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Electronics Production | February 03, 2012

Sales down for Benchmark in 4Q

Benchmark Electronics reports sales of $559 million for the quarter ended December 31, 2011, compared to $627 million for the same quarter in the prior year.
The Company reported fourth quarter net income of $3 million, or $0.05 per diluted share. In the comparable period in 2010, the Company reported net income of $19 million, or $0.31 per diluted share. Excluding restructuring and Thailand flood related charges, net of insurance, the Company's net income would have been $10 million, or $0.17 per diluted share, in the fourth quarter of 2011 and $23 million, or $0.37 per diluted share, in the same quarter of 2010.

Sales for the year ended December 31, 2011 were $2.3 billion, compared to $2.4 billion in 2010. The net income for the year ended December 31, 2011 was $52 million, or $0.87 per diluted share, which includes discrete income tax benefits of $12 million, or $0.20 per diluted share. In the prior year, the net income was $80 million, or $1.27 per diluted share. Excluding restructuring and Thailand flood related charges, net of insurance, the Company's net income would have been $60 million, or $1.00 per diluted share, in 2011, compared to net income of $84 million, or $1.35 per diluted share, in 2010.

"Our fourth quarter revenues and earnings per share exceeded the high-end of our guidance. Customer demand levels were strong across each of our industry sectors in the fourth quarter," said Gayla J. Delly, the Company's Chief Executive Officer. "In addition, we are pleased with the phenomenal recovery in Thailand, made possible by the tremendous support of our global teams and our customers. We expect to return to full production levels by the end of March."

© Benchmark Electronics

First Quarter 2012 Outlook

Sales for the first quarter of 2012 are expected to range from $550 million to $590 million. Diluted earnings per share for the first quarter, excluding restructuring and Thailand flood related charges, net of insurance, are expected to be between $0.17 and $0.23.

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