Stock price of Sanmina Corp (NASDAQ:SANM) jumped as much as 18.50% higher to $24.85 on Tuesday after the company reported fourth quarter financial results on Monday night.
Sanmina Corp is a provider of integrated manufacturing solutions, products, integrated production options and repair, logistics and aftermarket services. The Company provides these offerings to original device manufacturers, in the communications networks, computing and storage, industrial and semiconductor capital equipment, aerospace and defense, medical, clean technology and automotive industries.
According to the fourth quarter report of Sanmina, revenue decreased of 2.96% to $1.64 billion compared to $1.69 billion in the same quarter 2014. Net income in the fourth quarter was $315.4 million compared to $132.5 million last year, totally increase of 138%. Diluted earnings per share for the fourth quarter was $3.78 which increased 149% compared to $1.52 in the same period a year ago.
"We delivered a solid fourth quarter. Revenue was up 6 percent sequentially and non-GAAP EPS improved 8 percent," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.
"In fiscal 2015, we delivered revenue growth, operating margin improvement, EPS expansion and solid cash generation despite a mixed market environment. Our focus on executing our core strategy is evident in our results."
"Our technology and solutions offerings remain a differentiator for Sanmina. We are focused on the quality of our revenue, expanding our capabilities and providing value to our customers. Based on our diverse customer base, new programs ramping, pipeline of new business opportunities and forecasts from our customers, we are optimistic that fiscal 2016 will be another growth year," concluded Mr. Sola.
According to analysts at RBC Capital Markets, Sanmina Corp has been rating as ‘Reiterated’ with the recommendation being set at ‘Underperform’ today. RBC Capital Markets have set their target price at $18 on its stock. This would imply the analyst believes Sanmina Corp has a potential downside of 23.4% from today’s opening price of $23.49.