TEMPE, AZ – Benchmark Electronics reported fourth quarter net sales of $657 million, down 1.4% year-over-year and up 2.5% sequentially.

Net income was $28 million, compared to a net loss of $76 million in the fourth quarter of 2018. The figure was up 250% sequentially.

In the fourth quarter, new program orders were $198 million, at the midpoint of projected annualized revenue. The company projects these new program orders will result in annualized revenue of $165 million to $233 million when fully launched in the next 12 to 24 months, medical up to 36 months.

"We capped 2018 with strong results in the fourth quarter, with revenue at $657 million and earnings at $0.41, both above the high end of our guidance," said Paul Tufano, Benchmark's president and CEO.  "Bookings increased 23% for the full year and 13% sequentially to $198 million. Operating cash flow was $94 million in the quarter and $77 million for the full year.  During 2018, we spent $212 million on share repurchases reducing our outstanding shares by 17% year-over-year and have $202 million remaining with our existing program.

"As part of our ongoing process to review marginal and dilutive contracts, we have notified a long-standing computing customer we will not renew a legacy contract that expires at the end of 2019 in its current form. The resulting reduction in annual revenue will be in the range of $280 million to $320 million.”

For full-year 2018, Benchmark recorded net sales of $2.6 billion, up 4.6% year-over-year. Net income was $23 million, compared to a net loss of $32 million in 2017.

The firm expects first quarter revenue between $570 million and $610 million.

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