To quote my colleague Ed Henderson "strong market currents are overpowering seasonal factors in the U.S. PWB industry." The second quarter is typically the weakest but this year's spring slowdown is quite muted. Equipment orders remain strong, inventories are low, lead times have extended, and the key "buyers' indices" point to better times ahead. Perhaps our biggest problem is select component shortages. PCB orders are being delayed just because a key component won't arrive any time soon. In spite of sporadic chip shortages, domestic PWB orders are still growing quite nicely. EMS providers enjoyed a noticeable 1Q'04 upturn (Chart 1). A composite of the top 12 EMS companies saw 1Q revenues increase 17% vs. the same quarter last year. U.S. electronic equipment orders (Chart 2) recovered from the November/ December communications equipment plunge and have now had three months of consistent growth. Medical electronics, instruments and controls and military electronics are the major drivers.
展开▼
