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)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.