|Bid||0.00 x 800|
|Ask||35.00 x 800|
|Day's Range||32.44 - 32.94|
|52 Week Range||22.30 - 34.71|
|Beta (3Y Monthly)||1.29|
|PE Ratio (TTM)||16.56|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Sanmina Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
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Sanmina Corp. shares dropped in the extended session Monday after the electronics manufacturing services provide issued a disappointing outlook and announced a "right-sizing" plan. Sanmina shares fell 14% after hours, following a 1% rise in the regular session to close at $31.80. For the first fiscal quarter, Sanmina expects adjusted earnings of 65 cents to 75 cents on revenue of $1.73 billion to $1.83 billion, while analysts surveyed by FactSet had forecast earnings of 87 cents a share on revenue of $2.18 billion. "We expect demand to be soft in the first half of the fiscal year as a result of excess inventory in the channel, slower than anticipated 5G deployment and global economic uncertainty," said Hartmut Liebel, Sanmina's chief executive since the beginning of the month, in a statement. "As a result, we have initiated a plan to right size the organization to further improve operational efficiencies and optimize our cost structure." While not specifying how many layoffs, the company said it expects to spend about $10 million to $20 million, mostly for severance costs, and also buy back up to $200 million in stock. San Jose, Calif.-based Sanmina has about 47,000 employees. The company reported fiscal fourth-quarter net income of $19.8 million, or 27 cents a share, compared with $782,000, or a penny a share, in the year-ago period. Adjusted earnings were 84 cents a share. Revenue rose to $1.89 billion from $1.88 billion in the year-ago quarter. Analyst had forecast earnings of 77 cents a share on revenue of $1.93 billion.
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Sanmina Corp. said late Monday that Kurt Adzema has joined the electronics maker as its chief financial officer, succeeding David Anderson, who in January announced his intention to retire. Anderson "will help facilitate a smooth transition" and will remain an adviser to Sanmina's executive chairman through March 27, the company said in a statement. Adzema most recently served as CFO of Finisar Corp. Sanmina gota new CEO last month. The shares were flat in the extended session after ending the regular trading day down 0.4%.
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Sanmina Corp. said late Wednesday its board of directors has named Hartmut Liebel the company's new chief executive, effective Sept. 30. Liebel will succeed Michael Clarke, who will have an advisory role through the transition, the electronics maker said. Liebel joined Sanmina in July as president and chief operating officer, and prior to that held positions at iQor and Jabil Inc. Shares of Sanmina were flat in the extended session Wednesday after ending the regular trading day up 3.4%.
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