Sanmina Q2 Results Miss Estimates, Outlook Weak; Stock Down 10%

(RTTNews) - Sanmina Corp (SANM), a provider of electronics manufacturing solutions, on Monday reported second-quarter net earnings of $14.7 million or $0.17 per share compared with $20.8 million or $0.24 per share last year.

Excluding items, adjusted earnings for the quarter were $0.50 per share compared with $0.44 per share a year ago.

Sanmina said its revenues for the quarter rose to $1.53 billion from $1.48 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.53 per share on revenues of $1.60 billion for the quarter. Analysts' estimates typically exclude special items.

For the third quarter, the company expects adjusted earnings of $0.48 to $0.52 per share on revenues of $1.50 billion to $1.55 billion. Analysts expect earnings of $0.56 per share on revenues of $1.64 billion.

The outlook reflects continued headwind in the company's communications networks segment, partly offset by growth in the industrial, medical and defense segments, said CEO Jure Sola.

Sanmina shares were losing $2.34 or 10.03% at $21.00 in after-hours trade on the Nasdaq.