Benchmark Electronics (NYSE: BHE) reported Q1 EPS of $0.22, $0.06 better than the analyst estimate of $0.16. Revenue for the quarter came in at $508 million versus the consensus estimate of $515 million.

"I want to thank our extraordinary team for their hard work to deliver our results for the first quarter. While adhering to safety and government guidelines, we were able to navigate a very difficult start to the year that began with challenges in our Suzhou, China facility early in the quarter and then migrated to our global locations in late March," said Jeff Benck, Benchmark President and CEO.

"Looking ahead, while we are not immune to the economic impacts created by COVID-19 and the associated labor and supply chain challenges, we expect continued strength in Medical, Defense, and Semi-cap sectors as compared to our other vertical markets. We continue to play a key role in the COVID-19 fight with a number of products we design, test, and manufacture in the Medical sector that directly support efforts to battle this disease. Our teams also continue to build essential products supporting the energy, semiconductor, security, and defense markets.\"

"We remain in close contact with our customers, monitoring their end markets and the ever-changing labor and supply chain conditions. We are proactively deploying a number of prioritized cost and cash management actions to reduce expenses and conserve cash during this period of uncertainty. We have a strong balance sheet and I have the utmost confidence in the Benchmark global team to manage through these challenging times and emerge stronger as we focus on meeting the priority needs of our customers."

GUIDANCE:

Due to the effects of the COVID-19 pandemic and the unpredictable impact on our operations due to government enacted plant shut downs and shelter in place restrictions, particularly in our Tijuana, Mexico, Penang, Malaysia, and California operations as well as supply chain impacts, we are unable to forecast with certainty the effect on Benchmark's financial and operational results for the second quarter of 2020.

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