What happened
Shares of electronics manufacturing services company Sanmina (SANM 5.35%) popped on Tuesday, rising as much as 24.4%. As of 11:06 a.m. EST, the stock was up 18.7%.
The stock's gain follows Sanmina's fiscal first-quarter earnings release, which featured better-than-expected results and strong guidance for its fiscal second quarter.
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So what
Sanmina reported fiscal first-quarter revenue of $2.19 billion, up 25% year over year and 17% sequentially. On average, analysts were expecting revenue of $1.9 billion. Non-GAAP earnings per share for the period were $0.83, up from $0.48 in the year-ago period. This beat analysts' consensus forecast for $0.71.
"Our first-quarter financial performance reflects solid momentum across all of our end-markets," CEO Michael Clarke said in the company's fiscal first-quarter earnings release.
Now what
Management is optimistic about the company's continued momentum into its fiscal second quarter and the full fiscal year.
Clarke said: "Looking ahead, our customer base and pipeline remain solid. Based on our solid first-quarter results and with our outlook for the second quarter, we are confident we will profitably grow revenue and strengthen our financial results in fiscal 2019."
The company guided for fiscal second-quarter revenue between $1.9 billion and $2 billion and non-GAAP EPS between $0.70 and $0.80. Analysts on average were expecting revenue and non-GAAP EPS of $1.83 billion and $0.66, respectively, for this period.
Check out the latest Sanmina earnings call transcript.
