ANGLETON, TX – Benchmark Electronics reported third quarter net sales of $574 million, down 8.9% year-over-year and 0.9% sequentially.

Net income for the period ended Sept. 30 was $22 million, up 4.8% year-over-year and 69.2% sequentially. The EMS firm generated $70 million in cash flow from operations during the quarter, bringing its year-to-date total to $228 million, up nearly 100% increase over last year.

"In the September quarter, we made good progress on working capital management, reducing our cash conversion cycle by three days and generating $70 million of operating cash flow,” said Paul Tufano, Benchmark’s president and CEO. “We modestly expanded operating margins on a sequential basis and delivered on our published guidance.  However, the lack of sustained revenue growth continues to be a challenge and a critical focus area for the organization going forward.”

The company projects new program orders for the third quarter will result in annualized revenue of $110 million to $135 million when fully launched in the next 12 to 18 months.

For the fourth quarter, the electronics manufacturer expects revenue between $590 million and $610 million.

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