Sanmina-SCI Corporation (NASDAQ:SANM) fiscal first-quarter earnings dropped 70% as the electronics manufacturer announced dropping revenue amid weakness at its communications-networks division and the effects from flooding in Thailand.
Shares dropped 7.6% at $9.70 in latest after-hours trading as the company also issued a mostly lackluster outlook for the current quarter.
For the current quarter, the company estimated per-share earnings of 24 cents to 30 cents on sales of $1.45 billion to $1.55 billion. Analysts surveyed by Thomson Reuters latterly projected 30 cents and $1.53 billion, respectively.
For the quarter closed December 31, Sanmina-SCI announced a profit of $8.6 million, or 10 cents per share, lower from $28.4 million, or 34 cents per share, a year previously. Exclusive of restructuring and acquisition-associated costs and other items, earnings dropped at 28 cents from 45 cents.
Revenue dropped 9.6% to $1.5 billion. Analysts surveyed by Thomson Reuters most recently expected earnings of 31 cents on sales of $1.56 billion.
Gross profit trimmed down to 7.3% against 7.7%.
The company as well disclosed plans to buy back up to $150 million of debt.
Its shares gained 3.35% to close at $10.50 with the total traded volume of 1.97 million shares beating the average volume of 0.65 million.
Its shares were trading within the range of $10.08-$10.51 while its opening price was $10.08. Its market capitalization is $851.55 million. Its stock price 52 weeks low was $6.01 and 52 weeks high price was $17.32.
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