Benchmark Electronics, Inc. (BHE), a contract manufacturing company, reported Thursday a decline in its first-quarter income, hurt by restructuring charges and a sales drop.
For the first quarter, net income dropped to $9.24 million or $0.14 per share from $22.33 million or $0.32 per share in the previous year.
Results for the quarter included restructuring charges of $1.06 million. Excluding the one-time charge, net income for the quarter was $10.29 million or $0.16 per share.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the quarter. Analysts' estimate typically excludes special items.
Sales for the period dipped to $497 million from $684 million in the prior year quarter. The Street estimated revenue of $535.78 million for the first quarter.
Looking ahead, Benchmark expects adjusted earnings for the second quarter to range from $0.13 to $0.21 per share on sales ranging from $460 million to $520 million. Analysts currently forecast earnings of $0.21 per share on revenue of $546.91 million for the second quarter.
BHE is currently trading at $11.92, down $1.79 or 13.06%, on the NYSE.
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