small
number of customers for a substantial portion of our sales; risks
arising from our international operations; the amount of
restructuring charges relating to the Company-wide right-sizing
plan actually recorded in the second quarter; risks and
uncertainties relating to the impact of infectious diseases and
epidemics, including the COVID-19 outbreak, on our and our
customers' and suppliers' business operations worldwide; and the
other factors set forth in the Company's annual and quarterly
reports filed with the Securities Exchange Commission ("SEC").
The Company is under no obligation to (and expressly disclaims
any such obligation to) update or alter any of the forward-looking
statements made in this earnings release, the conference call or
the Investor Relations section of our website whether as a result
of new information, future events or otherwise, unless otherwise
required by law.
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SOURCE Sanmina Corporation