Nucor earnings beat by $0.08, revenue fell short of estimates
Sanmina-SCI Corp (NASDAQ:SANM)’s stock reached a new 52-week high, climbing to 91.29 USD, marking a significant milestone for the electronics manufacturing services provider. According to InvestingPro data, the company maintains a strong financial health score of GOOD, with management actively buying back shares. This achievement reflects an impressive 34% increase over the past year and an 18.74% gain year-to-date, underscoring the company’s strong performance in the market. With a market capitalization of $4.86 billion and a P/E ratio of 20.46, investors have shown growing confidence in Sanmina-SCI’s ability to navigate industry challenges and capitalize on emerging opportunities, contributing to the stock’s upward trajectory. For deeper insights and additional ProTips, visit InvestingPro. The new high comes amid a backdrop of strategic initiatives and operational efficiencies that have bolstered the company’s financial standing, with the balance sheet showing more cash than debt and liquid assets exceeding short-term obligations.
In other recent news, Sanmina Corporation reported second-quarter earnings and revenue that surpassed analysts’ expectations. The company posted adjusted earnings per share of $1.41, exceeding the consensus forecast of $1.38, and reported revenue of $1.98 billion, slightly above the anticipated $1.96 billion and representing an 8.1% year-over-year increase. Despite these positive results, Sanmina’s guidance for the third quarter fell short of analyst estimates, causing concern among investors. The company projected adjusted EPS between $1.35 and $1.45, below the $1.53 that analysts had forecasted, and revenue guidance of $1.925 billion to $2.025 billion, which missed the $2.066 billion consensus estimate. Sanmina generated $157 million in cash flow from operations and $126 million in free cash flow during the second quarter, while also repurchasing 1.03 million shares for $84 million. CEO Jure Sola expressed confidence in the company’s financial results, highlighting consistent operating margins and strong cash generation. However, the weaker-than-expected guidance led to a significant drop in share value, reflecting investor concerns about potential slowing growth in the upcoming quarters. Sanmina plans to discuss these results and its outlook in more detail during a scheduled conference call.
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