© homiel-dreamstime.com Electronics Production | January 19, 2012
Sanmina SCI's net income takes a big tumble
Sanmina SCI's earnings have been hit hard by the effects of flooding in Thailand, with the company reporting a 70% drop in net income this quarter.
The company's net income for the quarter fell to $8.6 million from $28.4 million for the same period last year. THe company's revenue for the first quarter was $1.50 billion, compared to $1.70 billion in the prior quarter and $1.66 billion for the same period in 2011. As well as the Thailand floods, sales were hurt by weakness in its communications networks division. "The revenue decline in the first quarter was caused by weakness in the Communications Networks segment and the Thailand floods that impacted shipments to some Enterprise Computing & Storage, and Multimedia customers," stated Jure Sola, Chairman and Chief Executive Officer "While our second quarter remains challenging, input from our customers indicates we should see improvements in the second half of 2012." The company estimated revenue of between $1.45 billion to $1.55 billion for Q2 of 2012. © Sanmina SCI