Sanmina 2Q tops Wall Street views

Sanmina 2nd-quarter profit beats estimates; outlook for 3Q profit stronger than expected

Associated Press

SAN JOSE, Calif. (AP) -- Manufacturing services company Sanmina Corp. said Monday that it earned $21.2 million in its second fiscal quarter through March, reversing a loss from a year ago, as it was helped by a one-time real estate sale and lower interest expenses.

Net income in the three months to March 30 amounted to 25 cents per share, reversing a loss of $1.4 million, or 2 cents per share, a year earlier.

Excluding the real-estate sale, the expense of paying executives with stock and other items, adjusted earnings came to 30 cents per share, beating the 29 cents expected by analysts polled by FactSet.

Revenue fell 2 percent to $1.43 billion from $1.46 billion. That was above the $1.42 billion analysts were looking for.

The company said it is expecting third-quarter revenue between $1.45 billion to $1.50 billion and adjusted earnings of 32 cents to 38 cents per share.

Analysts had been looking forward to third-quarter adjusted earnings of 28 cents per share on revenue of $1.47 billion.

Shares rose 14 cents, or 1.3 percent, to close at $10.83 before the release of the earnings report. They were unchanged in after-market trading.

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