By Connor Hart

Sanmina's board of directors expanded the company's share repurchase program by $300 million, as it posted higher profit and revenue in its fiscal first quarter.

The San Jose, Calif.-based, manufacturing services provider said Monday that it had about $37 million available under its current repurchase program as of quarter ended Dec. 28. The program doesn't have an expiration date.

On Monday, Sanmina reported a quarterly profit of $65 million, or $1.16 a share, compared with $57.1 million, or 98 cents a share, a year earlier.

Adjusted per-share earnings came in at $1.44, ahead of the $1.36 that analysts polled by FactSet expected.

Revenue increased 7% to $2.01 billion, narrowly beating the $1.98 billion that analysts were looking for, according to FactSet.

"We continue to see positive trends and are confident that fiscal 2025 will be a growth year," Chief Executive Jure Sola said.

For its fiscal second quarter, Sanmina guided for adjusted per-share earnings of $1.30 to $1.40 on revenue of $1.9 billion to $2 billion. Analysts surveyed by FactSet are forecasting adjusted earnings of $1.38 a share and revenue of $2.04 billion.

Shares rise 3.8% to $81.50 in after-hours trading.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

January 27, 2025 17:58 ET (22:58 GMT)

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