SAN JOSE -- Sanmina reported fiscal fourth quarter revenue of $2.02 billion, down 2% year-over-year and up 9.6% sequentially.

For the period ended Sept. 28, net income was flat at $61.3 million.

GAAP operating margin was 4.4% and non-GAAP operating margin was 5.3%.

For its fiscal 2024, revenue was $7.57 billion, down 15% from the prior year. Net income was down 28% to $222.5 million.

The GAAP operating margin was 4.4%, and non-GAAP operating margin was 5.4%.

Cash flow from operations was $52 million for the quarter, bringing the total for the year to $340 million.

"We finished the year with solid momentum," said Jure Sola, chairman and chief executive. "We saw growth in the majority of our end-markets, primarily with strength from the communications networks and cloud infrastructure.

"Our fiscal year 2024 results were in line with our expectations as we managed a challenging first half with improvements in the second half of the year. While our revenue was impacted for the year, we delivered another solid year of cash flow from operations. Furthermore, we demonstrated our commitment to return value to our shareholders by repurchasing 4 million shares for $227 million in fiscal 2024."

Sanmina guided for fiscal first quarter ending Dec. 28 revenue of $1.925 billion to $2.025 billion.

"Based on the forecasts from our customers and currently healthy demand levels, we expect fiscal 2025 to be a growth year," said Sola.