Sanmina-SCI Earnings: Here’s Why the Stock is Up Now
Sanmina-SCI Corp. (NASDAQ:SANM) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.31%.
Sanmina-SCI Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 88.89% to $0.03 in the quarter versus EPS of $0.27 in the year-earlier quarter.
Revenue: Decreased 2.43% to $1.43 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Sanmina-SCI Corp. reported adjusted EPS income of $0.03 per share. By that measure, the company missed the mean analyst estimate of $0.28. It beat the average revenue estimate of $1.42 billion.
Quoting Management: “Our second quarter results were in line with our expectations as we continued to manage through a soft market environment,” stated Jure Sola, Chairman and Chief Executive Officer. “We continue to invest in technology and services that enhance the value we provide to our customers around the world. We remain encouraged by new program ramps and increased forecasts from our customers that should drive improvement in the second half of the year.”
Key Stats (on next page)…
Revenue decreased 4.51% from $1.49 billion in the previous quarter. EPS decreased 89.66% from $0.29 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.37 to a profit $0.35. For the current year, the average estimate has moved down from a profit of $1.47 to a profit of $1.34 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)