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What: Shares of Sanmina-SCI (NAS: SANM) soared today by as much as 17% after the company posted upbeat earnings and outlook.
So what: Sales in the third quarter totaled $1.55 billion, down slightly from a year ago. Adjusted net income came out to $21.9 million, or $0.26 per share. CEO Jure Sola said that soft demand in the company's components business hurt the bottom line. Still, the top line registered a beat relative to Street expectations.
Now what: Sola said Sanmina-SCI expects modest revenue growth and margin expansion in the fiscal fourth quarter, and the company provided guidance ranging from $1.58 billion and $1.63 billion in sales with adjusted earnings per share in the range of $0.32-$0.38. Strength in the industrial, defense, and medical segments helped compensate for softness in the components business.
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The article Why Sanmina-SCI Soared originally appeared on Fool.com.
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