Sanmina Corp (NASDAQ: SANM) rose Tuesday after the company reported better-than-expected earnings for its fourth quarter and issued strong second-quarter guidance.
The San Jose-based company, a leading integrated manufacturing solutions company, reported revenue of $2.19 billion, up 16.6% from the prior-year quarter.
Operating income numbered $77.5 million, up from $13.8 million in the prior-year quarter. Net income was $37.9 million, compared to a loss of $155 million in the prior-year quarter.
CEO Michael Clarke remarked, "Our first-quarter financial performance reflects solid momentum across all of our end-markets.
"Looking ahead," Clarke continued, "our customer base and pipeline remain solid. Based on our solid first quarter results and with our outlook for the second quarter, we are confident we will profitably grow revenue and strengthen our financial results in fiscal 2019."
Second-fiscal-quarter projections look for revenue to finish between $1.9 billion to $2.0 billion. GAAP diluted earnings per share is expected between $0.59 to $0.69, including stock-based compensation expense of $0.11 Non-GAAP diluted earnings per share is projected between $0.70 to $0.80
Sanmina also reported that CFO David Anderson will retire and the company has begun search for a permanent replacement.
Sanmina Corporation is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market.
Shares in Sanmina galloped $5.57, or 20.4%, to $32.82
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