ANGLETON, TX -- Benchmark Electronics today reported first quarter net income of $19 million, up 73% year-over-year. Revenue jumped 17.9% to $639 million for the period ended March 31. The GAAP operating margin rose 90 basis points to 3.5%.

"Benchmark again delivered strong performance, which allowed us to exceed our earnings expectations in the first quarter," noted Gayla J. Delly, President and CEO. "Our focus on growth opportunities in the non-traditional market sectors, coupled with operational excellence and enhanced customer solutions, resulted in improved year-over-year revenue and operating margins. Our strategy is delivering results and we expect to continue to expand margins and drive additional improvements throughout the year."

New program bookings were $135 million to $165 million. The EMS provider took restructuring and integration and acquisition-related costs of $2.1 million, offset in part by insurance settlements of $1.6 million related to the Thailand flood. Cash flow from operations was approximately $61 million.

In separate deals, Benchmark acquired Suntron and the EMS unit of CTS last year.

The company, which has been making an effort to reduce its dependence on the computing sector, saw that portion of its sales drop to 20% from 25% a year ago. Industrial electronics was flat at 29%, telecom rose 10 basis points to 27%, medical slipped 20 basis points to 11% and testing and instrumentation rose 60 basis points to 13%.

Benchmark guided for second quarter revenue of $665 to $700 million.

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