Benchmark Electronics, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported sales of $679,856,000 compared to $607,507,000 a year ago. Income from operations was $23,144,000 compared to $23,548,000 a year ago. Income before income taxes was $21,868,000 compared to $22,398,000 a year ago. Net loss was $76,340,000 or $1.54 per diluted share compared to income of $18,568,000 or $0.37 per diluted share a year ago. Non-GAAP income from operations was $28,334,000 compared to $29,104,000 a year ago. Non-GAAP net income was $24,690,000 or $0.49 per diluted share compared to $22,343,000 or $0.39 per basic and diluted share a year ago. Cash flow from operations was $56 million for the three months ended December 31, 2017. The increase in year-over-year Revenue was driven by growth in our higher-value markets in computing. Free cash flows were $39 million for the fourth quarter.

For the year, the company reported sales of $2,466,811,000 compared to $2,310,415,000 a year ago. Income from operations was $78,603,000 compared to $75,638,000 a year ago. Income before income taxes was $72,782,000 compared to $68,188,000 a year ago. Net loss was $31,965,000 or $0.64 per diluted share compared to income of $68,188,000 or $1.29 per diluted share a year ago. Net cash provided by operations was $145,842,000 compared to $273,088,000 a year ago. Additions to property, plant and equipment and software were $54,506,000 compared to $32,334,000 a year ago. Non-GAAP income from operations was $99,953,000 compared to $100,015,000 a year ago. Non-GAAP net income was $80,706,000 or $1.61 per diluted share compared to $72,459,000 or $1.45 per diluted share a year ago. Free cash flows were $91 million for full year 2017.

For the first quarter of 2018, the company's revenue between $585 million to $605 million, diluted GAAP earnings per share between $0.27 to $0.31, diluted non-GAAP earnings per share between $0.34 to $0.38 (excluding any additional impact related to U.S. Tax Reform, restructuring charges and amortization of intangibles). Interest expense is expected to be $2.5 million and the effective tax rate is expected to be 18%.

For the full year of 2018, the company expects non-GAAP effective tax rate for 2018 is expected to range from 16% to 18%. This effective tax rate range incorporates the effect from the global intangible low-taxed income, or GILTI, tax, which they estimate will increase effective tax rate by approximately 3% to 4%.