Sanmina-SCI Cuts Forecast, President Resigns


Contract electronics manufacturer Sanmina-SCI Corp has cut its earnings forecast for the second quarter, which ends April 2nd.
The company, which has a facility in Owego, also announced that its President and Chief Operating Officer Hari Pillai has resigned.
Jure Sola, chairman and chief executive officer, will assume Pillai’s responsibilities.
No reason was given for Pillai’s departure.
Three reasons were cited for the shortfall:
– A delay in US Defense Department shipments because of uncertainty in the U.S. federal budget,
– A strike at a facility in India,
– And “short-term softness” in the market for optical products
For the quarter ending April 2, the company forecast it would make an adjusted net profit of 28-32 cents a share, on revenue of $1.56-$1.6 billion.
The previous forecast was for earnings of 40-43 cents a share on revenue of $1.62-$1.67 billion.

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