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Sanmina tops Street
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October 23, 2000: 7:11 p.m. ET
Contract electronics manufacturer beats the Street as sales nearly double
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NEW YORK (CNNfn) - Sanmina Corp., a leading supplier of electronics manufacturing services on a contract basis, reported a fiscal fourth-quarter operating profit that beat Wall Street's expectations as sales soared more than 90 percent.
Excluding one-time charges, Sanmina (SANM: Research, Estimates) said it earned $97.1 million, or 59 cents per share, during the period ended Sept. 30. That compares with $44.4 million, or 30 cents per share, during the same period last year and is 10 cents more than the 49 cents per share analysts polled by First Call had expected.
The company logged $1.3 billion in revenue during the quarter, up more than 91 percent from $664.3 million during last year's fiscal fourth quarter.
Including a merger-related charge of $188 million, Sanmina said its net income for the quarter was $92.2 million, or 56 cents per share.
 Sanmina, based San Jose, Calif., is one of the world's leading suppliers of electronics manufacturing services, or EMS, on a contract basis. The EMS industry as a whole has been growing in recent years as high-tech outfits such as Compaq, IBM, Lucent Motorola and others are increasingly outsourcing big parts of their manufacturing operations.
For all of fiscal 2000, Sanmina reported earnings, excluding one-time charges, of $197.3 million, or $1.34 per share, on revenue that rose 62 percent to $3.91 billion.
During the year, Sanmina executives said the company enhanced its relationships with companies including Alcatel, Harris, Nortel, Lucent and Avaya as they divested their manufacturing operations.
Shares of Sanmina rose $1.06 to $115.62 in Nasdaq trade ahead of the earnings news, which was released after the markets closed. They rose 88 cents to $116.50 in after-hours trade. 
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Sanmina
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