Benchmark Electronics, Inc. (BHE), Wednesday announced its second quarter financial results, reporting a profit that declined from the same quarter a year ago, hurt by a drop in revenues, negatively impacted by continuing deterioration in demand in the computing sector. The company also provided its forecast for the third quarter, with earnings expected in line with Street view and revenues below estimates.
Benchmark's net income for the second quarter nearly halved to $11.555 million or $0.18 per share from $22.142 million or $0.33 per share.
Non-GAAP net income for the quarter dropped to $12.196 million or $0.19 per share from $22.142 million or $0.33 per share in the comparable quarter a year ago. Non-GAAP net income excluded restructuring charges of $1.017 million.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.16 per share for the second quarter. Analysts' estimates typically exclude special items such as one-time charges or gains.
Income from operations for the second quarter decreased to $12.353 million from $22.507 million in the same quarter a year ago.
Sales for the quarter declined to $482 million from $682 million in same quarter a year ago, below Street estimates of $486.20 million.
For the six-month period, net income declined to $20.793 million or $0.32 per share from $44.471 million or $0.65 per share in the same period a year ago.
Revenues for the six-month period declined to $978.569 million from $1.366 billion in the same period last year.
Looking forward to the third quarter, the company expects earnings in the range of $0.17 per share to $0.22 per share excluding restructuring charges. Street analysts currently expect earnings of $0.17 per share for the quarter.
Revenues for the third quarter are expected in the range of $470 million to $520 million, below analysts' current view of $492.66 million.
Commenting on the results, Cary Fu, chief executive officer, Benchmark Electronics, said, "End market demand stabilized during the quarter, except for the computing sector, which saw declines from the first quarter. These declines were offset by increased sales in all the other sectors we serve."
BHE is currently trading at $15.58, down $0.12 or 0.76%, on a volume of 0.268 million shares on the NYSE.
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