SANM ($52 win) Q1 net income tops expectations
(UPDATE: adds revenues, margin, relative performance)
SAN JOSE, Jan 17 (Reuters) - Electronics components maker Sanmina Corp. (NasdaqNM:SANM - news) on Wednesday said its fiscal first-quarter net income rose 158 percent from the same period last year, on revenues that jumped 82 percent.
In the quarter that ended Dec. 30, 2000, Sanmina posted earnings of $110.7 million, or 34 cents per diluted share, compared to 15 cents per share in the year-earlier quarter. Earnings for the year-ago quarter were restated to reflect a two-for-one stock split effective Jan. 8, 2001.
The first quarter figures beat the consensus analyst estimate of 32 cents, according to market research firm First Call/Thomson Financial.
The company also said revenues were $1.3 billion in the first quarter, more than double what it brought in last year. year. Its operating margin was 12.3 percent, or 2.9 percentage points higher than the first quarter of 1999, reflecting higher volume and operating efficiencies, the company said.
Sanmina shares have outperformed the shares of industry leader Solectron Corp. (NYSE:SLR - news) by 30 percent since the technology shakeup in March 2000.
Shares of Sanmina rose $2-3/8, or 5.9 percent, to $42-3/8 in regular trading on Wednesday on the Nasdaq stock market. The stock had risen sharply through the first three quarters of 2000, hitting a high of $60-1/2 in September, before retreating into the new year |
