Sanmina drops after disappointing Q1 forecast, "right-sizing" plan

Sanmina

28/10/2019 21:04

** Shares of manufacturing solutions firm  SANM.O  drop
14.3% to $27.25 after the bell; stock among top pct losers
across U.S. exchanges
    ** Stock set for its biggest one-day pct loss since Jan
2018, if losses hold
    ** Sanmina announces a company-wide "right-sizing" plan;
expects to incur restructuring charges of about $10 mln to $20
mln
    ** Also expects Q1 rev between $1.73 bln and $1.83 bln,
below analysts' est. of $2.19 bln - Refinitiv data
    ** Expects Q1 EPS between $0.65 and $0.75 vs IBES est of
$0.85
    ** Up to Monday's close, stock up ~32% YTD

 (Reporting by C Nivedita in Bengaluru)
 ((C.Nivedita@thomsonreuters.com))