missed first-quarter analyst expectations by a penny and posted a 96% drop in pro forma profits.
The contract manufacturer earned $7.3 million, or 3 cents a share, compared with $117.3 million, or 34 cents a share, in the year-ago quarter. Wall Street analysts had been expecting 4 cents a share, according to Thomson Financial/First Call.
Revenue for the quarter was $2.4 billion, down from $4.1 billion a year ago.
The company also warned of lower third-quarter results, forecasting revenue of $2.7 billion to $2.9 billion and pro forma earnings per share of 3 cents to 4 cents. Analysts had been expecting revenue of $3 billion and earnings of 17 cents a share, according to Thomson Financial/First Call.
Shares of Sanmina were recently trading down 8.4% to $15.75 in Instinet trading after closing at $17.19 Thursday.