TEMPE, AZ – Benchmark Electronics posted fourth quarter sales of $633 million, up 21.5% year-over-year and 10.7% sequentially.

Net income for the quarter was $12 million, an increase of 50% year-over-year and sequentially.

Results for the fourth quarter include the impact of approximately $800,000 in Covid-19 related costs.

For 2021, the electronics manufacturer reported sales of $2.3 billion, growth of 9.8% compared to 2020. Net income was $36 million, an increase of 157.1%.

Year-end results include the impact of approximately $4.4 million of net Covid-19 related costs.

"I am proud of our results for the fourth quarter, where we exceeded the high end of both our revenue and earnings guidance, despite navigating a difficult environment," said Jeff Benck, Benchmark's president and CEO. "Our 2021 results reflect the tremendous progress we have made in advancing our strategic initiatives. Consequently, we delivered year-over-year revenue growth of 10%, underpinned by double-digit growth in our Semi-Cap, Computing, and Industrials sectors, while demonstrating the leverage in our model as we grew earnings faster than revenue for the full year.

"As we head into 2022, we expect our momentum to continue, supported by the robust demand from our portfolio, buoyed by continued strong bookings and expected new program ramps. We believe in our ability to drive high single-digit year-over-year revenue growth in 2022, and we further expect to grow earnings faster than revenue once again in 2022."

For the first quarter, Benchmark Electronics expects revenue between $565 million and $605 million.