: Sanmina stock rises after earnings, outlook beat Street view again

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Sanmina Corp. SANM shares rose in the extended session Tuesday after the electronics manufacturing services provider repeated its previous quarterly report by topping Wall Street estimates for its earnings and outlook. Sanmina shares rose 4% after hours, following a 3.6% gain in the regular session to close at $29.75. The company reported fiscal fourth-quarter net income of $51.6 million, or 75 cents a share, compared with $19.5 million, or 27 cents a share, in the year-ago period. Adjusted earnings were $1.10 a share. Revenue declined to $1.87 billion from $1.89 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 78 cents a share on revenue of $1.79 billion. “Our performance in the quarter is a testament that our strategy is working,” said Jure Sola, Sanmina chairman and chief executive, in a statement. “Fiscal 2020 was a challenging year.” Sanmina expects earnings of 75 cents to 85 cents a share on revenue of $1.7 billion to $1.8 billion for the first quarter, while analysts had forecast 64 cents a share on revenue of $1.68 billion. Back in late July, Sanmina’s stock rallied 15% following a big beat on earnings and outlook.
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