Why Is Electronics Manufacturing Services Company Sanmina Stock Trading Higher Today?
Portfolio Pulse from Lekha Gupta
Sanmina Corp (NASDAQ:SANM) stock is trading higher in premarket after reporting Q1 FY24 earnings that exceeded consensus estimates. The company posted revenue of $1.875 billion and adjusted EPS of $1.30, both surpassing expectations. Despite a lower adjusted operating margin compared to the previous year, Sanmina repurchased 2.1 million shares and ended the quarter with $632 million in cash. The Q2 outlook is positive, with expected revenue and EPS above consensus. Shares are up 15.76% premarket.
January 30, 2024 | 10:26 am
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Sanmina Corp reported strong Q1 FY24 results with revenue and adjusted EPS above consensus estimates. The company also provided a positive Q2 outlook, which is expected to boost investor confidence.
Sanmina's stock is trading higher due to its earnings beat and positive future guidance. The repurchase of shares and strong cash position further support investor optimism. The significant premarket stock price increase reflects the positive reception of the financial results and outlook.
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