ANGLETON, TX – Benchmark Electronics lowered its third-quarter guidance by $50 million to $100 million due to slower than anticipated product and program transitions, and softer demand.

Based on preliminary information, third-quarter sales are expected to be between $670 million and $680 million. On July 26, Benchmark forecast sales of $730 million to $770 million.

"During the quarter, we continued to see strong new program bookings and exceeded our anticipated levels of operating cash flows. Our position in the industry continues to be strong despite the current market condition," the company said in a press release.

"Looking forward, we anticipate new bookings and new program ramps to provide measurable sequential growth for the fourth quarter."