Benchmark Electronics, Inc. (BHE), a contract manufacturer, Tuesday said it currently expects to record fourth quarter sales and earnings at a level much better than its earlier projections.
As a result, the company also said it is currently finalizing its financial closing for the fourth quarter ended December 31, 2009, which would be released on February 4, 2010.
As per the forecast provided on October 27, 2009, the Angleton, Texas-based company currently expects earnings, excluding restructuring charges, in the range of $0.22 to $0.26 per share and sales in the range of $520 million to $560 million.
On average, seven analysts' polled by Thomson Reuters currently expect earnings of $0.24 per share on sales of $543.26 million for the quarter. Analysts' estimate typically excludes one-time items.
Sequentially, in the third quarter, Benchmark Electronics reported a profit that dropped to $16.42 million or $0.25 per share from $23.64 million or $0.35 per share recorded in the year-earlier quarter. Sales were $510 million for the quarter, down from $641.67 million in the prior-year quarter.
The company at that time also indicated signs of economic recovery and that it had taken measures like expanding customer base and service capabilities, reducing costs, realigned capacity and improved efficiencies.
In its stride back to customer confidence, Benchmark was helped with the recent additional aerospace quality certifications for its facilities in Huntsville, Alabama and Penang, Malaysia which according to the company will help improve its geographic footprint to meet the need of targeted aerospace and defense customers.
BHE is currently trading at $19.40, up $0.05 or 0.26%, on the NYSE.
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