San Jose — Sanmina today reported second fiscal quarter revenue of $1.68 billion, flat with a year ago and down 3% sequentially.

For the period ended Mar. 31, GAAP operating income was $48.8 million, compared to $58.2 million a year ago. GAAP net income was $24.6 million, compared to $31.7 million last year.

The GAAP operating margin was 2.9%, and non-GAPP margin was 3.1%.

“Results for the second quarter were better than expected,” said Bob Eulau, chief executive. “Our outlook for the third quarter reflects new programs moving to volume production and better demand. As new programs come online and yields continue to improve, we remain optimistic about the second half of the year.”

Cash flow from operations was $25.7 million, inventory turns were 5.7 turns, and cash cycle days were 51.1 days.

The EMS firm guided for revenue of $1.70 billion to $1.75 billion for the fiscal quarter ending Jun. 30.

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