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Benchmark Reports Q4, Full Year 2021 Results
February 7, 2022 | Benchmark Electronics Inc.Estimated reading time: 1 minute
Benchmark Electronics, Inc. announced financial results for the fourth quarter and year ended December 31, 2021.
"I am proud of our results for the fourth quarter where we exceeded the high end of both our revenue and earnings guidance despite navigating a difficult environment," said Jeff Benck, Benchmark's President and CEO. "Our 2021 results reflect the tremendous progress we have made in advancing our strategic initiatives. Consequently, we delivered year-over-year revenue growth of 10% underpinned by double digit growth in our Semi-Cap, Computing, and Industrials sectors while demonstrating the leverage in our model as we grew earnings faster than revenue for the full year."
"As we head into 2022, we expect our momentum to continue, supported by the robust demand from our portfolio buoyed by continued strong bookings and expected new program ramps. We believe in our ability to drive high single-digit year-over-year revenue growth in 2022 and we further expect to grow earnings faster than revenue once again in 2022."
Overall, higher-value market revenues were up 21% year-over-year from strength in the Semi-Cap, Industrials, and Medical sectors. Traditional market revenues were up 22% year-over-year from strength in both Computing and Telecommunications sectors.
First Quarter 2022 Outlook
- Revenue between $565 - $605 million
- Diluted GAAP earnings per share between $0.21 - $0.27
- Diluted non-GAAP earnings per share between $0.32 - $0.38 (excluding restructuring charges and other costs and amortization of intangibles)
- This guidance takes into consideration all known constraints for the quarter and assumes no further significant interruptions to our supply base, operations or customers. Guidance also assumes no material changes to end market conditions due to COVID.
- Restructuring charges are expected to range between $3.0 million and $3.5 million in the first quarter and the amortization of intangibles is expected to be $1.6 million in the first quarter.
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