SCOTTSDALE, AZ – Benchmark Electronics reported second quarter net sales of $661 million, an increase of 6.6% year-over-year and 8.7% sequentially.

Net income for the period ended June 30 was $11 million, down 39% compared to the second quarter of 2017. In the first quarter of 2018, Benchmark reported a net loss of $24 million.

"On balance, we met our commitments for the second quarter,” said Paul Tufano, president and CEO.  “Bookings grew to $177 million and were above our target mix; revenue was up 7% year-over-year; and cash cycle days of 69 were at the lower end of our target range. During the quarter, we navigated through a number of medical transitions and made meaningful progress in addressing program ramp challenges. While our operating margin profile was lower than expected from higher computing revenue, results were in line with our expectations.

"Over the past 90 days, we have completed our ASR program and year-to-date have repurchased $78 million worth of stock, which puts us on track to exceed our $100 million target for the year. We also refinanced and expanded our credit facilities to a combined total of $650 million, which will be accretive to earnings on an annual basis."

New program orders during the quarter were $177 million. The company projects new program orders for the second quarter will result in annualized revenue of $148 to $205 million when fully launched in the next 12-24 months, medical up to 36 months.

For the third quarter, Benchmark projects revenue between $610 million and $650 million.

Register now for PCB WEST, the leading trade show for the printed circuit design and electronics manufacturing industry! Coming Sept. 11-13 to the Santa Clara Convention Center.

• Prev
• Next