TORONTO – SMTC Corp. reported first-quarter revenue of $65.4 million, down 10% year-over-year and down 11% sequentially.

Net earnings for the quarter were $1.17 million, down 52.1% compared to the same period last year.

The electronics manufacturer posted operating earnings of nearly $2 million, down 36.3% year-over-year.

“Compared to expectations, we experienced a reduction of $14 million in first quarter orders largely from two customers, which led to lower revenues and higher inventories for the quarter. Our margins continued to improve this quarter, and partially offset the impact of the revenue decline. We expect to consume much of this excess inventory in the second quarter, and for debt levels to decline accordingly," said co-CEO Alex Walker.

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