Benchmark Reports Q2 2024 Results

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Benchmark Electronics, Inc. announced financial results for the second quarter ended June 30, 2024. Additionally, the company's Board of Directors have authorized an increase in the quarterly dividend from $0.165 to $0.17 per share, effective immediately.

Second quarter 2024 results:

• Revenue of $666 million
• Generated net cash provided by operations of $56 million and positive free cash flow of $47 million
• GAAP and non-GAAP gross margin of 10.2%
• GAAP and non-GAAP operating margin of 4.1% and 5.1%, respectively
• GAAP and non-GAAP earnings per share of $0.43 and $0.57, respectively

"Once again Benchmark delivered solid results, demonstrating consistent progress toward achieving our longer-term operational objectives," said Jeff Benck, Benchmark's President and CEO.

Benck continued, "While market uncertainty persists across a number of our sectors, we remain focused on executing for our customers while protecting margins, driving down inventories and delivering positive free cash flow, which we now expect to exceed $120 million in fiscal year 2024."

Third Quarter 2024 Guidance

• Revenue between $630 million - $670 million
• Diluted GAAP earnings per share between $0.36 - $0.42
• Diluted non-GAAP earnings per share between $0.52 - $0.58
• Non-GAAP earnings per share guidance excludes stock-based compensation expense, restructuring charges and other costs, and amortization of intangible assets.

In the third quarter of 2024, restructuring charges are expected to be approximately $1.0 million, stock-based compensation expense is expected to be $4.5 million and the amortization of intangible assets is expected to be $1.2 million.