Benchmark Reports Q4, Fiscal Year 2024 Results

Estimated reading time: 1 minute

Benchmark Electronics, Inc. announced financial results for the fourth quarter and year ended December 31, 2024.

Fourth quarter 2024 results:

• Revenue of $657 million with year-over-year growth in Semi-Cap, A&D and Industrials offset by anticipated weakness in Medical and AC&C
• GAAP and non-GAAP gross margin of 10.3% and 10.4%
• GAAP and Non-GAAP operating margin of 4.3% and 5.1%
• GAAP and non-GAAP earnings per share of $0.50 and $0.61
• Delivered 7thconsecutive quarter of positive Free Cash Flow

Full year 2024 results:

• Revenue of $2.7 billion driven by strength in Semi-Cap and A&D
• GAAP and non-GAAP gross margin of 10.2%, up 70 and 60 basis points year-over-year
• GAAP and non-GAAP operating margin of 4.1% and 5.1%
• GAAP earnings per share of $1.72, with non-GAAP earnings of $2.29
• Delivered $156 million in Free Cash Flow

“The past year has reinforced that our strategy is working, as we have continued to drive margin expansion and free cash flow generation. Our demonstrated execution across cycles gives me confidence in our ability to continue to drive value for our stakeholders,” said Jeff Benck, Benchmark’s President and CEO.

Benck continued: “We will continue to focus on maintaining financial discipline during this dynamic environment, while strategically investing in our future growth. To that end, we are breaking ground on our fourth building in Penang, Malaysia in support of our ongoing momentum in the Semiconductor Capital Equipment sector.”

First Quarter 2025 Guidance

• Revenue between $620 million - $660 million
• Diluted GAAP earnings per share between $0.34 - $0.40
• Diluted non-GAAP earnings per share between $0.48 - $0.54
• Non-GAAP earnings per share guidance excludes stock-based compensation expense of approximately $4.5 million and other non-operating expenses of $2.6 million to $2.8 million which includes restructuring, amortization of intangibles and other expenses.