Sanmina Corp Down 13.74% To $46.46 After Earnings Miss

Sanmina Corp (SANM) said after close Monday that it earned $1.42 per share in quarter four 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $2.1 billion, missing estimates by $128 million.

In the same quarter a year ago, the company earned $1.5 per share on revenue of $2.2 billion.

The stock is down 13.74% to $46.46 after the report.

Sanmina Corp's revenues declined at a faster pace than earnings.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Sanmina Corp a Bullish Sentiment Rank from InvestorsObserver.

Sanmina Corp has performed a little below average during the past few months. Before the report, Sanmina Corp received a Long-Term Technical Rank by InvestorsObserver of 39, putting it in the bottom half of stocks. The firm set a 52-week low on May 12, 2023 at $49.07 and set a 52-week high on November 11, 2022 at $69.28.

Sanmina Corp is a provider of integrated manufacturing solutions, components, and after-market services to original equipment manufacturers in the communications networks, storage, industrial, defense and aerospace end markets. The company operates in two business segments: Integrated Manufacturing Solutions, which consists of printed circuit board assembly and represents a majority of the firm's revenue; and Components, Products, and Services, which includes interconnect systems and mechanical systems. The firm generates revenue primarily in the United States, China, and Mexico, but has a presence around the world.