71.80
2.31%
1.62
After Hours:
71.80
Why is Sanmina Corp (SANM) Stock down?
We've noticed a 10.59% decline in Sanmina Corp (SANM) stock during the 2024-08-02 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
07 Nov, 2023:
Shares of Sanmina Corporation (SANM) dropped by 14.33% from $52.81 to $45.24 in the trading on Tuesday, November 7, 2023. The reason why SANM down is due to the companys' worse-than-expected fourth-quarter financial results.
- Q4 2023 Results: Sanmina reported adjusted earnings per share (EPS) of $1.42, which was 7.19% lower than the analyst consensus estimate of $1.53 and a 5.33% decrease from the previous year's Q4 EPS of $1.50. Additionally, the company's quarterly sales in Q4 2023 were $2.05 billion, missing the analyst consensus estimate of $2.18 billion by 5.87% and showing a 6.85% decrease compared to the same period in the previous year.
- Fiscal Year 2023 Results: Despite the Q4 decline, Sanmina's fiscal year 2023 results were strong. The company achieved a 13% increase in revenue and expanded its non-GAAP operating margin by 80 basis points, reaching 5.8%. The GAAP operating margin for Q4 2023 was 4.8%, and the GAAP diluted EPS stood at $1.04. The stock's decline can be attributed to the Q4 earnings and sales miss compared to analyst expectations. However, Sanmina's strong fiscal year 2023 performance, including revenue growth and margin expansion, provides a more positive long-term outlook for the company.
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