Electronics manufacturer Benchmark Electronics Inc. said Thursday its first-quarter profit and sales declined amid softening demand in several industries.
For the three months ended March 31, the company earned $22.6 million, or 33 cents per share, down 8 percent from year-ago profit of $24.5 million, or 34 cents per share. Adjusted earnings totaled 34 cents per share in the latest quarter.
Revenue fell 9 percent to $684.3 million from $752.5 million.
Analysts, on average, were expecting profit of 34 cents per share on higher sales of $716.1 million, according to a poll by Thomson Financial.
"We are pleased with our first-quarter operating results considering the soft demand environment in several of the industries that we serve," said Cary T. Fu, chief executive, in a statement.
Shares fell 33 cents to $16.76 in morning trading.
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