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Benchmark Electronics, Inc. announced financial results for the third quarter ended September 30, 2023.
"Benchmark's strategy is to serve high-complexity growth opportunities within our targeted sectors. This focus, coupled with the team's commitment to operational improvement, enabled us to deliver another set of strong results in the third quarter," said Jeff Benck, Benchmark's President and CEO.
Benck continued "I am proud of the team's continued execution despite the dynamic market environment. Looking forward, we remain focused on delivering continued operating leverage and believe we are well positioned to capitalize on the opportunities in front of us."
Revenue decreased quarter over quarter and year over year primarily due to a decrease in Advanced Computing of 19% and 30%, respectively, due to completion of a high performance compute program, partially offset by an increase in A&D of 24% and 16%, respectively.
Fourth Quarter 2023 Guidance
- Revenue between $675 - $725 million
- Diluted GAAP earnings per share between $0.49 - $0.55
- Diluted non-GAAP earnings per share between $0.54 - $0.60 (excluding restructuring charges and other costs and amortization of intangibles)
Restructuring charges are expected to range between $0.8 million and $1.2 million in the fourth quarter and the amortization of intangibles is expected to be $1.2 million in the fourth quarter.
