Benchmark's Q4 Sales Up 3% YoY
ANGLETON, TX -- Benchmark Electronics today reported sales of $600 million for the quarter ended Dec. 31, up 3.1% from 2008 and 18% sequentially.
The net income was $17 million, versus a net loss of $204 million last year.
For the quarter, operating margin was 3.1% on a GAAP basis. Cash flow from operations was $6 million, bringing the 2009 total to $124 million. at quarter's end, Benchmark had cash and long-term investments of $467 million. Days sales outstanding were 63 days. Inventory was $316 million, and inventory turns were 7.1 times.
The company took restructuring charges of $2.4 million primarily related to capacity reduction and severance related costs in Europe and the Americas.
Sales for the year were $2.1 billion, down 19.2% from $2.6 billion in 2008. Net income was $54 million, versus a net loss of $136 million. On a non-GAAP basis, the net income was $59 million, versus net income of $82 million in 2008.
Benchmark finished ninth worldwide in revenues among electronics contract manufacturers in 2009, according to the CIRCUITS ASSEMBLY Top 50, to be released in March.
Benchmark guided for first-quarter revenues of $580 million to $620 million.
