Sanmina's rallies 15% as investors see signs of a turnaround
1min read Sanmina Corporation (SANM), a leading provider of manufacturing solutions and services, released its Q1 earnings report.
The company reported net sales of $1.87 billion, down 21% year-over-year (y/y), but in line with analysts" expectations. Sanmina's adjusted earnings per share (EPS) for the quarter came in at $1.30, compared to $1.64 in the previous year. This figure beat expectations by 15 cents.
The company anticipates Q2 revenue to fall between $1.825 billion and $1.925 billion, which surpasses the estimated $1.803 billion. The adjusted EPS for the quarter is projected to range between $1.20 and $1.30, also exceeding analysts' expectations of $1.09 per share.
The positive outlook for Q2 has led to a 14.5 % increase in Sanmina's share price. As a company that offers integrated manufacturing solutions, components, products, repair, logistics, and after-market services, Sanmina continues to generate interest from investors, particularly considering its solid performance and optimistic guidance.
Sanmina's Q1 earnings report exceeded analysts' expectations, and the company's Q2 forecast has further garnered investor confidence. As the market evaluates Sanmina's growth potential, its continued focus on innovation and adaptation in its manufacturing and service offerings will be key to maintaining this positive momentum.