Electronics Production | October 27, 2009
Benchmark income down to $16 million
EMS-provider Benchmark Electronics reported sales of $510 million for the quarter ended September 30, 2009, compared to $642 million for the same quarter in the prior year.
The Company reported third quarter net income of $16 million. In the comparable period of 2008, net income was $24 million, or $0.35 per diluted share. Excluding restructuring charges and a discrete tax benefit related to a previously closed facility, the Company would have reported net income of $17 million in 3Q/2009 and $20 million in 3Q/2008. "We are seeing positive signs that the economy is beginning to slowly recover as our customers are more confident," said Cary T. Fu, the Company's Chief Executive Officer. "Our team has done a great job during this downturn. We've expanded our customer base and service capabilities, aggressively reduced our costs, realigned our capacity and improved our efficiencies. These actions have put us in a great position to benefit from the economic recovery." Fourth Quarter 2009 Outlook Sales for the fourth quarter of 2009 are expected to range from $520 million to $560 million. Diluted earnings per share for the fourth quarter, excluding restructuring charges, are expected to be between $0.22 and $0.26.