Sanmina-SCI 2Q earnings in line; 3Q outlook weak
Sanmina-SCI Corp., which makes parts used in electronic equipment, on Monday reported a second-quarter loss as revenue shrank nearly 7 percent.
The net loss for the three months that ended March 31 came to $1.4 million, or 2 cents per share, compared with a profit from a year ago of $13.1 million, or 16 cents per share.
Excluding items such as restructuring and stock-based compensation expenses, adjusted earnings came to 27 cents per share, which matched the expectation of analysts polled by FactSet.
Revenue fell to $1.46 billion from $1.57 billion a year ago. Analysts were looking for $1.51 billion in revenue.
The company said it expects third-quarter adjusted earnings between 26 cents and 32 cents per share, below the 37 cents per share estimated by analysts. It expects quarterly revenue between $1.48 billion and $1.53 billion, also below the $1.57 billion analysts were looking for.
CEO Jure Sola said the company expects demand to improve in the second half of the year.
Shares closed down 32 cents, or 3 percent, at $10.26 in the regular trading session before the earnings results were released.