Nucor earnings beat by $0.08, revenue fell short of estimates
Sanmina Corporation stock reached a 52-week high, climbing to $98.64, with InvestingPro data showing the company’s financial health score as "GOOD" with notably strong price momentum. This milestone reflects a significant upward trend for the electronics manufacturing services provider. Over the past year, Sanmina’s stock has seen a remarkable increase, with a 1-year return of 49.9%, supported by strong fundamentals including a healthy current ratio of 1.96 and more cash than debt on its balance sheet. This surge underscores the company’s robust performance and investor confidence, as it continues to expand its market presence and operational capabilities. The stock’s ascent to this new high marks a notable achievement amid a competitive industry landscape, though technical indicators suggest the stock may be entering overbought territory. For deeper insights and additional analysis, including 16 more exclusive ProTips, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Sanmina Corporation reported second-quarter earnings and revenue that surpassed analyst expectations. The company posted adjusted earnings per share of $1.41, exceeding the consensus forecast of $1.38. Revenue reached $1.98 billion, slightly above the anticipated $1.96 billion and marking an 8.1% increase year-over-year. However, Sanmina’s guidance for the third quarter fell short of analyst estimates, predicting adjusted EPS between $1.35 and $1.45, below the projected $1.53. The revenue forecast of $1.925 billion to $2.025 billion also missed the consensus estimate of $2.066 billion. Despite the positive results for the second quarter, the weaker guidance raised concerns among investors about potential slowing growth. Sanmina generated $157 million in cash flow from operations and $126 million in free cash flow during the quarter. Additionally, the company repurchased 1.03 million shares for $84 million.
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