reported fiscal third-quarter earnings Tuesday that failed to match analysts' expectations. The company also disappointed with fourth-quarter guidance.
The double whammy quickly sent Sanmina shares 34 cents lower, or 6.5%, to $4.92 in recent after-hours trading. Shares closed up 6 cents, or 1.2%, at $5.26 in the regular session.
Under generally accepted accounting principles, the San Jose, Calif.-based electronics contract manufacturer reported a net loss of $202,000, or break-even on a per-share basis, in the third quarter, which ended July 2. That compared with net income of $11.3 million, or 2 cents a share, in the same period a year earlier.
Excluding charges, Sanmina earned non-GAAP net income of $24.4 million, or 5 cents a share, in the third quarter, down from non-GAAP income of $34.4 million, or 7 cents a share, a year earlier.
Sanmina's revenue fell nearly 8% to $2.83 billion from $3.07 billion a year earlier.
The results failed to meet Thomson First Call estimates, which pegged earnings at 6 cents a share and revenue at $2.9 billion. But the results did fall within Sanmina's guidance, which called for third-quarter earnings of 5 cents to 7 cents a share excluding items on sales of between $2.8 billion to $3 billion.
The company's fourth-quarter guidance also fell short of analyst expectations. Sanmina expects fourth-quarter revenue to range from $2.65 billion and $2.8 billion, and fourth-quarter non-GAAP earnings to range from 4 cents to 6 cents a share.
Analyst estimates last called for Sanmina to post $3.04 billion in sales and 8 cents a share in earnings in the fourth quarter.