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Benchmark Electronics, Inc. announced financial results for the first quarter ended March 31, 2024.
First quarter 2024 results:
- Revenue of $676 million
- Generated net cash provided by operations of $48 million and positive free cash flow(1) of $43 million
- GAAP and non-GAAP(1) gross margin of 10.0%
- GAAP and non-GAAP(1) operating margin of 3.8% and 4.9%, respectively
- GAAP and non-GAAP(1) earnings per share of $0.38 and $0.55, respectively
"We are pleased with our strong performance in the first quarter, which reflects our focus on driving operational efficiency while continuing our strategic investments in support of our future growth. We again delivered year-over-year improvement in both GAAP and non-GAAP gross and operating margins which, coupled with our reductions in inventory, resulted in our fourth consecutive quarter of positive cash flow from operations and free cash flow. These results underscore our commitment to drive long-term value to both our customers and shareholders," said Jeff Benck, Benchmark's President and CEO.
Revenue decreased quarter over quarter and year over year primarily due to decreases in Medical, Advanced Computing and Next-Generation Communication sales, which were partially offset by an increase in Complex Industrials sales quarter-over-quarter and increases in Semi-Cap and A&D sales year-over-year.
Second Quarter 2024 Guidance
- Revenue between $615 million - $655 million
- Diluted GAAP earnings per share between $0.32 - $0.38
- Diluted non-GAAP earnings per share between $0.48 - $0.54
- Non-GAAP earnings per share guidance excludes restructuring charges and other costs, amortization of intangible assets and, beginning in the quarter ended March 31, 2024, stock-based compensation expense.
In the second quarter of 2024, restructuring charges are expected to be approximately $2.0 million, stock-based compensation expense is expected to be $4.4 million and the amortization of intangible assets is expected to be $1.2 million.
