UPDATE 1-Sanmina-SCI Q3 profit disappoints, shares fall

Mon Jul 26, 2010 4:37pm EDT

* Q3 adj EPS $0.32 vs est $0.34

* Shares fall 10 pct in post-mkt trade

July 26 (Reuters) - Electronics manufacturing services provider Sanmina-SCI Corp (SANM.O) posted third-quarter profit that missed expectations, sending shares down by more than 10 percent in after-market trade.

For the third quarter, the company posted net income of $21.6 million, or 26 cents per share, compared with a net loss of $41.5 million, or 52 cents per share, a year earlier.

Excluding items, the company posted earnings of 32 cents a share. Net sales rose 34 percent to $1.63 billion.

Analysts expected earnings of 34 cents a share, excluding exceptional items, on revenue of $1.60 billion, according to Thomson Reuters I/B/E/S.

The company forecast fourth-quarter adjusted earnings of 35 cents to 41 cents a share on revenue of $1.65 billion to $1.70 billion.

Analysts were looking for earnings of 38 cents a share, excluding items, on revenue of $1.65 billion, according to Thomson Reuters I/B/E/S.

Sanmina competes with companies like Celestica Inc (CLS.TO), Flextronics International Ltd (FLEX.O), and Jabil Circuit (JBL.N).

Shares of the San Jose, California-based company were trading down $1.56 at $14.30 in post-market trading. They closed at $15.86 Monday on Nasdaq. (Reporting by Sayantani Ghosh in Bangalore; Editing by Saumyadeb Chakrabarty)

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