Sanmina Q1 Profit Tops Estimate; Revenue Falls Shy

(RTTNews) - Sanmina Corp. (SANM) reported net income for the first quarter of $22.7 million or $0.26 per share, compared to $23.1 million or or $0.26 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $53.1 million or $0.61 per share, compared to $35.5 million or $0.41 per share in the prior year quarter.

Revenue for the first quarter rose to $1.67 billion from $1.45 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.58 per share on revenue of $1.68 billion for the first quarter. Analyst' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts revenue of $1.575 billion to $1.625 billion and adjusted earnings of $0.50 to $0.55 per share. Analysts currently expect the company to earn $0.53 per share on revenue of $1.61 billion for the second quarter.