TEMPE, AZ – Benchmark Electronics posted net sales for the first quarter of $603 million, down 0.82% year-over-year and 8.2% sequentially.

Net income for the quarter ended Mar. 31 was $14 million, compared to a net loss of $24 million in the first quarter of 2018. The figure is down 50% sequentially.

"We delivered a solid first quarter, with revenue and earnings in line with our expectations,” said president and CEO Jeff Benck. “Revenues were up year-over-year in our targeted A&D, Medical, and Telecommunications markets.”

New program orders during the first quarter constitute $161 million at the midpoint of projected annualized revenue. The company projects new program orders will result in annualized revenue of $134 million to $188 million when fully launched in the next 12 to 24 months, medical up to 36 months.

For the second quarter, Benchmark expects revenue between $555 million and $585 million.