Ahead of the Bell: Sanmina rises on demand outlook
Sanmina shares rise on expected sales recovery as company says it sees uptick in demand
- On 8:28 am EST, Thursday November 5, 2009
NEW YORK (AP) -- Shares of Sanmina-SCI Corp. rose in Thursday, after the electronics services company said demand was increasing and issued an upbeat outlook.
Shares rose 84 cents, or 13 percent, to $7.47 in premarket trading.
The San Jose, Calif., company said late Wednesday that it will return to profitability in its fiscal first quarter ending in December after narrowing its loss in the fourth quarter. The company said it booked $1 billion in new business in 2009, which suggests it could grow sales in 2010, said Deutsche Bank analyst Sherri Scribner in a note to investors Thursday.
Sanmina, which serves electronics manufacturers in communications, defense, computers and other industries, said it expects first-quarter revenue of $1.35 billion to $1.45 billion .
Analysts polled by Thomson Reuters had expected sales of $1.36 billion.
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