TEMPE, AZ – Benchmark Electronics posted first quarter sales of $505.7 million, down 1.8% year-over-year and 2.9% sequentially.

Net income for the period was $7.9 million, an increase of 105.5% year-over-year, nearly flat with the fourth quarter of 2020.

Income from operations was $11.9 million, growth of 83.9% compared to the first quarter of 2020.

Results for the first quarter ended Mar. 31, fourth quarter ended Dec. 31, and first quarter ended Mar. 31, 2020 include the impact of approximately $1.4 million, $1.6 million and $700,000 of net Covid-19-related costs, respectively.

"We delivered another solid quarter of revenue, earnings, and cash generation in line with our expectations," said Jeff Benck, Benchmark’s president and CEO. "We are particularly pleased with continued strength in the semi-cap market where revenues were up 37% year-over-year in the first quarter and are now forecasted to be up greater than 20% for the full year 2021.

“Overall demand across many of our market sectors is strengthening, and we expect this to continue through the year. In the near-term, we are proactively working with our customers and suppliers to manage supply chain constraints. We remain focused on our strategic objectives, which gives us confidence we will grow revenue, margins, and earnings in 2021."

Overall, higher-value market revenues were down 4% year-over-year from softness in commercial aerospace, industrial and medical elective surgeries. Traditional market revenues were up 8% year-over-year primarily from strength in the computing sector.

The firm expects second quarter revenue between $515 million and $555 million. This guidance takes into consideration all known constraints for the quarter and assumes no further significant interruptions to the supply base, operations or customers. Guidance also assumes no material changes to end-market conditions due to Covid-19.

Restructuring charges are expected to range between $800,000 and $1.2 million in the second quarter.

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