Sanmina stock rises following earnings beat, outlook

Sanmina Corp. (SANM) shares rose in the extended session Thursday after the electronics-manufacturing services provider's results, and most of its outlook, topped Wall Street expectations. Sanmina shares rose 3% after hours, following a 0.4% gain in the regular session to close at $53.55. The company reported fiscal second-quarter net income of $79.6 million, or $1.33 a share, compared with $48.6 million, or 76 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.59 a share, compared with $1.14 a share in the year-ago period. Revenue rose to $2.32 billion from $1.92 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast $1.55 a share on revenue of $2.25 billion. Sanmina forecast adjusted third-quarter earnings of $1.50 to $1.60 a share on revenue of $2.2 billion to $2.3 billion. Analysts had estimated $1.51 a share on revenue of $2.23 billion.

-Wallace Witkowski

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05-11-23 1710ET

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