Sanmina: How Watching Guidance Lead To This Profitable Trade
- Tracking management guidance and conference calls can give you hints of what is to come.
- Sanmina's quarterly performance was improving and management was optimistic about 2014.
- Management's credible historical guidance convinced me that the market would like 2Q14 results.
- This is a simple yet powerful example of a plain analysis that can be applied to other similar opportunities.
Sanmina-SCI: A Speculative Stock for Option Writers
Mon, Jul. 21, 5:45 PM
- Sanmina (NASDAQ:SANM) expects FQ4 revenue of $1.6B-$1.65B and EPS of $0.50-$0.55, largely above a consensus of $1.58B and $0.51.
- CEO Jure Sola: "Each of our end-market segments grew on a sequential basis, with notable performance from our industrial, medical and defense segment."
- Gross margin +20 bps Y/Y to 7.9%. SG&A spend +1% to $63M, R&D +16% to $7.8M. $6M was spent on buybacks.
- FQ3 results, PR
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- Flextronics (FLEX) expects FQ4 revenue of $5.9B-$6.3B and EPS of $0.18-$0.22. The midpoints to those ranges are favorable to a consensus of $5.97B and $0.19.
- The contract manufacturer also says it plans to cut jobs in FQ4. The cuts are expected to produce $30M-$35M in pre-tax charges, and yield $60M/year in cost savings.
- Rival Sanmina (SANM) +1.3% AH in sympathy. Sanmina's shares took off yesterday after the company posted mixed FQ1 results and provided in-line FQ2 guidance.
- Flextronics' Q4 results, PR
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- Silicon Motion (SIMO) expects Q1 revenue to be flat to down 10% Q/Q vs.a consensus for a 2% decline. However, the company also expects 2014 revenue to be up 5%-15% Y/Y vs. a consensus for 5% growth. Shares +4.8% AH. (Q4 results, PR)
- STMicroelectronics (STM) expects Q1 revenue to decline 9.5% Q/Q (+/- 3.5%); that's worse than a consensus for a 7% drop. Shares unchanged AH for now. (Q4 results, PR)
- Sanmina (SANM) expects FQ2 revenue of $1.425B-$1.475B and EPS of $0.36-$0.42 vs. a consensus of $1.45B and $0.37. Shares +7.1% AH. (FQ1 results, PR)
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SANM vs. ETF Alternatives
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