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Electronics Production |
Benchmark updated 1Q20 outlook due to COVID-19
EMS provider Benchmark Electronics, says that it will not achieve the first quarter 2020 financial guidance due to the impact from the novel coronavirus (COVID-19).
This updated outlook results primarily from the impact of the temporary shutdown of its plant in China due to COVID-19, supply chain and logistics interruptions from Asian suppliers impacted by the virus, and the emerging restrictions related to government regulations on its operations. Benchmark's factory in Suzhou China was however proactive in working with the government to come back online five weeks ago and is now fully operational. The situation with COVID-19 continues to evolve rapidly, and Benchmark is, as everyone else, monitoring potential impacts to its business. The company says in the update that it expects to provide more information during its next earnings call in April. "Our deepest sympathies go out to those who have been impacted by the COVID-19 outbreak. The health and wellbeing of Benchmark employees, customers, partners and our communities in which we operate are of the utmost importance. Benchmark is following all government guidelines and taking precautionary steps to protect our global organization. Since this crisis has emerged, the Benchmark team has risen to the challenge to support our customers. The extraordinary efforts of our team members are deeply appreciated," says Jeff Benck, Benchmark President and CEO, in the update.