Sanmina-SCI posts $22 million profit for fiscal 3rd-qtr as revenue jumps 34 percent

Sanmina-SCI posts 3Q profit, reversing a loss

SAN JOSE, Calif. — Electronics contract manufacturer Sanmina-SCI Corp. said Monday it posted a $22 million profit in its fiscal third quarter, reversing a year-earlier loss amid a 34 percent jump in revenue.

Sanmina said net income rose to about $22 million, or 26 cents a share, for the three months ended July 3. That compares with a loss of about $42 million, or 52 cents a share, in the three months ended June 27, 2009.

Excluding one-time items, earnings came to about $27 million, or 32 cents a share, the company said.

Revenue jumped to $1.63 billion from $1.21 billion.

Analysts polled by Thomson Financial expected the company to earn 34 cents a share on revenue of $1.6 billion. The analysts typically exclude one-time items from their estimates.

For the fiscal fourth quarter, Sanmina projected earnings excluding items of 35 cents to 41 cents a share on revenue of $1.65 billion to $1.70 billion.

Analysts are expecting 38 cents and revenue of $1.65 billion, on average.

Shares tumbled $1.26, or 8 percent, to $14.60 in aftermarket trading after adding 70 cents, or 4.6 percent, to $15.86 in the regular session.