second-quarter results came in above analysts' lowered expectations as profits and revenue fell sharply from the year-ago period.
The electronics contract manufacturer said its pro forma net income was $132,000, or 1 cent a share, down from $156.7 million, or 30 cents a share, in the year ago quarter. Pro forma revenue for the quarter, adjusted to reflect results for the merger of Sanmina and SCI Systems, dropped to $2.411 billion from $3.198 billion a year ago, but rose from the previous quarter's $2.406 billion.
According to Thomson Financial/First Call, analysts had been expecting the company to post break-even results on revenue of $2.683 billion.
In a press release, the company said it has worked aggressively to reduce costs and realign operations after the merger, and it expects to continue to increase profitability as it begins to see stability in its markets.
For the third quarter, Sanmina-SCI forecast EPS of 2 cents to 4 cents on revenue of $2.4 billion to $2.7 billion. First Call analysts are expecting EPS of 3 cents on revenue of $3.08 billion.
Shares of Sanmina were recently trading up 1% to $11.25 in Instinet premarket trading on the news.