SANM - Why Sanmina Stock Got Thumped on Tuesday
2024-04-30 18:05:09 ET
Investors sold of out electronics component maker Sanmina (NASDAQ: SANM) , and it wasn't hard to figure out why. The company posted fiscal second-quarter results that, while not bad, included guidance that fell notably short of analyst expectations. For this transgression, the market punished it by sending its share price more than 5% lower on the day. The S&P 500 index, meanwhile, did relatively well with "only" a 1.6% decline.
For the quarter, Sanmina's net sales amounted to $1.83 billion. This was not only down from the $2.32 billion of the same period a year ago, it was lower than the consensus analyst estimate of $1.88 billion.
Non-GAAP (adjusted) net income also headed south, falling to $73.9 million ($1.30 per share) from the year-ago profit of $95.1 million. Yet this bettered the average pundit projection of $1.25 per share.
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Why Sanmina Stock Got Thumped on Tuesday