NEW YORK (TheStreet) -- Shares of Sanmina(SANM) - Get Report were falling 15.2% to $19.90 Tuesday after the after the electronics manufacturing services company missed analysts' estimates for earnings and revenue in the fiscal second quarter, and then issued a light guidance.
Sanmina reported earnings of 50 cents a share for the fiscal second quarter, below analysts' estimates of 53 cents a share for the quarter. Revenue grew 2.7% year over year to $1.52 billion for the quarter, compared to analysts' estimates of $1.6 billion.
Looking to the fiscal third quarter, Sanmina expects to report earnings in the range of 48 cents to 52 cents a share and revenue of $1.5 billion to $1.55 billion. Analysts expect the company to report earnings of 56 cents a share and revenue of $1.64 billion for the fiscal third quarter.
About 1.8 million shares of Sanmina were traded by 10:38 a.m. Tuesday, above the company's average trading volume of about 553,000 shares a day.
TheStreet Ratings team rates SANMINA CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SANMINA CORP (SANM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, notable return on equity, reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
You can view the full analysis from the report here: SANM Ratings Report