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Benchmark Reports Q1 2022 Results; Revenue Up 26% YoY
May 3, 2022 | Benchmark Electronics Inc.Estimated reading time: 1 minute
Benchmark Electronics, Inc. announced financial results for the first quarter ended March 31, 2022.
"Our recent first quarter again demonstrates our commitment to the core strategic imperatives we established for the Company," said Jeff Benck, Benchmark's President and CEO. "During the first quarter, we delivered 26% year-over-year revenue growth, and we are now at a revenue run rate well ahead of pre-pandemic levels. Supply constraints remain a challenge, but it has not prevented us from delivering on our growth strategy and driving improved earnings per share. All of this was done with an increased focus on our commitment to ESG. I am very proud to highlight our Sustainability Report, released late March, which provides a transparent progress report on our ESG journey."
"Looking forward to the rest of 2022, we continue to see strong demand across each of our sectors, aided by the ramp of prior wins and momentum in new bookings. In support of this anticipated demand, we began strategically building inventory last year that continued through the first quarter of 2022. We believe this has us well positioned to deliver double-digit revenue growth in 2022."
Second Quarter 2022 Guidance
- Revenue between $615 - $655 million
- Diluted GAAP earnings per share between $0.33 - $0.39
- Diluted non-GAAP earnings per share between $0.39 - $0.45 (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 $0.8 million and $1.2 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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