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What: Shares of Sanmina-SCI (NAS: SANM) plunged today by as much as 18% after the company reported earnings and weak guidance.
So what: Second-quarter revenue added up to $1.46 billion, with adjusted earnings per share of $0.27. The top line was a tad shy of the $1.51 billion consensus estimate, while the bottom line was right on target with the Street's expectations.
Now what: Guidance was the real culprit to the plunge, as Sanmina-SCI sees third-quarter revenue in the range of $1.48 billion and $1.53 billion, with adjusted earnings per share between $0.26 and $0.32. That profit forecast is well below the market's estimate of $0.37 per share. CEO Jure Sola said the company remains hopeful to see improvements during the second half of the calendar year.
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