Benchmark's Q1 Profits Up, Sales Down PDF Print E-mail
Written by Mike Buetow   
Thursday, 25 April 2013 08:40

ANGLETON, TX -- Benchmark Electronics reported first-quarter net income nearly doubled to $11 million, despite lower sales and softness in the computing sector.

For the period ended March 31, the contract electronics manufacturer reported sales of $542 million, down 8.6% from a year ago.

Cash flow from operations was $49 million. Inventory turns were 6.3 times compared to 7.3 at Dec. 31 and 5.5 at March 2012.

"First quarter revenues and earnings were in line with our expectations," said Gayla J. Delly, chief executive officer. "These results were driven by our teams' continued ability to execute effectively in the current uncertain global economic environment. Against these headwinds, contributions from new program ramps, operational excellence and strength in new program wins provide good momentum for future growth.

Delly guided for second-quarter revenues of $560 million to $590 million.dustry sector for the quarters ended March 31, 2013, December 31, 2012 and March 31, 2012.

Computer-related sales made up 25% of the company's revenue for the period, down from 33% sequentially and 31% a year ago. Industrial was up 300 basis points from last year to 30%, and medical was up 400 basis points to 13%.

 

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