Sanmina 4Q profit tops views; outlook weak

Sanmina 4th-quarter profit tops Street views; outlook weak on slow ramp of new programs

Associated Press

SAN JOSE, Calif. (AP) -- Manufacturing solutions provider Sanmina Corp. on Monday reported fiscal fourth-quarter profit that beat analysts' expectations with a revenue decline that roughly matched them. But its outlook for the current quarter was weaker than expected.

Net income in the three months to Sept. 28 fell to $38.8 million, or 44 cents per share, from $164.2 million, or $1.96 per share, a year ago.

Excluding restructuring costs and other items, adjusted earnings came to 46 cents per share, above the 40 cents expected by analysts polled by FactSet.

Revenue fell 5 percent to $1.51 billion, matching analysts' estimates.

The company said it expects adjusted earnings of 35 to 41 cents per share in the fiscal first quarter, below the 42 cents analysts had been looking for. It also forecast revenue of $1.43 billion to $1.48 billion, also less than the $1.53 billion analysts had been expecting.

CEO Jure Sola said in a statement that the first-quarter outlook reflected "seasonality and slower than anticipated ramp of new programs." He said the company expects to deliver "modest growth" in fiscal 2014.

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