TEMPE, AZ – Benchmark Electronics reported first quarter revenue of $636 million, up 25.7%% year-over-year and 0.47% sequentially.

Net income for the quarter ended Mar. 31 was $11 million, an increase of 37.5% compared to the same period in 2021 and down 8.3% sequentially.

Results include the impact of approximately $1.1 million, $800,000, and $1.4 million of net Covid-19-related costs, respectively.

"Our recent first quarter again demonstrates our commitment to the core strategic imperatives we established for the company," said Jeff Benck, president and CEO, Benchmark. "During the first quarter, we delivered 26% year-over-year revenue growth, and we are now at a revenue run rate well ahead of pre-pandemic levels. Supply constraints remain a challenge, but it has not prevented us from delivering on our growth strategy and driving improved earnings per share. All of this was done with an increased focus on our commitment to ESG.

"Looking forward to the rest of 2022, we continue to see strong demand across each of our sectors, aided by the ramp of prior wins and momentum in new bookings. In support of this anticipated demand, we began strategically building inventory last year that continued through the first quarter of 2022. We believe this has us well positioned to deliver double-digit revenue growth in 2022."

Overall, higher-value market revenues were up 28% year-over-year from strength in the Semi-Cap, Industrials, and Medical sectors. Traditional market revenues were up 18% year-over-year from strength in both Computing and Telecommunications.

For the second quarter, Benchmark forecasts revenue between $615 million and $655 million.

This guidance takes into consideration all known constraints for the quarter and assumes no further significant interruptions to our supply base, operations or customers. Guidance also assumes no material changes to end-market conditions due to Covid.

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