Investors in (NASDAQ: SANM) are having a terrific Tuesday. After Sanmina reported fiscal first-quarter 2024 earnings after the close Monday that exceeded analysts' expectations, shares of the electronics manufacturing company rocketed as much as 37.5% higher in early trading Tuesday, and were still up by 28% as of 11 a.m. ET.

Heading into the quarterly report, analysts had forecast Sanmina would earn $1.22 per share, adjusted for one-time items, on sales of $1.87 billion. Sanmina nailed the sales target, and beat the earnings goal with a $1.30 per share profit.

"Our team did a great job delivering first quarter financial results in line with our outlook," said CEO Jure Sola, and no doubt that's true. However, actual earnings as calculated according to generally accepted accounting principles (GAAP) fell a bit short of the adjusted numbers cited above. Sanmina said its GAAP profits for the quarter were only $0.98 per share -- and that number was down 36% from fiscal Q1 2023. Sales also declined about 21% year over year.

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Source Fool.com