Benchmark Electronics(US:BHE)2025-04-29 20:14Revenue and Earnings Performance - Revenue for Q1 2025 was $632 million, a decrease from $676 million in Q1 2024, representing a decline of approximately 6.5%[4] - GAAP diluted earnings per share (EPS) for Q1 2025 was $0.10, down from $0.38 in Q1 2024, a decline of 73.7%[4] - Non-GAAP diluted EPS for Q1 2025 was $0.52, compared to $0.55 in Q1 2024, a decrease of 5.5%[4] - The company reported a GAAP operating income of $12 million for Q1 2025, down from $25.5 million in Q1 2024[4] - The diluted earnings per share (GAAP) for the quarter was $0.38, compared to $0.49 in the previous quarter, indicating a decline in earnings per share[19] Cash Flow and Financial Position - Free cash flow generated in Q1 2025 was over $27 million, despite a sequential revenue decline[2] - Cash flows from operating activities provided $48,457,000, down from $137,079,000 in the previous quarter, indicating a significant decrease in operational cash generation[19] - The company reported a net cash increase of $12,842,000 for the quarter, contrasting with a net cash increase of $126,053,000 in the previous quarter[19] - Free cash flow for the three months ended March 31, 2024, was $42,554,000, a decrease from $126,053,000 in the previous quarter[19] - The company’s cash and cash equivalents at the end of the period totaled $296,055,000, compared to $283,213,000 at the beginning of the year[19] Operational Efficiency - Non-GAAP gross margin for Q1 2025 was 10.1%, slightly down from 10.0% in Q1 2024[3] - The GAAP operating margin for the quarter was 3.8%, down from 4.6% in the previous quarter, indicating a decline in operational efficiency[19] - Days in cash conversion cycle improved to 86 days in Q1 2025, down from 94 days in Q1 2024[5] Future Guidance - The company anticipates Q2 2025 revenue guidance between $615 million and $665 million[9] - Non-GAAP EPS guidance for Q2 2025 is projected to be between $0.52 and $0.58[9] Manufacturing and Compensation - Benchmark operates 10 manufacturing facilities in the U.S. and has significant global manufacturing capacity to meet customer needs[3] - Stock-based compensation expense increased to $4,397,000 for the three months ended March 31, 2025, from $2,176,000 in the previous quarter[19] Profitability - The company’s gross profit (GAAP) for the quarter was $67,408,000, down from $71,004,000 in the previous quarter, reflecting a decrease in profitability[19] - Non-GAAP income from operations for the same period was $33,107,000, compared to $38,313,000 in the previous quarter, reflecting a decline of approximately 13.4%[19]