Sanmina shares fall 5% AH on weaker-than-expected guidance

Sanmina (SANM) beat expectations in FQ4 but shares are dragged down 5.0% AH after the company issued weaker-than-expected guidance.

Gross margin expanded to 7.7% in FQ4 from 7.3% in FQ4 2012 even as revenue declined slightly. Opex declined 14.8% Y/Y to $70.6M as the company's restructuring/integration expenses declined 74% to $4.6M.

Management guides for FQ1 revenue of $1.425B-$1.475B (vs. consensus of $1.53B) and EPS of $0.35-$0.41 ($0.42). CEO Jure Sola: "Our revenue outlook for the first quarter is slightly down sequentially as a result of seasonality and slower than anticipated ramp of new programs.  We expect to deliver modest growth and further improve our financial results for fiscal year 2014."

PR, conference call at 5pm ET

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