PR Newswire
ANGLETON, Texas, Feb. 8, 2017
ANGLETON, Texas, Feb. 8, 2017 /PRNewswire/ -- Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the fourth quarter and year ended December 31, 2016.
| | | Three Months Ended | | ||||||
| | | Dec 31, | | | Sep 30, | | | Dec 31, | |
In millions, except EPS | | 2016 | | | 2016 | | | 2015 | | |
Net sales | | $608 | | | $574 | | | $626 | | |
Net income | | $19 | | | $22 | | | $39 | | |
Net income – non-GAAP | | $22 | | | $18 | | | $24 | | |
Diluted EPS | | $0.37 | | | $0.44 | | | $0.77 | | |
Diluted EPS – non-GAAP | | $0.45 | | | $0.36 | | | $0.48 | | |
| | | | | | | | | | |
Operating margin | | 3.9% | | | 3.1% | | | 3.5% | | |
Operating margin – non-GAAP | | 4.8% | | | 4.3% | | | 4.8% | |
| | | Twelve Months Ended | | |||
| | | Dec 31, | | | Dec 31, | |
In millions, except EPS | | 2016 | | | 2015 | | |
Net sales | | $2,310 | | | $2,541 | | |
Net income | | $64 | | | $95 | | |
Net income – non-GAAP | | $72 | | | $88 | | |
Diluted EPS | | $1.29 | | | $1.83 | | |
Diluted EPS – non-GAAP | | $1.45 | | | $1.68 | | |
Operating margin (%) | | 3.3% | | | 3.7% | | |
Operating margin – non-GAAP (%) | | 4.3% | | | 4.4% | |
A reconciliation of GAAP and non-GAAP results is included below.
"I am pleased by the Company's performance in the fourth quarter, which met or exceeded each of our commitments. Revenue and margins were at the top end of our guidance, and non-GAAP EPS of $0.45 exceeded by two cents. We generated operating cash flow of $273 million for the year and ended 2016 with cash conversion days of 74, one day lower than our target and a twenty-day improvement from the year ago period," said Paul Tufano, Benchmark's CEO and President.
"During 2017, we will be realigning and invigorating the organization with three priorities critical to our success", Tufano added. "First, the optimization of our global network coupled with a relentless focus on execution excellence. Within our global teams, we are driving greater ownership and accountability and a heightened sense of urgency. Second, the investment in a market segment organization tasked with driving appropriate customer acquisition, revenue and margin growth. Third, the expansion of our engineering capabilities to provide our customers with the design services and technology building blocks that will allow them to go to market faster and more economically."
Tufano concluded, "I remain excited by our opportunities going forward and the enthusiasm and support of our customers and employees. Looking ahead, our objective is to meet our commitments to customers, shareholders and employees while we reposition Benchmark for long-term growth."
Fourth Quarter 2016 Financial Highlights
Cash Conversion Cycle
| | Dec 31, | | | | Sep 30, | | | | Dec 31, | |
| | 2016 | | | | 2016 | | | | 2015 | |
Accounts receivable days | | 65 | | | | 65 | | | | 69 | |
Inventory days | | 62 | | | | 68 | | | | 65 | |
Accounts payable days | | (53) | | | | (53) | | | | (40) | |
| | 74 | | | | 80 | | | | 94 | |
"We exceeded our 75-day cash conversion cycle target and exited the year at 74 days," said Don Adam, CFO. "For the fourth quarter, we generated $44 million of cash flow from operations, bringing our full year total to $273 million. We are targeting a cash conversion cycle range of 68-73 days and annual operating cash flows in the range of $125 - $150 million in 2017. For the full year, we purchased $42 million of our common shares and have $93 million remaining in our current share repurchase program."
Fourth Quarter 2016 Industry Sector Update
Revenue by industry sector (dollars in millions) was as follows.
| | | Dec 31, | | | | Sep 30, | | | | Dec 31, Werbung Mehr Nachrichten zur Benchmark Electronics Aktie kostenlos abonnieren
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