Tuesday, January 26, 2010 5:26:27 PM
Sanmina-SCI Swings to 1Q Profit, Topping Views; Shares Soar
Date : 01/26/2010 @ 4:58PM
Source : Dow Jones News
Stock : Sanmina-SCI Corp. (SANM)
Quote : 12.3 0.65 (5.58%) @ 7:22AM
Sanmina-SCI Swings to 1Q Profit, Topping Views; Shares Soar
DOW JONES NEWSWIRES
Sanmina-SCI Corp. (SANM) swung to a fiscal first-quarter profit as earnings smashed analysts' expectations amid strong margin gains.
The forecast for the current quarter was also strong, with Chairman and Chief Executive Jure Sola saying Sanmina expects 2010 to be a year of growth. Shares jumped 14% to $14 in after-hours trading.
Sanmina, which makes electronics products for brand-name companies, expects second-quarter earnings, excluding items, of 22 cents to 27 cents a share on revenue between $1.45 billion and $1.55 billion. Analysts had been expecting earnings of 9 cents on revenue of $1.36 billion, according to a survey of analysts by Thomson Reuters.
Sanmina had been reporting a string of losses as weakened demand dented sales. It responded by focusing on cost reduction, inventory management and other efforts to increase profit margins.
For the quarter ended Dec. 31, Sanmina posted a profit of $59.4 million, or 74 cents a share, compared with a year-earlier loss of $25.7 million, or 29 cents a share. Excluding items, including a $36 million legal settlement in the latest quarter, profit was 23 cents compared with a prior-year loss of 1 cent.
Revenue rose 4.2% to $1.48 billion.
Analysts polled by Thomson Reuters expected earnings of 13 cents on revenue of $1.4 billion.
Gross margin rose to 7.4% from 5.9%.
The company also said it redeemed $176 million in debt that was scheduled to mature in June, though its cash and cash equivalent balance was down to $727 million from $899 million in the previous quarter.
-By Yogita Patel and David Benoit, Dow Jones Newswires; 212-416-2458; david.benoit@dowjones.com
Recent SANM News
- SANMINA CORPORATION INVITES YOU TO JOIN ITS SECOND QUARTER FISCAL 2024 EARNINGS CONFERENCE CALL • PR Newswire (US) • 04/22/2024 08:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/26/2024 09:01:23 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/23/2024 11:20:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/20/2024 11:09:45 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/16/2024 09:13:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/05/2024 09:04:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/05/2024 09:03:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/05/2024 09:02:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/05/2024 09:01:42 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/02/2024 10:19:30 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/02/2024 10:14:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/02/2024 09:01:53 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/02/2024 07:22:09 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/01/2024 10:07:32 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 01/31/2024 07:02:07 PM
- Arcus Biosciences Stock Jumps 20% on $320M Gilead Investment, Super Micro Surpasses Forecasts, and More News • IH Market News • 01/30/2024 11:25:14 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/29/2024 09:07:08 PM
- Sanmina's First Quarter Fiscal 2024 Financial Results • PR Newswire (US) • 01/29/2024 09:02:00 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 01/26/2024 09:31:53 PM
- SANMINA CORPORATION INVITES YOU TO JOIN ITS FIRST QUARTER FISCAL 2024 EARNINGS CONFERENCE CALL • PR Newswire (US) • 01/22/2024 09:20:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 01/19/2024 07:40:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/18/2024 09:00:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/04/2024 09:01:15 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/04/2024 09:01:02 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/04/2024 09:00:41 PM
FEATURED Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • Apr 25, 2024 8:52 AM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Kona Gold Beverages, Inc. Announces Name Change to NuVibe, Inc. and Initiation of Ticker Symbol Application Process • KGKG • Apr 25, 2024 8:30 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM