Benchmark Electronics, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter of 2018 and Effective Tax Rate Guidance for the Full Year of 2018
February 07, 2018 at 04:01 pm
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Benchmark Electronics, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported sales of $679,856,000 compared to $607,507,000 a year ago. Income from operations was $23,144,000 compared to $23,548,000 a year ago. Income before income taxes was $21,868,000 compared to $22,398,000 a year ago. Net loss was $76,340,000 or $1.54 per diluted share compared to income of $18,568,000 or $0.37 per diluted share a year ago. Non-GAAP income from operations was $28,334,000 compared to $29,104,000 a year ago. Non-GAAP net income was $24,690,000 or $0.49 per diluted share compared to $22,343,000 or $0.39 per basic and diluted share a year ago. Cash flow from operations was $56 million for the three months ended December 31, 2017. The increase in year-over-year Revenue was driven by growth in our higher-value markets in computing. Free cash flows were $39 million for the fourth quarter.
For the year, the company reported sales of $2,466,811,000 compared to $2,310,415,000 a year ago. Income from operations was $78,603,000 compared to $75,638,000 a year ago. Income before income taxes was $72,782,000 compared to $68,188,000 a year ago. Net loss was $31,965,000 or $0.64 per diluted share compared to income of $68,188,000 or $1.29 per diluted share a year ago. Net cash provided by operations was $145,842,000 compared to $273,088,000 a year ago. Additions to property, plant and equipment and software were $54,506,000 compared to $32,334,000 a year ago. Non-GAAP income from operations was $99,953,000 compared to $100,015,000 a year ago. Non-GAAP net income was $80,706,000 or $1.61 per diluted share compared to $72,459,000 or $1.45 per diluted share a year ago. Free cash flows were $91 million for full year 2017.
For the first quarter of 2018, the company's revenue between $585 million to $605 million, diluted GAAP earnings per share between $0.27 to $0.31, diluted non-GAAP earnings per share between $0.34 to $0.38 (excluding any additional impact related to U.S. Tax Reform, restructuring charges and amortization of intangibles). Interest expense is expected to be $2.5 million and the effective tax rate is expected to be 18%.
For the full year of 2018, the company expects non-GAAP effective tax rate for 2018 is expected to range from 16% to 18%. This effective tax rate range incorporates the effect from the global intangible low-taxed income, or GILTI, tax, which they estimate will increase effective tax rate by approximately 3% to 4%.
Benchmark Electronics, Inc. provides comprehensive solutions across the entire product life cycle through its technology and engineering design services, leveraging its global supply chain and delivering manufacturing services in various industries. The Company provides advanced manufacturing services (electronic manufacturing services (EMS) and precision technology (PT) services), which includes design and engineering services and technology solutions. Its specialization in packaging and interconnect technologies include printed circuit board assembly (PCBA) and test, component engineering services, systems assembly and test, and failure analysis. The Company offers complex PT services, including full electromechanical assembly and test services. Its design and engineering services and technology solutions include new product design, prototype, testing and related engineering services; custom test and automation equipment design and build services, and technology solutions.
Benchmark Electronics, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter of 2018 and Effective Tax Rate Guidance for the Full Year of 2018