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Sanmina-SCI Reports Drop in Earnings
Written by Philip Buonpastore
Thursday, 24 January 2008
SAN JOSE, CA - Sanmina-SCI Corp. reported a sharp drop in
first-quarter earnings, partially because of weakness in the PC market,
but company officials said the company had met performance objectives,
demonstrating "solid profitability."
The company, which operates a PCB plant in Owego, NY, reported net
income for the first quarter, ending Dec. 29, of $7.9 million compared
with a year-ago profit of $28.2 million, a decrease of 28%.
Revenue fell 9% to $2.53 billion, from $2.78 billion in the same quarter a year ago.
The company's core business met expectations with revenue of $1.79
billion, but the PC business delivered lower-than-expected sales of
$740 million.
Sanmina-SCI officials said its PCB business achieved its performance
objectives and is poised to grow, despite the industry-wide struggles
that hurt quarterly earnings.
"Our second quarter has historically been seasonally down, but we are
cautiously optimistic about our outlook based on what we currently have
in the pipeline from new and existing customers," company CEO Jure Sola
said. "We expect to continue to strengthen our results, improve
profitability and generate free cash flow throughout fiscal 2008."
Revenue in the second quarter, ending March 29, is expected to range from $2.4 billion to $2.5 billion, the company said.
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