Benchmark's Profits Up Big on Sales Jump PDF Print E-mail
Written by Mike Buetow   
Tuesday, 04 February 2014 11:02

ANGLETON, TX -- Benchmark Electronics reported net income of $67 million for its fourth quarter ended Dec. 31, up 272% from last year. Revenue rose 19.4% to $757 million for the period.

Net income was boosted by $31 million in insurance recoveries from the floods in Bangkok that destroyed a company plant.

New program bookings for the quarter were $150 million to $180 million. Operating margin was 4.1%, up from 3.7% a year ago.

For the year, sales revenue was $2.51 billion, up 1.5%. Net income was up 95% to $111 million. GAAP operating margin rose 150 basis points to 4.6%, although the non-GAAP operating margin was flat at 3.5%.

"We completed 2014 with a robust fourth quarter and year-over-year growth. Revenue and earnings exceeded our fourth quarter expectations with growth driven organically by revenue from new programs as well as revenue contributions from recent acquisitions," said Gayla J. Delly, president and CEO. "We see continued strength in our pipeline of opportunities and are optimistic about the long-term growth of the company."

Inventory was $397 million as of Dec. 31, and inventory turns were 7.0 times compared to 5.6 on Sept. 30 and 7.3 on Dec. 31, 2012.

Despite the acquisitions of Suntron and CTS's EMS unit, Computers and related products continue to make up 32% of Benchmark's overall sales, down one point from a year ago. Industrial controls was flat at 27%, telecom was down one point to 24%, medical was flat at 10% and testing/instrumentation was up two points to 7%.

The EMS firm guided for first-quarter sales of $630 million to $660 million.

 

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