Revenue Performance - Revenue for Q3 2024 was $658 million, a decrease from $720 million in Q3 2023, representing a year-over-year decline of approximately 8.6%[3] - The company expects Q4 2024 revenue to be between $640 million and $680 million, with diluted GAAP earnings per share guidance of $0.40 to $0.46[7] - Revenue from the Semiconductor Capital Equipment sector was $188 million, accounting for 28% of total sales, an increase from 23% in Q3 2023[6] Earnings and Profitability - GAAP diluted earnings per share for Q3 2024 were $0.42, down from $0.57 in Q3 2023, reflecting a decrease of approximately 26.3%[3] - Non-GAAP diluted earnings per share for Q3 2024 were $0.57, unchanged from Q2 2024 but down from $0.65 in Q3 2023[3] - Net income for the third quarter of 2024 was $44,904,000, compared to $46,763,000 in the same period of 2023, representing a decrease of about 3.9%[18] - GAAP income from operations for Q3 2024 was $28,105 million, an increase from $25,529 million in Q4 2023[20] - Non-GAAP income from operations reached $34,851 million, compared to $33,107 million in Q4 2023, reflecting a growth of 5.3%[20] - GAAP operating margin improved to 4.3% in Q3 2024, up from 3.8% in Q4 2023[20] - Net income (GAAP) for Q3 2024 was $15,374 million, a decrease from $20,412 million in Q3 2023[20] - Non-GAAP net income was $20,714 million, slightly down from $23,293 million in Q3 2023[20] - Diluted earnings per share (GAAP) for Q3 2024 was $0.42, compared to $0.49 in Q3 2023[20] - Free cash flow for the period was $39,036 million, a significant decrease from $137,079 million in Q3 2023[20] - Gross profit (GAAP) was $66,741 million, down from $71,004 million in Q3 2023[20] - Non-GAAP gross profit was $67,154 million, slightly lower than $71,420 million in Q3 2023[20] Cash Flow and Working Capital - The company generated positive free cash flow of $29 million in Q3 2024, contributing to a total of $245 million over the last 12 months[3] - Net cash provided by operating activities increased significantly to $143,309,000 in September 2024 from $37,214,000 in September 2023, marking an increase of approximately 284.5%[18] - The company reported a significant increase in cash flows from operating activities, driven by improved working capital management[18] - Cash and cash equivalents at the end of the period increased to $324,423,000 from $260,760,000, reflecting an increase of approximately 24.4%[18] Asset and Liability Management - Total current assets decreased from $1,635,747,000 in December 31, 2023 to $1,508,707,000 as of September 30, 2024, a decline of approximately 7.8%[16] - Total liabilities decreased from $1,195,670,000 in December 31, 2023 to $1,046,321,000 as of September 30, 2024, a reduction of about 12.5%[16] - Current liabilities decreased from $713,547,000 in December 31, 2023 to $639,131,000 as of September 30, 2024, a decrease of approximately 10.4%[16] - Long-term debt, net of current installments, decreased from $326,674,000 in December 31, 2023 to $272,000,000 as of September 30, 2024, a reduction of about 16.7%[16] - Inventories decreased from $683,801,000 in December 31, 2023 to $581,901,000 as of September 30, 2024, a decline of about 14.9%[16] Operational Efficiency - The cash conversion cycle improved to 90 days in Q3 2024, down from 105 days in Q3 2023[4] - The company has experienced a 16th consecutive quarter of non-GAAP operating margin expansion year-over-year[3] - Future growth will be supported by the new CFO, Bryan Schumaker, who is expected to drive operational excellence[4] Other Financial Activities - Stock-based compensation expense for Q4 2024 is expected to be $3.5 million, with amortization of intangible assets at $1.2 million[8] - The company engaged in share repurchases amounting to $5,101,000 during the period[18] - The company incurred restructuring charges of $795 million in Q3 2024, compared to $2,899 million in Q3 2023[20]

Financial Results - Benchmark Electronics reported third quarter 2024 revenue of $658 million, a decrease from $666 million in the previous quarter and $720 million year-over-year [1][2][7] - The company generated net cash provided by operations of $39 million and positive free cash flow of $29 million [1][2] - GAAP gross margin was 10.1%, while non-GAAP gross margin was 10.2% [1][2][21] - GAAP operating margin was 4.3%, and non-GAAP operating margin was 5.3% [1][2][21] - GAAP earnings per share (EPS) was $0.42, and non-GAAP EPS was $0.57 [1][2][21] Year-over-Year Comparison - Revenue decreased year-over-year primarily due to declines in Medical and Advanced Computing and Communications (AC&C) sales, partially offset by increases in Semi-Cap and Aerospace & Defense (A&D) sales [7] - Net income for the third quarter was $15 million, down from $20 million in the same quarter last year [2][7] - Non-GAAP net income remained stable at $21 million compared to the previous quarter but decreased from $23 million year-over-year [2][7] Cash Conversion Cycle - The cash conversion cycle days remained at 90 days, down from 105 days a year ago [4] - Accounts receivable days improved to 51 days from 60 days year-over-year [4] - Inventory days decreased to 89 days from 100 days year-over-year [4] Industry Sector Update - Revenue by industry sector for the third quarter included Semi-Cap at $188 million (28% of sales), Complex Industrials at $151 million (23%), Medical at $107 million (16%), and A&D at $102 million (16%) [5][6][7] - The decline in revenue was primarily attributed to decreases in AC&C and Medical sales, while Semi-Cap sales saw an increase [7] Fourth Quarter Guidance - The company expects fourth quarter 2024 revenue to be between $640 million and $680 million [8] - Diluted GAAP EPS is projected to be between $0.40 and $0.46, while diluted non-GAAP EPS is expected to be between $0.53 and $0.59 [8]

TEMPE, Ariz., Oct. 7, 2024 /PRNewswire/ -- Benchmark Electronics, Inc. (NYSE: BHE), a global provider of engineering, design, and manufacturing services, today announced the appointment of Bryan Schumaker as the company's chief financial officer (CFO) effective October 8. Schumaker brings more than 20 years of financial and leadership experience across public and private sectors, driving growth, operational excellence, and strategic capital management. Bryan Schumaker, CFO, BenchmarkBryan Schumaker, CFO, Be ...

New Facility Will Enable Further Vertical Integration when Coupled with Existing Benchmark Facilities in Penang, Adding Critical Capacity and Capabilities TEMPE, Ariz., Sept. 12, 2024 /PRNewswire/ -- Benchmark Electronics, Inc. (NYSE: BHE), a global provider of engineering, design, and manufacturing services, today celebrated the grand opening of a new facility in Penang, Malaysia. This will be Benchmark's fourth facility in the region and will become a critical addition to existing facilities, allowing for ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-------------------------------------------------------------------------------------------------|-----------------------| | For the transition period from _________________ | ...

Benchmark Electronics, Inc. BHE reported better-than-expected second-quarter earnings on Tuesday. Benchmark Electronics reported quarterly earnings of 57 cents per share which beat the analyst consensus estimate of 51 cents per share. The company reported quarterly sales of $666.00 million which beat the analyst consensus estimate of $635.75 million. "Once again Benchmark delivered solid results, demonstrating consistent progress toward achieving our longerterm operational objectives," said Jeff Benck, Benc ...

Benchmark Electronics, Inc. (NYSE:BHE) Q2 2024 Earnings Conference Call July 30, 2024 5:00 PM ET Company Participants Paul Mansky - Head of Investor Relations Jeff Benck - President and Chief Executive Officer Arvind Kamal - Interim Chief Financial Officer Conference Call Participants Steven Fox - Fox Advisors Melissa Fairbanks - Raymond James Jaeson Schmidt - Lake Street Chris Grenga - Needham and Company Anja Soderstrom - Sidoti Operator Good day, everyone, and welcome to today’s Benchmark Second Quarter ...

Benchmark | 1 Benchmark Electronics Second Quarter 2024 Financial Results July 30, 2024 Benchmark. Forward-Looking 2024 Statements | 2 This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as "anticipate," "believe," "i ...

BENCHMARK REPORTS SECOND QUARTER 2024 RESULTS | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|------------------------------------------|---------------------|---------------------------------------|----------|----------------| | • GAAP and non-GAAP earnings per share of \n(Amounts in millions, except per share data) \nSales | $0. ...

Second quarter 2024 results(1): "Once again Benchmark delivered solid results, demonstrating consistent progress toward achieving our longerterm operational objectives," said Jeff Benck, Benchmark's President and CEO. Second Quarter 2024 Industry Sector Update Revenue decreased quarter over quarter primarily due to decreases in Medical and 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 decrea ...