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© dmitry-bomshtein-dreamstime.com Electronics Production | February 06, 2014

Benchmark's 4Q sprint - revenue up 26% from 3Q

Benchmark Electronics ended the year with a bang. The company's fourth quarter exceeded expectations with strong revenue growth, leaving the company optimistic about the long-term growth.

"We completed 2014 with a robust fourth quarter and year-over-year growth. Revenue and earnings exceeded our fourth quarter expectations with growth driven organically by revenue from new programs as well as revenue contributions from recent acquisitions," said Gayla J. Delly, the Company's President and CEO. "Strong revenues combined with operating discipline allowed us to achieve an operating margin of 4.1% for the quarter. We see continued strength in our pipeline of opportunities and are optimistic about the long-term growth of the Company." Revenue for the fourth quarter increased 26% to USD 757 million, from 600 million during the third quarter. Net income for the quarter was USD 67 million, up from 24 million from the previous quarter. Operating margin (non GAAP) was also up and landed on 4.1%, compared to the third quarters 3.5%. For the full year of 2013, revenue amounted to USD 2'506 million, compared to 2012's USD 2'468 million. Net income for 2013 was USD 111 million, compared to USD 57 million during 2012. Full year Operating margin (non GAAP) ended up at 3.5%, compared to 3.5% in 2012. Thailand flood related items includes insurance recoveries of USD 31 million including USD 11 million for property, plant and equipment losses and USD 20 million for inventory and business interruption losses. The recovery process with our insurance carriers is largely complete and we expect final resolution in the first quarter of 2014.
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