Sanmina-SCI Shares Down After Weak Results

NEW YORK (AP) — Shares of Sanmina-SCI Corp. fell Thursday after the company, which assembles electronics for other companies, posted second-quarter results and provided a forecast for the current quarter that disappointed investors.

The San Jose, Calif.-based company's stock was down 8.5 cents, or 15 percent, to 46.5 cents in late morning trading.

Late Wednesday, Sanmina-SCI posted a loss of $37.5 million, or 7 cents per share for the quarter that ended March 28, on sales of $1.2 billion. Excluding items, the loss was 6 cents per share.

Analysts, on average, were expecting the company to break even and post sales of $1.31 billion, according to a poll by Thomson Reuters.

Sanmina-SCI also said it expects to post a loss of 2 cents to 4 cents per share, excluding items, for its fiscal third quarter, on revenue between $1.18 billion and $1.25 billion. Both ranges were below analyst forecasts.

In a Thursday morning research note, Sherri Scribner at Deutsche Bank reduced her earnings estimates but kept a "Hold" rating on the stock. Though the news was negative, she noted some good news, including a positive book-to-bill ratio for the first time in nine months.