SCOTTSDALE, AZ – Benchmark Electronics posted second quarter net sales of $617 million, an increase of 6.6% year-over-year and 8.8% sequentially.

Net income for the quarter ended June 30 was $17 million, up 30.8% compared to the same period in 2016 and 70% sequentially.

The revenue increase year-over-year was a result of strong demand in Test & Instrumentation, computing growth from existing storage and new security customers, and Aerospace and Defense growth from defense programs. Industrials and Medical growth remained muted year-over-year from softness across several of the firm’s top customers. New orders for the quarter totaled $129 million to $155 million.

"Revenue exceeded guidance and reflected year-on-year growth for the second consecutive quarter," said Paul Tufano, Benchmark's president and CEO. "We remain focused on the key initiatives to transform and reposition the company to achieve our long-term business model objectives, namely the optimization of our global network, the implementation of our market-sector sales organization and the expansion of our engineering solutions capability.

"We are in the process of relocating our corporate headquarters to Arizona and anticipate that the majority of this move will be completed in the third quarter."

As of June 30, the firm’s cash was $749 million, of which $92 million was available in the US.

The company expects third quarter revenue between $575 million and $595 million.

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