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07.02.2018 22:05
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Benchmark Electronics Reports Fourth Quarter And FY 2017 Results
Eine Tageszeitung (Symbolbild).
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PR Newswire
SCOTTSDALE, Ariz., Feb. 7, 2018
SCOTTSDALE, Ariz., Feb. 7, 2018 /PRNewswire/ -- Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the fourth quarter and year ended December 31, 2017.
| | | | Three Months Ended | | ||||||
| | | | Dec 31, | | | Sep 30, | | | Dec 31, | |
| In millions, except EPS | | 2017 | | | 2017 | | | 2016 | | |
| Net sales | | $680 | | | $604 | | | $608 | | |
| Net income (loss) (1) | | $(76) | | | $18 | | | $19 | | |
| Net income – non-GAAP | | $25 | | | $20 | | | $22 | | |
| Diluted EPS (1) | | ($1.54) | | | $0.35 | | | $0.37 | | |
| Diluted EPS – non-GAAP | | $0.49 | | | $0.39 | | | $0.45 | | |
| | | | | | | | | | | |
| Operating margin | | 3.4% | | | 3.4% | | | 3.9% | | |
| Operating margin – non-GAAP | | 4.2% | | | 4.1% | | | 4.8% | | |
| | | | | | | | | |||
| | | | | | | Twelve Months Ended | | |||
| | | | | | | Dec 31, | | | Dec 31, | |
| In millions, except EPS | | | | | 2017 | | | 2016 | | |
| Net sales | | | | | $2,467 | | | $2,310 | | |
| Net income (loss) (1) | | | | | ($32) | | | $64 | | |
| Net income – non-GAAP | | | | | $81 | | | $72 | | |
| Diluted EPS (1) | | | | | ($0.64) | | | $1.29 | | |
| Diluted EPS – non-GAAP | | | | | $1.61 | | | $1.45 | | |
| Operating margin | | | | | 3.2% | | | 3.3% | | |
| Operating margin – non-GAAP | | | | | 4.1% | | | 4.3% | | |
| |
| (1) Includes $98 million ($1.95 per share for the three months and $1.94 per share for the twelve months ended December 31, 2017) of tax expense related to the effects of the U.S. Tax Cuts and Jobs Act (U.S. Tax Reform). |
| |
| A reconciliation of GAAP and non-GAAP results is included below. |
"I am extremely pleased with both our fourth quarter performance as well as the progress we have made in 2017, posting a 7% revenue increase for the full year. We continue to expand our gross margins and have made further improvement on balance sheet management, resulting in operating cash flows for the full year of $146 million. Additionally, ROIC improved by 210 bps year-over-year to 10.5%," said Paul Tufano, Benchmark's President and CEO.
"During 2017, we made significant progress on our key initiatives to reposition the Company," added Tufano. "As we look forward to 2018, we will continue our focus on these foundational areas: customer acquisition and experience, engineering and solutions expansion, operational excellence, and balance sheet management. In 2018, we plan to leverage and refine the base we established this past year. Our resulting progress will shape our trajectory for years to come."
Fourth Quarter 2017 Financial Highlights
Cash flow from operations was $56 million for the three months ended December 31, 2017 driven by an improvement in our cash conversion cycle.
Cash Conversion Cycle
| | | Dec 31, | | | | Sep 30, | | | | Dec 31, | |
| | | 2017 | | | | 2017 | | | | 2016 | |
| Accounts receivable days | | 58 | | | | 61 | | | | 65 | |
| Inventory days | | 58 | | | | 70 | | | | 62 | |
| Accounts payable days | | (53) | | | | (55) | | | | (53) | |
| Customer deposits | | (3) | | | | (4) | | | | - | |
| | | 60 | | | | 72 | | | | 74 | |
Fourth Quarter 2017 Industry Sector Update
Revenue by industry sector (dollars in millions) was as follows.
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