TEMPE, AZ – Benchmark Electronics reported second quarter sales of $544.6 million, up 10.9% year-over-year and 7.6% sequentially.
Net income for the period ended June 30 was $7.4 million, compared to a net loss of $3.4 million in the prior year period. Net income was down about 8% sequentially.
"In the second quarter, we delivered double-digit revenue growth year-over-year from continued strength in the semi-cap market, improving industrials demand, and strength in the telecommunications sector," said Jeff Benck, Benchmark's president and CEO. "Additionally, we expanded gross and operating margins supported by our strong revenue growth.
"I am particularly pleased with our team's execution in the quarter given the challenges related to the global supply chain constraints and facility disruptions in Malaysia related to the pandemic. Strong end-market demand, new program ramps, and operational execution provide momentum for sequential growth in revenue and gross margins through the balance of 2021."
Overall, higher-value market revenues were up 9% sequentially and 12% year-over-year from growth in semi-cap, industrials and A&D. Traditional market revenues were flat sequentially and up 7% year-over-year primarily from growth in the telecommunications sector.
For the six months ended June 30, sales were $1.05 billion, an increase of 4.4% year-over-year. Net income for the six-month period was $15.3 million, compared to $1 million in the same period last year.
The firm expects revenue between $555 million and $595 million in the third quarter. This guidance takes into consideration all known constraints for the quarter and assumes no further significant interruptions to the supply base, operations or customers. Guidance also assumes no material changes to end-market conditions due to Covid-19.
Restructuring charges are expected to range between $800,000 and $1.2 million in the third quarter, and the amortization of intangibles is expected to be $1.7 million.