ANGLETON, TX – Benchmark Electronics reported first quarter net sales of $567 million, up 3.3% year-over-year, and down 6.7% sequentially.

First quarter revenue growth was driven by strong test and instrumentation growth, aerospace and defense  growth, and computing strength from new and existing customers. Medical demand was muted by softness across several top customers, and industrials remains challenged by broad-based demand softness in energy and infrastructure-related products.

For the quarter ended Mar. 31, net income was $10 million, down 9% compared to the first quarter of 2016, and down 47.4% sequentially.

"Revenues and margins exceeded guidance, and this quarter marks the first quarter in the past eleven that we experienced year-on-year revenue growth," said Paul Tufano, Benchmark's president and CEO.

During the quarter, the firm had new program orders of $118 million to $149 million and generated operating cash flow of $78 million.

The company expects second quarter revenue between $565 million and $585 million.

The company also announced its plans to relocate its corporate headquarters to the Phoenix Metropolitan area beginning in May.

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