Benchmark Reports Q3 2024 Results; Revenue of $658 Million

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Benchmark Electronics, Inc. announced financial results for the third quarter ended September 30, 2024.

Third quarter 2024 results:

• Revenue of $658 million
• Generated net cash provided by operations of $39 million and positive free cash flow of $29 million
• GAAP and non-GAAP gross margin of 10.1% and 10.2%, respectively
• GAAP and non-GAAP operating margin of 4.3% and 5.3%, respectively
• GAAP and non-GAAP earnings per share of $0.42 and $0.57, respectively

"Our third quarter results represent the 16th consecutive quarter of non-GAAP operating margin expansion on a year-over-year basis.  These results coupled with our focused working capital initiatives, has enabled us to deliver $245 million of positive free cash flow over the last 12 months," said Jeff Benck, Benchmark's President and CEO.

Benck continued "I would again like to welcome our new CFO, Bryan Schumaker, to the company. I am confident with his background and experience he will play a key role in helping drive continued operational excellence as we embark on our next phase of growth."

Third Quarter 2024 Industry Sector Update

Revenue decreased quarter over quarter primarily due to decreases in Advanced Computing and Communications (AC&C) sales, which were partially offset by an increase in Semi-Cap sales.  Revenue decreased year-over-year primarily due to decreases in Medical and AC&C sales, which were partially offset by increases in Semi-Cap and A&D sales.

Fourth Quarter 2024 Guidance

• Revenue between $640 million - $680 million
• Diluted GAAP earnings per share between $0.40 - $0.46
• Diluted non-GAAP earnings per share between $0.53 - $0.59
• Non-GAAP earnings per share guidance excludes stock-based compensation expense, amortization of intangible assets and restructuring charges and other costs.

In the fourth quarter of 2024, stock-based compensation expense is expected to be $3.5 million, amortization of intangible assets is expected to be $1.2 million and restructuring and other charges are expected to be approximately $1.0 million.