Sanmina Corp shares plunged in the extended session Friday after the electronics maker warned investors about its fiscal first-quarter results. Sanmina shares fell 16% to $29.90 after hours. The company said it expects first-quarter adjusted per-share losses of 48 cents, compared with its previous guidance of adjusted earnings of 68 cents to 74 cents. Sanmina now expects revenue of $1.74 billion and had previously issued guidance of sales of $1.75 billion to $1.8 billion. Analysts surveyed by FactSet had estimated adjusted earnings of 71 cents a share on revenue of $1.77 billion. “Our disappointing financial results are driven by slower than expected new program ramps and an unfavorable program mix,” said Chief Executive Bob Eulau. “Our GAAP financial results were mainly impacted by the non-cash charge to our deferred tax assets that resulted from the enactment of the Tax Cuts and Jobs Act. We are right-sizing our fixed cost structure and we remain confident that our pipeline is strong and our second half of fiscal 2018 will be stronger than our first half as we continue to execute on our strategy.” Said it expects fiscal second-quarter profits of 40 cents to 50 cents a share on sales of $1.6 billion to $1.7 billion. Analysts modeled adjusted earnings of 70 cents on sales of $1.73 billion. Sanmina stock has gained less than 1% in the last 12 months, as the S&P 500 index rose 24%.
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