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27 janvier 2010 •16:46

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27 janvier 2010 •17:31

Sanmina shares jump on higher profit

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Computer Hardware Sanmina Sci Corp

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AlertEmailPrintShare By Benjamin Pimentel, MarketWatch

SAN FRANCISCO (MarketWatch) - Shares of Sanmina SCI Corp. rose more than 16% Wednesday morning, a day after the electronics contract manufacturer reported a sharp rise in profit.

"Sanmina's business continues to improve through the help of a recovering macro environment and steps to aggressively improve its business and operating model," Needham analyst Sean Hannan said in a note.

Sanmina shares were last $1.84 at $14.14 on the Nasdaq.

Sanmina's (SANM 14.15, +1.85, +15.04%) results also appear to point to an improving technology market, analyst Lou Miscioscia of Brigantine Advisors said in a note.

"Yes there are pockets of tech that are still weak, but there are many areas that are showing signs of life," Miscioscia said in a note. "Not robust growth, as we don't want to get ahead of ourselves, but nice signs of life.

On Tuesday, Sanmina reported a fiscal first-quarter profit of $59 million, or 74 cents a share, on revenue of $1.48 billion.

During the same period a year ago, the electronics contract manufacturer reported a loss of $26 million, or 29 cents a share.

Excluding one-time items, Sanmina would have earned $18 million, or 23 cents a share. Analysts had expected the company to earn 13 cents a share on $1.4 billion in revenue, according to a survey by Thomson Reuters.

For its fiscal second quarter, Sanmina estimates it will earn between 22 cents and 27 cents a share, excluding one-time items, on revenue in a range of $1.45 billion and $1.55 billion.

Benjamin Pimentel is a MarketWatch reporter based in San Francisco.