Seeking Alpha

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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