Sanmina-SCI Corp. significantly narrows 4Q loss, says worst of recession over
Associated Press
11/04/09 3:35 PM PST
SAN JOSE, CALIF. — Electronics services company Sanmina-SCI Corp. said Wednesday the worst of the recession is over as it boosted revenue from the previous quarter and narrowed company losses for its fiscal fourth quarter.
Jure Sola, Sanmina's chairman and CEO, said he expects demand to increase going forward, and shares of the San Jose, Calif. company jumped $1.11, or 17 percent, to $7.74 a share in after-hours trading.
Sanmina, which serves electronics manufacturers in communications, defense, computers and other industries, reported a loss in the three-month period that ended Oct. 3 of $32.3 million, or 41 cents a share. That compares with a loss of $485.2 million, or $5.48 a share, in the same period last year.
Sales fell 21 percent to $1.35 billion from $1.7 billion in the year-ago period, but it increased 12 percent from the previous quarter.
For the full year, the company posted a loss of $136.2 million, or $1.65 a share, compared with a loss of $486.3 million, or $5.50 a share, in 2008. Sales fell 28 percent to $5.18 billion from $7.2 billion.
Sanmina said first-quarter revenue should fall between $1.35 billion and $1.45 billion and adjusted earnings of 10 to 15 cents a share.
