Sanmina's stock surged 16.62% intraday on Tuesday, driven by a powerful combination of exceptional quarterly results and significant corporate actions that boosted investor confidence.

The electronics manufacturing services provider reported fiscal second-quarter results that soundly beat analyst expectations. Adjusted earnings per share came in at $3.16, significantly exceeding the consensus estimate of $2.40. Revenue more than doubled year-over-year to $4.01 billion, also surpassing the $3.28 billion analyst forecast. Management attributed the strong performance to revenue from its ZT Systems unit that "significantly exceeded expectations," driven by customers pulling forward accelerated compute orders.

Further fueling the rally, Sanmina's board authorized a new $600 million share repurchase program and provided optimistic third-quarter revenue guidance between $3.2 billion and $3.5 billion, above prior expectations. The strong results prompted multiple brokerages to raise their price targets on the stock.