Shares of Sanmina-SCI (NASDAQ:SANM) tumbled Thursday after the integrated electronics manufacturer cut its second-quarter outlook and announced the resignation of its chief operating officer.
The San Jose, Calif.-based company said it anticipates earnings for the period ended April 2 in the range of 28 cents to 32 cents a share on revenue between $1.56 billion and $1.6 billion.It previously saw earnings of 40 cents to 43 cents a share on sales between $1.62 billion and $1.67 billion.
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Sanmina attributed the weaker view to a delay in defense market projects and shipments due to Federal budget uncertainty, the recently resolved strike in India delaying certain shipments and short-term softness in the optical market.
Separately the company said its COO Hari Pillai is resigning, effective immediately, though he will continue in a consulting capacity on terms to be determined.