Sanmina Corp (NASDAQ: SANM) shares rose sharply as the company reported stronger-than-expected earnings for its second quarter on Monday.
Revenue for the San Jose-based company in the second quarter was $1.68 billion, compared to $1.74 billion in the prior quarter and $1.68 billion for the same period of fiscal 2017.
GAAP operating income in the second quarter was $48.8 million or 2.9 percent of revenue, compared to $58.2 million or 3.5 percent of revenue for the second quarter fiscal 2017. GAAP net income in the second quarter was $24.6 million, compared to GAAP net income of $31.7 millionfor the same period a year ago. GAAP diluted earnings per share was $0.33, compared to GAAP diluted earnings per share of $0.41 in the second quarter of fiscal 2017.
"Results for the second quarter were better than expected," stated Bob Eulau, Chief Executive Officer of Sanmina Corporation. "Our outlook for the third quarter reflects new programs moving to volume production and better demand. As new programs come online and yields continue to improve, we remain optimistic about the second half of the year."
Third-quarter fiscal revenue projections hover between $1.70 billion to $1.75 billion
GAAP diluted earnings per share guidance are between $0.34 to $0.42, including stock-based compensation expense of $0.14 and amortization of intangible assets and restructuring costs of $0.05
The company’s shares soared $5.38, or 19.4%, to $33.08.
