Sanmina Results Trounce Street View, Strong Outlook, Shares Up 21%

(RTTNews) - Shares of Sanmina Corp. (SANM) gained 21% on Monday after the electronics manufacturing company's first-quarter results trounced Wall Street expectations and issued a strong second-quarter outlook.

San Jose, California-based Sanmina reported first-quarter profit of $37.95 million or $0.54 per share, compared to a loss of $154.91 million or $2.16 per share last year.

Excluding one- time items, Sanmina reported adjusted earnings of $59.17 million or $0.83 per share, up from $36.5 million of $0.48 per share last year. On average, 5 analysts polled by Thomson Reuters estimate earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter were $2.19 billion, up from $1.74 billion in the same period last year. Analysts had a consensus revenue estimate of $1.90 billion for the quarter.

"Looking ahead, our customer base and pipeline remain solid. Based on our solid first quarter results and with our outlook for the second quarter, we are confident we will profitably grow revenue and strengthen our financial results in fiscal 2019," said CEO Michael Clarke.

For the second quarter, Sanmina expects adjusted earnings of $0.70 to $0.80 per share and revenues between $1.9 billion to $2.0 billion. Analysts currently estimate earnings of $0.66 per share and revenues of $1.83 billion.

SANM closed Monday's trading at $27.25, down $0.07 or 0.26%, on the Nasdaq. The stock, however, gained $5.74 or 21.06% in the after-hours trade.