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Sanmina leaps past 4Q forecasts

Sanmina (Nasdaq: SANM) easily hurdled analyst estimates in the fourth quarter.

After market close Monday, the contract electronics manufacturer reported fiscal fourth quarter earnings of $97.1 million, or 59 cents per share, excluding one-time events. First Call's survey of 20 analysts predicted a profit of 49 cents per share for the quarter ended Sept. 30.

Including all charges, Sanmina earned $92.2 milion, or 56 cents per share.

Fourth quarter revenue rose 91 percent year-over-year to $1.3 billion. Operating margin increased to 12.1 percent from 11.3 percent in the comparable quarter a year ago.

Communications equipment manufacturers increased their outsourcing during the fiscal year, said Jure Sola, CEO and chairman of Sanmina. The company saw increased business from Alcatel, Harris, Lucent and Avaya, among others.

For the full fiscal 2000, Sanmina earned $259.4 million, or $1.66 per share, excluding one-time charges. Full year revenue increased to $3.9 billion from $2.4 billion in 1999.>