TEMPE, AZ – Benchmark Electronics posted third quarter sales of $571.9 million, up 8.7% year-over-year.

Net income for the quarter ended Sept. 30 was $8.1 million, up 36.3%.

"We continued to execute well in the face of unprecedented supply chain constraints, delivering strong revenue and profit growth in the third quarter," said Jeff Benck, president and CEO, Benchmark. "Our revenues were up 5% sequentially and 9% year-over-year, fueled by strong demand in Semi-Cap and high-performance Computing, and improving demand in the Industrials vertical.

"Entering the fourth quarter, we expect our revenue will again increase sequentially, supported by Semi-Cap, Defense, and Computing strength, which we are projecting will enable double-digit year-over-year revenue growth in the quarter. As we look toward 2022 with our current strong demand momentum, we are expecting another year of solid growth and financial results aligned with the midterm financial model we set over a year ago."

For the nine-month period ended Sept. 30, sales were $1.6 billion, up 5.9% year-over-year. Net income was $23.4 million, an increase of 267.2%.

Cash and cash equivalents as of Sept. 30 were $288.6 million, compared to $390.8 million as of Dec. 31.

Benchmark Electronics expects fourth quarter revenue between $560 million and $610 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 and operations due to Covid-19.

Restructuring charges are expected to range between $4 million and $4.5 million in the fourth quarter.

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