TLDR
Sanmina stock jumped Tuesday after fiscal Q4 earnings topped estimates.
Adjusted EPS was $4.43 versus $3.27 expected, on $3.86 billion in revenue.
AI and cloud systems sales rose 179%, while the core business grew 19%.
Fiscal 2027 guidance for EPS and revenue came in above analyst estimates.
JPMorgan cut its target to $230 from $270, and Susquehanna kept a $210 target.
Sanmina (SANM) stock jumped in premarket trading Tuesday after the company posted fiscal fourth-quarter results well above Wall Street targets. One report put the gain at 21%, while another had the stock up 15% at $171.49.
Sanmina Corporation, SANM
Quotes later showed the stock up about 11%. MarketWatch said it was heading for its best single-day percentage gain since Oct. 6, 2025.
The numbers did most of the talking. Adjusted earnings came in at $4.43 a share, against the $3.27 analysts expected.
$SANM Earnings Review
Key highlights
• Revenue: $3.86B, +84% YoY
• Adjusted EPS: $4.43 vs. $3.27 expected
• Gross margin: 11.3%, +220 bps YoY
• FY2027 revenue guide: $17.5B–$19.5B, raised
Track earnings, guidance, and market reaction on https://t.co/H8o7y76Uaj . pic.twitter.com/R3qAvKpa4h
— TENET RESEARCH (@tenet_research) November 9, 2026
Revenue rose 84% to $3.86 billion, topping the $3.48 billion estimate. The quarter ended Oct. 3.
AI Sales Climb, but They Are Not the Whole Story
Sanmina’s AI and cloud systems unit grew 179% to $2.37 billion from a year earlier. Management said the ZT Systems business, bought from AMD last October, helped drive that growth.
Platform ramps for Helios and Cerebras also played a part. Shipments are weighted toward the second half of fiscal 2027.
AI and cloud systems made up 37% of fiscal 2026 revenue. Susquehanna analyst Mehdi Hosseini projects 45% in fiscal 2027 and 50% in fiscal 2028.
The quieter divisions kept pace. Industrial and energy, defense and aerospace, and medical grew 19% to $1.49 billion.
A new transformer business is set to launch in January. Hosseini said strength in these markets “de-risks longer-term revenue growth.”
“We see this broader earnings base reducing dependence on the timing of AI shipments,” he wrote Tuesday. Put simply, Sanmina is not betting everything on one trend.
Fiscal 2027 Outlook Clears the Bar
Sanmina guided fiscal 2027 adjusted earnings of $15.50 to $17.50 a share on revenue of $17.5 billion to $19.5 billion. FactSet analysts had expected $14.07 and $16.61 billion.
AI systems revenue alone is forecast at $7.5 billion to $9 billion, with growth speeding up in the back half. Profit margins are guided flat at 7% to 7.5%.
For the first quarter, the company sees earnings of $3.50 to $3.85 a share on revenue of $3.8 billion to $4.1 billion. The earnings midpoint sits about 25% above the $2.95 consensus.
Full fiscal 2026 revenue reached $14.53 billion, up 79%. Cloud and AI infrastructure revenue rose 198% to $9.25 billion.
The stock had a rough stretch before the report. It sits well below its 52-week high of $288.68, after bottoming near a 52-week low of $118.10.
Hosseini flagged risks of his own. Margins are set to stay flat, and the new platforms will need higher operating expenses and capital spending.
Susquehanna rates the stock Neutral with a $210 price target. JPMorgan cut its target to $230 from $270 and kept a Neutral rating.
The post Sanmina (SANM) Stock Jumps 15% as Core Business Backs AI Earnings Beat appeared first on Blockonomi .
