ANGLETON, TX -- Benchmark Electronics today reported second-quarter sales fell 7.4% year-over-year to $664 million.

Sales were up 6.9% sequentially for the quarter ended June 30.

Revenue was at the high end of the company's previously announced guidance.

"Despite broad variability in end-market demand, consistent execution resulted in year-over-year revenue increases in the medical and test & instrumentation sectors where we have had strong new program bookings in the last 12 months," said Gayla Delly, Benchmark president and CEO. "We also experienced higher demand during the quarter from computing and telecom customers."

Non-GAAP operating margin was 4.2%. New program bookings are expected to bring annualized revenue of $110 million to $130 million within to 18 months. 

Cash flow from operations was $52 million and days sales outstanding was 68 days, down from 71 days at March 31. Inventories were $445 million at June 30, 2015; inventory turns were 5.5 times, up 0.2 turns sequentially. The firm took charges of $2 million for restructuring and integration in the period. 

Industrial controls was the company's largest segment, at 30% of sales, followed by telecommunications (27%), computing (20%), medical (14%) and test and instrumentation (9%). Revenues across all sectors improved quarter-over-quarter.

The company said third quarter revenue would be $635 million to $665 million. 

• Prev
• Next