TEMPE, AZ – Benchmark Electronics reported third quarter sales of $555 million, down 13.4% year-over-year and 7.8% sequentially.

Net income was $7 million, a decrease of 12.5% compared to the third quarter of 2018 and down 22.2% sequentially.

"We are pleased with the solid execution of our team in the third quarter,” said Jeff Benck, Benchmark's president and CEO. “Revenues were up year-over-year in our medical and aerospace and defense markets. We are laying the groundwork for an even stronger Benchmark with the progress our engaged team has made on our strategic priorities, which are focused on improving our go-to-market approach, driving continued operational efficiencies, centralizing our G&A organization, and accelerating our solutions in the market."

Overall, higher‐value markets were up 5% year‐over‐year due to growth in medical and A&D, despite softer demand in semi-cap. Traditional market revenues were down 45% year-over-year primarily from legacy computing revenues.

For the fourth quarter, Benchmark expects revenue between $520 million and $570 million. Restructuring charges are expected to range between $3.5 million and $4.5 million.