Sanmina-SCI Reports Q3 Net Income Down 67% on Increased Sales of $1.67B
SAN JOSE – Electronics manufacturing services provider Sanmina-SCI Corp. today reported third-quarter net sales of $1.67 billion, up 6.7% sequentially and 2.5% year-over-year.
Net income for the quarter was $7.2 million, down 66.7% compared to the same period in 2010.
GAAP operating income for the period was $52.9 million, or 3.2% of revenue, compared to $61.7 million, or 3.8% of revenue, in the third quarter of 2010.
For the first nine months of fiscal 2011, ended July 2, net sales were $4.91 billion, an increase of 6%. Net income for the period was $48.6 million, down nearly 47% year-over-year.
“We delivered nice growth in the third quarter and are pleased with our ability to expand our margins despite continued softness in the defense and aerospace market. Based on our customer forecasts, we believe demand in the short-term remains stable,” said Jure Sola, chairman and CEO.
Fourth-quarter revenue is expected to be between $1.65 billion and $1.7 billion.
