Electronics manufacturing services provider Benchmark Electronics, Inc. (BHE), Thursday reported a swing to profit in the fourth quarter from a loss last year, reflecting higher revenues and the absence of a goodwill impairment charge recorded in the same quarter of the previous year. Both revenues and earnings for the quarter came in ahead of the Street estimates. Looking ahead, the company also provided its guidance for the first quarter of fiscal year 2010, expected to come in line with estimates.
The Angleton, Texas-based company's net income for the fourth quarter was $16.69 million or $0.26 per share, compared to a loss of $203.74 million or $3.13 per share in the previous year. Results for the quarter include restructuring charges of $1.95 million, while the previous-year results include a goodwill impairment of $247.48 million.
Non-GAAP net income for the quarter increased to $18.637 million or $0.29 per share from $17.432 million or $0.27 per share in the prior year.
On average, seven analysts polled by Thomson Reuters expected the company to report a profit of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter improved to $600.22 million from $581.77 million last year. Analysts expected revenue of $552.43 million for the quarter.
Restructuring charges declined to $2.36 million from $2.53 million a year ago. Selling, General and administrative expenses declined to $22.60 million from $22.70 million last year.
For the fiscal year 2009, net income was $53.89 million or $0.83 per share, compared to a loss of $135.63 million or $2.02 per share in the previous year. Adjusted net income was $59 million or $0.90 per share, compared to $82 million or $1.22 per share a year ago. Net sales for the year declined to $2.09 billion from $2.59 billion last year.
Looking forward, the company expects sales for the first quarter of 2010 to range from $580 million to $620 million. Earnings for the first quarter, excluding restructuring charges, are expected to be between $0.28 and $0.32 per share.
Analysts currently expect earnings of $0.24 per share on revenues of $537.11 million for the quarter.
BHE is currently trading at $18.16, down 0.60 or 3.20%, on a volume of 0.24 million shares on the NYSE.
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