ANGLETON, TX -- Electronics contract manufacturer Benchmark Electronics today reported sales of $749 million for the June quarter, up 33.5% over last year. Net income was $27.5 million, or up 47% from a year ago.

Benchmark guided for third quarter sales of $710 million and $750 million, and raised its full year guidance to $2.76 billion to $2.85 billion.

Excluding one-time items such as restructuring and stock-based compensation costs, the company had net income of $29.4 million.

"We experienced a strong second quarter with solid year-to-date growth in each of the industry sectors that we serve," said President and CEO Cary T. Fu.

Operating margin for the second quarter was 4.4% on a GAAP basis and 4.7%, excluding restructuring charges and the impact of stock-based compensation expenses.

Cash flow from operations was $1.9 million.

At quarter's end the company has cash and short-term investments of $282 million and no debt outstanding. Accounts receivable were $443 million; calculated days sales outstanding were 53 days. The company had $481 million worth of inventory. For the quarter inventory turns were 5.8 times.

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