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Benchmark Electronics, Inc. has announced financial results for the first quarter ended March 31, 2019.
Jeff Benck, Benchmark's president and CEO stated, "We delivered a solid first quarter with revenue and earnings in line with our expectations. Revenues were up year-over-year in our targeted A&D, medical, and telecommunications markets and non-GAAP gross margins increased 40 bps sequentially to 8.8%."
"Since joining Benchmark Electronics, I have visited several of our facilities and have experienced first-hand our unique and differentiated capabilities. I am excited by the talent of our employees across the business and the dedication they bring to solving our customers' most challenging problems. Our advanced design and manufacturing services as well as technology solutions provide a strong foundation for innovation and industry excellence as we enable our customers' new product ideas. Looking ahead, we remain focused on capturing opportunities to grow our revenue, expand our operating margins, and create long-term value for our shareholders."
Higher-value markets were down 8% year-over-year from softer demand in Test & Instrumentation (primarily semi-capital equipment). Traditional market revenues were up 14% year-over-year primarily from higher Computing revenues.
First Quarter 2019 Bookings Update
- New program bookings of $161 million at the midpoint of projected annualized revenue.
- 20 engineering awards supporting early engagement opportunities.
- 34 manufacturing wins across all market sectors.
- The Company projects that new program bookings for the first quarter will result in annualized revenue of $134 to $188 million when fully launched in the next 12-24 months, medical up to 36 months.
- Second Quarter 2019 Outlook:
- Revenue between $555 - $585 million.
- Diluted GAAP earnings per share between $0.15 - $0.25.
- Diluted non-GAAP earnings per share between $0.28 - $0.36 (excluding restructuring charges and other costs and amortization of intangibles).
About Benchmark Electronics, Inc.
Benchmark is a worldwide provider of innovative product design, engineering services, technology solutions and advanced manufacturing services. From initial product concept to volume production, including direct order fulfillment and aftermarket services, Benchmark has been providing integrated services and solutions to original equipment manufacturers since 1979. Today, Benchmark proudly serves the following industries: aerospace and defense, medical technologies, complex industrials, test and instrumentation, next-generation telecommunications and high-end computing. Benchmark's global operations network includes facilities in eight countries and common shares trade on the New York Stock Exchange under the symbol BHE.