Powering the Future: Why True Ceramic Circuits Are Not Just ‘Better PCBs’
Global Sourcing Spotlight: The Global Quality Gap—Why Consistency Wins the Contract
Knocking Down the Bone Pile: Precision Milling of Underfilled SMT Components
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.
