Benchmark Electronics (BHE) has reported 12.35 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $9.69 million, or $0.19 a share in the quarter, compared with $11.05 million, or $0.22 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $17.22 million, or $0.34 a share compared with $15 million or $0.30 a share, a year ago. Revenue during the quarter grew 3.15 percent to $566.50 million from $549.22 million in the previous year period. Gross margin for the quarter contracted 50 basis points over the previous year period to 8.66 percent. Total expenses were 97.81 percent of quarterly revenues, up from 97.04 percent for the same period last year. That has resulted in a contraction of 77 basis points in operating margin to 2.19 percent.
Operating income for the quarter was $12.42 million, compared with $16.27 million in the previous year period.
However, the adjusted operating income for the quarter stood at $21.53 million compared to $21.86 million in the prior year period. At the same time, adjusted operating margin contracted 18 basis points in the quarter to 3.80 percent from 3.98 percent in the last year period.
"I am pleased by the Companys strong performance in our first quarter, providing an excellent start to the year. Revenues and margins exceeded guidance, and this quarter marks the first quarter in the past eleven that we experienced year-on-year revenue growth. Non-GAAP EPS of $0.34 exceeded the high end of our guidance by $0.06; cash cycle days improved by 7 days to 67 days; and we generated operating cash flow of $78 million," said Paul Tufano, Benchmarks president and chief executive officer.
For the second-quarter, Benchmark Electronics projects revenue to be in the range of $565 million to $585 million. The company forecasts diluted earnings per share to be in the range of $0.26 to $0.30 for the second-quarter. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.31 to $0.35 for the second-quarter.
Operating cash flow improves marginallyBenchmark Electronics has generated cash of $77.90 million from operating activities during the quarter, up 1.07 percent or $0.82 million, when compared with the last year period. The company has spent $7.47 million cash to meet investing activities during the quarter as against cash outgo of $7.64 million in the last year period.
Cash flow from financing activities was $0.27 million for the quarter as against cash outgo of $16.94 million in the last year period.
Cash and cash equivalents stood at $752.48 million as on Mar. 31, 2017, up 44.94 percent or $233.31 million from $519.17 million on Mar. 31, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
