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Benchmark Electronics, Inc. announced financial results for the second quarter ended June 30, 2021.
"In the second quarter, we delivered double digit revenue growth year-over-year from continued strength in the Semi-Cap market, improving Industrials demand, and strength in the Telecommunications sector," said Jeff Benck, Benchmark's President and CEO. "Additionally, we expanded gross and operating margins supported by our strong revenue growth."
"I am particularly pleased with our team's execution in the quarter given the challenges related to the global supply chain constraints and facility disruptions in Malaysia related to the pandemic. Strong end market demand, new program ramps, and operational execution provide momentum for sequential growth in revenue and gross margins through the balance of 2021."
Second Quarter 2021 Industry Sector Update
Overall, higher-value market revenues were up 9% quarter-over-quarter and 12% year-over-year from growth in semi-cap, industrials and A&D. Traditional market revenues were flat quarter-over-quarter and up 7% year-over-year primarily from growth in the telecommunications sector.
Third Quarter 2021 Outlook
- Revenue between $555 - $595 million
- Diluted GAAP earnings per share between $0.27 - $0.35
- Diluted non-GAAP earnings per share between $0.33 - $0.41 (excluding restructuring charges and other costs and amortization of intangibles)
- This guidance takes into consideration all known constraints for the quarter and assumes no further significant interruptions to our supply base, operations or customers. Guidance also assumes no material changes to end market conditions due to COVID-19.
- Restructuring charges are expected to range between $0.8 million and $1.2 million in the third quarter and the amortization of intangibles is expected to be $1.7 million in the third quarter.
Zac Elliott, Siemens Digital Industries Software
Let’s face it, in the past, electronics manufacturing has not been a big business for North America. A majority of electronics are assembled in Asia where supply chains and operating costs offer many economic advantages. In North America, the electronics manufacturing industry has been generally focused on lower volume, high-cost devices, while higher volume products are produced elsewhere. However, the COVID pandemic and various legislation in the U.S. are changing the situation, making electronics manufacturing in North America a more attractive option. How can factories in North America compete for the same type of manufacturing traditionally performed in lower-cost regions?
Patty Goldman, I-Connect007
The Dieter Bergman IPC Fellowship Award is given to individuals who have fostered a collaborative spirit, made significant contributions to standards development, and have consistently demonstrated a commitment to global standardization efforts and the electronics industry. José Servin has worked as an IPC member for more than 14 years in the development of the Electronics Assembly Norms. As a member of the IPC A-610 and J STD-001 working groups, he became chairman of IPC A-610G and J STD-001G Automotive Addendums that complements the norms for automotive industry since 2018.
Patty Goldman, I-Connect007
Doug Pauls holds a B.A. in chemistry and physics from Carthage College, Kenosha, Wisconsin, and a B.S. in electrical engineering from the University of Wisconsin, Madison. He worked nine years for the Navy, eight years as technical director of Contamination Studies Labs, and 19 years at Rockwell Collins (now Collins Aerospace), in the Advanced Operations Engineering group, where he is a principal materials and process engineer. Doug was awarded the Rockwell Collins Arthur A. Collins Engineer of the Year Award in 2004.