Electronics Production | February 04, 2010
Benchmark post higher sales in Q4
Benchmark Electronics has posted sales of $600 million for the quarter ended December 31, 2009, compared to $582 million for the same quarter in the prior year.
The company reported fourth quarter net income of $17 million. In the comparable period of 2008, the company reported a net loss of $204 million. Excluding restructuring charges and goodwill impairment charges in 2008, the company would have reported net income of $19 million, in the fourth quarter of 2009 and $17 million, in the fourth quarter of 2008. Sales for the year ended December 31, 2009 were $2.1 billion, compared to $2.6 billion in 2008. The net income for the year ended December 31, 2009 was $54 million. In the prior year, the net loss was $136 million. Excluding restructuring charges and a discrete tax benefit related to a previously closed facility, the Company would have reported net income of $59 million, in 2009. Excluding goodwill impairment, restructuring charges and a discrete tax benefit related to a previously closed facility, the company would have reported net income of $82 million, in 2008. "I am pleased with the solid performance of our team in the fourth quarter. The strong demand from our existing customers as well as the progress of our new program ramps contributed to an 18% sequential increase in revenues over the third quarter," said Cary T. Fu, the Company's Chief Executive Officer. "Our fourth quarter revenue and operating margin improvements were achieved in the face of numerous challenges, including the inefficiencies caused by component lead time constraints. We have gained significant momentum in new business bookings and program ramps and are well positioned to continue to gain share in our key markets."