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Sanmina-SCI Reports Q3 Revenue Up 13.7% YoY |
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Written by Administrator
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Thursday, 24 July 2008 |
SAN JOSE – Sanmina-SCI Corp. reported fiscal third-quarter revenue of $1.9 billion, up 4.7% sequentially and 13.7% year-over-year. Net income for the quarter was $12 million, compared to a net loss of $42.2 million in the same period a year ago.
The company completed the sale of the remaining assets of its personal computing business and associated logistics services in two transactions that closed on June 2 and July 7, respectively.
"I am pleased with our third quarter results, which mark the fourth consecutive quarter of improved profitability. With the completion of the sale of our personal computing business and our restructuring initiatives largely behind us, I believe we will be able to sustain our financial improvements despite the challenging economic environment," stated Jure Sola, chairman and CEO of Sanmina.
The firm expects fourth-quarter revenue in the range of $1.8 billion to $1.9 billion.
While Sanmina-SCI suggested restructuring actions are now largely complete, the company said increased profitability in enclosures and components remains a focus.
The company's board has unanimously a one-for-three to one-for-ten reverse stock split, pending stockholder approval.
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