SCOTTSDALE, AZ – Benchmark Electronics reported third quarter net sales of $641 million, up 4.9% year-over-year and down 3% sequentially.

Net income for the quarter ended Sept. 30 was $8 million, down 55.6% year-over-year and 27.3% sequentially.

"Third quarter revenue and earnings were in line with our expectations," said Paul Tufano, Benchmark's president and CEO. "Bookings remained strong at $175 million; revenue was up 5% year-over-year.

"As of this earnings release, we have spent $152 million on share repurchases year-to-date and are expecting to exceed $200 million in share repurchases exiting this year, which well exceeds our $100 million target for 2018. Additionally, the board has authorized an additional $100 million for share repurchases above our existing program.

"Our fourth quarter guidance reflects strength in our core business and sustained operational improvement but remains tempered by softness in the semi‐cap market, which we expect to persist through the first half of 2019. Despite an expected 10% year-over-year reduction in the Test & Instrumentation sector, we expect annual revenue growth in 2019 of 3-5%.”

The firm had new program orders in the third quarter of $175 million. The company projects these new orders will result in annualized revenue of $162 million to $182 million when fully launched in the next 12 to 24 months, medical up to 36 months.

For the fourth quarter, Benchmark expects revenue between $610 million and $650 million.