Sanmina stock rallies after company's Q2 earnings top views
Shares of Sanmina Corp. rallied more than 10% in the extended session Monday after the San Jose, Calif., electronics maker reported second-quarter earnings and sales above Wall Street expectations. Sanmina said it earned $41 million, or 57 cents a share, in the quarter, compared with $25 million, or 33 cents a share, in the year-ago period. Adjusted for one-time items, the company reported earnings of 91 cents a share, compared with 50 cents a share a year ago. Revenue rose to $2.13 billion from $1.67 billion a year ago. Analysts polled by FactSet had expected the company to report adjusted earnings of 74 cents a share on sales of $1.95 billion. "Revenue was stronger than anticipated driven by our teams' excellent job in securing supply to catch up to demand. Our ability to control our costs, drive efficiencies and leverage our operating model drove operating margins to 4.1%," Sanmina said. Sanmina guided for revenue between $1.925 billion and $2.02 billion for the third quarter, and adjusted earnings between 72 cents and 82 cents for the quarter. Sanmina stock ended the regular trading day down 0.6%.
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