SCOTTSDALE, AZ – Benchmark Electronics reported third quarter net sales of $604 million, up 5.2% year-over-year and down 2.1% sequentially.
For the period ended Sept. 30, net income was $18 million, down 18.2% compared to the same quarter last year and up 5.9% sequentially.
"I am pleased by the company's performance in the third quarter, meeting or exceeding each of our commitments,” said Paul Tufano, president and CEO. “Revenues exceeded our guidance and marked the third consecutive quarter we experienced year-on-year revenue growth.
"As we work to reposition the company to achieve our business model objectives, we remain focused on the key initiatives critical to our success, namely the optimization of our global network; the implementation of our market-sector sales organization; and the expansion of our engineering and solutions capabilities," said Tufano. "The transition of our headquarters to the Phoenix area is substantially complete, and we are making progress on our operational excellence and customer care initiatives. Our market-sector sales focus and incremental go-to-market investments are beginning to yield results, as reflected in our third quarter bookings, which were above the $150 million level for the first time in 12 quarters."
Cash was $730 million as of Sept. 30, of which $75 million was available in the US.
The company projects new program orders for the third quarter will result in annualized revenue of $138 million to $165 million when fully launched in the next 12 to 18 months.
Benchmark Electronics expects revenue between $590 million and $610 million in the fourth quarter.