Sanmina reported Q3 2024 revenue of $1.841 billion, in line with guidance and flat on a sequential basis (+0.4%) but down 16.6% year-over-year. Non-GAAP gross margin was 8.5% at the mid-8% range, with non-GAAP operating margin at 5.3% and non-GAAP EPS of $1.25. The IMS segment grew 1.1% sequentially on strength in communications networks and cloud infrastructure, while CPS declined 2.5% due to two delayed programs that have since been resolved and are expected to ship in Q4. Management characterized the quarter as a transitionary period with improving demand signals and inventory absorption beginning to stabilize, supporting an outlook that anticipates a return to growth in Q4 and a positive trajectory into FY2025. The company benefits from a fortress balance sheet, robust cash flow, and disciplined capital allocation, including ongoing share repurchases and a very liquid liquidity position. Management framed FY2025 as a growth year with a target long-term operating margin of 6%+ and ongoing investment in higher-growth end markets (cloud infrastructure, defense/aerospace, medical, automotive, industrial energy, and AI/enterprise packaging).