(SANM - Get Report)
sank in late trading Monday after the electronics-manufacturing services company lowered its third-quarter estimates.
The company expects earnings for the recently ended quarter to be 6 cents to 7 cents a share, before items. Its previous forecast called for earnings of 8 cents to 10 cents a share. Sanmina estimates that third-quarter revenue totaled $2.71 billion, at the bottom of its guidance of $2.7 billion to $2.8 billion. Analysts polled by Thomson First Call had an average estimate for earnings of 9 cents a share on $2.75 billion in revenue. The company attributed the shortfall to a less-favorable product mix, lower-than-expected profitability in its computing business, and slower-than-anticipated improvement in its enclosure business. Shares tumbled 65 cents, or 15%, to $3.62 in after-hours trading.
posted a wider second-quarter loss that missed analysts' estimates, sending its shares lower after hours. The company recorded a loss of $27.4 million, or 73 cents a share, compared with a loss of $5.6 million, or 15 cents a share, a year earlier. Revenue dropped to $9.2 million from $33.2 million a year earlier. Wall Street anticipated a loss of 72 cents a share and revenue of $22.9 million. Neurocrine attributed the drop in revenue to lower revenue recognized under collaborative agreements.
Neurocrine also reiterated that it will need to conduct more clinical trials for the insomnia drug Indiplon, and that it might need more tests for the immediate-release version. In May, the Food and Drug Administration delayed approving an immediate-release version of Indiplon and rejected a long-acting version of the drug. Neurocrine on Monday said it now expects a loss of more than $130 million for 2006, with a net cash burn of $100 million. Shares fell 33 cents, or 3.5%, to $9.09 in late trading.
Pharmaceutical Product Development
advanced after the contract-research company posted second-quarter results that beat Wall Street's expectations. The company posted a profit of $36.4 million, or 31 cents a share, up from $20.8 million, or 18 cents a share a year ago. Revenue climbed 26% to $309 million. Analysts on average projected earnings of 29 cents a share and revenue of $274.5 million in revenue. After hours, shares rose $2.31, or 6.4%, to $38.27.