Sanmina-SCI Corporation(NASDAQ:SANM) shares triggered a sharp rally late Monday after the company provided solid earnings guidance, which topped analysts’ estimates by wide margin. However, the company’s third quarter earnings missed analysts’ target.
For the fourth quarter, the company projects to generate revenue of $1.58 billion and $1.63 billion, ahead of analysts’ estimates of $1.53 billion. Moreover, on an adjusted basis, the company expects to earn 32-38 cents a share, well ahead of analysts’ forecast of 29 cents.
How Should Investors Trade SANM, Get Trend Analysis
For the third quarter, the company earned $8.9 million, or 11 cents per share and adjusted earnings were 26 cents a share, missing analysts’ target by 3 cents. Revenue came in at $1.55 billion, up 7% year over year, topping analysts’ consensus of $1.49 billion.
Shares of SANM rose 11.56% to $8.01 in after hours on Monday.
Shares of DeVry Inc.(NYSE:DV) tumbled to new lows late Monday after the struggling for-profit education company projected worse earnings for the current quarter on weakening enrollment after tougher new regulatory environment.
For the current quarter, the company projects to earn 43 to 46 cents per share on revenue of $500 million and $510 million, well below analysts’ target of 79 cents per share on revenue of $519.2 million.
Should You Buy DV After Today’s Fall, Get Your Free Analysis
The company added that new enrollment for the summer term at DeVry University is expected to fall 15 to 17 percent compared to last year's term. In order to balance its falling enrollment, the company is planning to eliminate 570 jobs or 5.40% of the company's total workforce of 10,500.
DeVry could provide more details when it reports fourth-quarter results Aug. 9, but it warned Monday that those results will likely miss expectations.
Shares of DV slumped 22.35% to $21.40 in addition to a fall of 28% year to date.