5 Revealing Analyst Questions From Sanmina’s Q3 Earnings Call

2 weeks ago 11

Petr Huřťák

Sun, November 9, 2025 astatine 11:32 PM CST 4 min read

Sanmina’s third-quarter results saw a beardown affirmative marketplace reaction, reflecting broad-based gross maturation and upside connected non-GAAP net per stock versus Wall Street expectations. Management attributed the quarter’s outperformance to heightened request successful the connection networks and unreality and AI infrastructure segments, arsenic good arsenic benefits from favorable merchandise premix and operational efficiencies. CEO Jure Sola pointed to accordant execution crossed the concern and highlighted that ongoing investments successful exertion and capableness person positioned Sanmina for continued growth.

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Revenue: $2.10 cardinal vs expert estimates of $2.05 cardinal (3.9% year-on-year growth, 2.2% beat)
Adjusted EPS: $1.67 vs expert estimates of $1.57 (6.7% beat)
Adjusted EBITDA: $154.9 cardinal vs expert estimates of $151.5 cardinal (7.4% margin, 2.2% beat)
Revenue Guidance for Q4 CY2025 is $3.05 cardinal astatine the midpoint, supra expert estimates of $2.13 billion
Adjusted EPS guidance for Q4 CY2025 is $2.10 astatine the midpoint, supra expert estimates of $1.69
Operating Margin: 5.2%, successful enactment with the aforesaid 4th past year
Market Capitalization: $9.07 billion

While we bask listening to the management's commentary, our favourite portion of net calls are the expert questions. Those are unscripted and tin often item topics that absorption teams would alternatively debar oregon topics wherever the reply is complicated. Here is what has caught our attention.

Ruplu Bhattacharya (Bank of America) asked for clarity connected ZT Systems’ gross tally complaint and borderline profile. CFO Jonathan Faust confirmed ZT Systems is operating astatine a $5–6 cardinal yearly tally complaint with margins successful enactment with Sanmina’s 5.6–6.1% guidance.
Ruplu Bhattacharya (Bank of America) inquired astir acceleration successful bequest concern growth. Faust stated that mid-single-digit maturation is expected successful the archetypal quarter, with acceleration to precocious azygous digits later, driven by end-market opportunities.
Steven Fox (Fox Advisors) questioned the timeline for rebuilding ZT’s accelerated compute business. CEO Jure Sola responded that Sanmina is instantly expanding engineering and integrating teams to prosecute these opportunities successful concern with AMD.
Steven Fox (Fox Advisors) asked astir the acquisition terms of ZT Systems and currency travel expectations. Faust assured the last terms volition not materially alteration and bequest currency travel remains strong, with ZT’s aboriginal interaction to beryllium clarified successful coming quarters.
Anja Soderstrom (Sidoti) sought details connected AI opportunities for ZT. Sola highlighted the pipeline’s spot and noted that expanded capabilities presumption Sanmina to vie successful information halfway AI for the adjacent respective years.