Sanmina Beats Estimates by a Penny, but Guides Down
Sanmina (SANM) beat analysts' earnings estimates for the fiscal second quarter by a penny, but the company guided investors down for the upcoming period.
The provide of electronic manufacturing services posted income of $114.9 million, or 34 cents a share, excluding charges, which was in line with Wall Street's 21-analyst consensus projection. Sanmina earned $59 million, or 18 cents a share, in the year-ago period.
Revenue grew to $1.19 billion from $948.4 million in the same period last year. Nine analysts polled by Thomson Financial/First Call were expecting revenue of $1.28 billion.Sanmina said it is targeting revenue of $900 million to $1 billion for the third quarter, with earnings of 18 cents to 22 cents. Analysts are expecting revenue of $1.3 billion, with earnings of 32 cents in the quarter. Shares of Sanmina, which is based in San Jose, Calif., gained $4.65, or 20.5%, to $27.33 in regular-session Nasdaq trading, but fell 34 cents, or 1.2% in recent after-hours Instinet activity.
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