Shares of the California-based electronic manufacturing company Sanmina Corporation (NASDAQ:SANM) jumped on Monday after the company released its second-quarter financial earnings report.
According to the company’s CEO Bob Eulau, “results for the second quarter were better than expected.”
Sanmina reported total revenue for the quarter to be USD $1.68 billion which, although it is less than the previous quarter’s $1.74 billion, is the same as the second quarter of last year.
After disappointing results from the first quarter that did not meet the company’s expectations, the outlook for the second quarter predicted $1.60 billion to $1.70 billion in revenue earnings.
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The GAAP – diluted earnings per share, was expected to be within the $0.20 to $0.30 range but in actuality, it reached $0.33.
Ending cash and cash equivalents were $405.3 million, compared to $404.9 million during the previous quarter.
Eulau has also said that “as new programs come online and yields continue to improve, [the company] [remains] optimistic about the second half of the year.”
Hopeful outlooks for the Sanmina’s third quarter financial earnings are also mentioned. Revenue for the company should be around $1.70 billion to $1.75 billion, a promising expectation if Sanmina can reach the higher end of that range.
According to Eulau, the company’s “outlook for the third quarter reflects new programs moving to volume production and better demand.”
GAAP diluted earnings per share are also expected to rise and should be between $0.34 to $0.42.
Shares of Sanmina went up by over 20% on Tuesday and have reached a high of $34.30, as of noon EDT.
The company closed at a share value of $27.70 on Monday and opened Tuesday at $32.40.
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