Benchmark Electronics 4Q results top Street's view
ANGLETON, Texas (AP) — Benchmark Electronics' net income soared in its fourth quarter, driven by increased orders and lower charges.
The electronic manufacturing services provider earned $18.1 million, or 33 cents per share, for the three months ended Dec. 31. That compares with $2.9 million, or 5 cents per share, a year earlier.
Restructuring charges were higher in the prior-year period. It was also hurt by Thailand flood-related charges.
Analysts predicted earnings of 30 cents per share, according to a FactSet survey.
Revenue increased 13 percent to $633.9 million from $559.1 million, topping Wall Street's estimate of $597.9 million.
For the year, Benchmark Electronics Inc. earned $56.6 million, or $1 per share., up from $52 million, or 87 cents per share. Annual revenue rose 10 percent to $2.47 billion from $2.25 billion.
The Angleton, Texas-based company expects first-quarter adjusted earnings between 17 cents and 21 cents per share on revenue in a range of $530 million to $560 million.
Analysts expect earnings of 28 cents per share on revenue of $579.9 million.
Shares of Benchmark Electronics added 10 cent to $17.91 in morning trading on Monday. They have traded in a 52-week range of $12.54 to $18.87.