Sanmina-SCI Corp Earnings Cheat Sheet: Quarter Lacks Gusto
S&P 500 (NYSE:SPY) component Sanmina – SCI Corporation (NASDAQ:SANM) reported its results for the first quarter. Sanmina-SCI Corporation is provider of customized, integrated electronics manufacturing services. It provides these services to original equipment manufacturers, in the communications, enterprise computing and storage, multimedia etc.
Sanmina – SCI Earnings Cheat Sheet for the Second Quarter
Results: Net income for the printed circuit board company rose to $13.1 million (16 cents/share) vs. $10.1 million (12 cents/share) in the same quarter a year earlier. A rise of 29.5% from the year earlier quarter.
Revenue: Rose 2.7% to $1.57 billion YoY.
Actual vs. Wall St. Expectations: SANM fell short of the mean analyst estimate of 30 cents/share. Estimates ranged from 28 cents per share to 32 cents per share.
Quoting Management: “We are disappointed in our revenue and margin performance for the second quarter fiscal year 2011. Softness was broad based, with a significant impact coming from weakness in the communications market and the delay in defense spending. We believe demand is improving and the second half of fiscal 2011 will be stronger than the first half,” stated Jure Sola, Chairman and Chief Executive Officer.
Over the last five quarters, revenue has increased 20.4% on average year over year. The biggest increase came in the third quarter of the last fiscal year, when revenue rose 34.4% from the year earlier quarter.
Competitors to Watch: Jabil Circuit, Inc. (NYSE:JBL), TTM Technologies, Inc. (NASDAQ:TTMI), Benchmark Electronics, Inc. (NYSE:BHE), DDi Corp. (NASDAQ:DDIC), Celestica Inc. (NYSE:CLS), SigmaTron International (NASDAQ:SGMA), SMTC Corporation (NASDAQ:SMTX), Flextronics Intl. Ltd. (NASDAQ:FLEX), CTS Corporation (NYSE:CTS), and Kimball International (NASDAQ:KBALB).
Today’s Performance: Shares of SANM are trading at $11.45 as of April 25, 2011 at 4:36 PM ET, up 1.8% from the previous closing price of $11.25.