Benchmark Electronics Inc. reported a $17.3 million profit during the company's first fiscal 2003 quarter.
For the quarter ended March 31, the Angleton, Texas, EMS provider generated 66 cents in diluted earnings per share. Consensus estimates from analysts polled by Thomson Financial/First Call in New York were EPS of 44 cents. Analysts believe an $8.1 million non-cash gain from the settlement of customer manufacturing agreements during the first quarter contributed to Benchmark's higher EPS.
In the corresponding year ago quarter, the midtier contractor reported a $5.3 million profit, or 26 cents diluted earnings per share.
The recent first quarter generated $448.4 million in revenue, which was higher than the $329.1 million in revenue the company garnered in the first quarter of fiscal 2002.
"We are reaping the benefits of our higher levels of capacity utilizati...also our continued cost and efficiency improvement programs over the past 18 months have significantly reduced our overhead costs," said Cary Fu, Benchmark's president, in a statement.
The company expects in its second quarter, which ends in June, to report revenue between $430 million and $450 million and earnings per share in the 42- to 46-cent range.