Updated from April 20

Sanmina-SCI ( SANM) posted pro forma second-quarter profit and revenue that beat analysts' expectations after the closing bell Tuesday. The second-quarter results were helped by an improvement in the company's communications infrastructure, medical, defense, and industrials segments.

Shares of Sanmina were recently up $1.49, or 14.6%, to $11.68. Wednesday morning, Schwab Soundview upgraded its rating on the stock to outperform from neutral.

On a generally accepted accounting principles basis, which includes restructuring and other nonrecurring items, the company reported a loss of $43.8 million, or 9 cents per share, vs. a loss of $31.8 million, or 6 cents a share, a year ago.

Excluding restructuring charges and other items, San Jose, Calif.-based Sanmina earned $26.6 million, or 5 cents a share in the second quarter, vs. break-even a year ago. Revenue, meanwhile, climbed to $2.86 billion in the second quarter vs. $2.44 billion a year ago.

According to Thomson First Call, analysts were looking for the company to post pro forma earnings of 4 cents a share on revenue of $2.85 billion.

Looking forward, the company said it expects pro forma third-quarter earnings of 5 cents to 7 cents per share on revenue of $2.9 billion to $3.1 billion. Analysts, according to First Call, are looking for the company to earn 6 cents per share on $3 billion in revenue. The company did not provide third-quarter guidance on a GAAP basis.

Citing an improving business outlook and better visibility, the company also gave guidance for its fiscal fourth quarter.

The company said it expects to earn 8 to 10 cents per share in pro forma earnings, on revenue of $3.1 to $3.3 billion during its fiscal fourth quarter, which ends Sept. 30.

Management said it expects to achieve revenue growth of 15% during fiscal 2004, implying revenue of about $11.9 billion, which would be in line with analysts' expectations.