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SAN JOSE, Calif. - Sanmina Corporation (NASDAQ:SANM) reported better-than-expected second quarter earnings and revenue on Monday, but shares plunged 10.8% in after-hours trading as the company’s guidance fell short of analyst estimates.
The integrated manufacturing solutions provider posted adjusted earnings per share of $1.41, beating the consensus forecast of $1.38. Revenue came in at $1.98 billion, slightly above expectations of $1.96 billion and up 8.1% YoY.
However, Sanmina’s outlook for the third quarter disappointed investors. The company expects adjusted EPS between $1.35 and $1.45, below the $1.53 analysts were projecting. Revenue guidance of $1.925 billion to $2.025 billion also missed the $2.066 billion consensus estimate.
"We delivered solid financial results for the second quarter, with revenue at the high end and non-GAAP earnings per share exceeding our outlook," said Jure Sola, Chairman and CEO. "Our ability to adapt to the evolving environment is reflected in our consistent operating margin and strong cash generation."
Sanmina generated $157 million in cash flow from operations and $126 million in free cash flow during Q2. The company repurchased 1.03 million shares for $84 million.
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