Benchmark Reports First Quarter 2023 Results

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Benchmark Electronics, Inc. announced financial results for the first quarter ended March 31, 2023.

"Our first quarter results include double-digit year-over-year product shipment growth despite the pause in Semi-Cap spending, demonstrating the power of our sector diversification," said Jeff Benck, Benchmark's President and CEO.

Benck continued "While 2023 has already been a dynamic year, we are encouraged by the demand trends we are experiencing across the majority of our sectors.  Coupled with our continued execution, we remain confident in our outlook for the current year as well as our ability to execute to our long-term targets."

Overall, revenues were up 9% year-over-year from strength in the Advanced Computing, Next Gen Communications,  Industrials, and Medical sectors.

Second Quarter 2023 Guidance

• Revenue between $670 - $710 million
• Diluted GAAP earnings per share between $0.35 - $0.41
• Diluted non-GAAP earnings per share between $0.43 - $0.49 (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.
• Restructuring charges are expected to range between $1.8 million and $2.2 million in the second quarter and the amortization of intangibles is expected to be $1.6 million in the second quarter.