![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Benchmark Electronics Inc | NYSE:BHE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.32 | -0.76% | 41.72 | 42.7399 | 41.12 | 42.35 | 217,748 | 01:00:00 |
Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the fourth quarter and year ended December 31, 2024.
Fourth quarter 2024 results(1):
Full year 2024 results(1):
Three Months Ended
December 31,
September 30,
December 31,
(Amounts in millions, except per share data)
2024
2024
2023
Sales
$
657
$
658
$
691
Net income
$
18
$
15
$
18
Income from operations
$
29
$
28
$
32
Net income – non-GAAP(1)
$
22
$
21
$
23
Income from operations – non-GAAP(1)
$
33
$
35
$
38
Diluted earnings per share
$
0.50
$
0.42
$
0.49
Diluted earnings per share – non-GAAP(1)
$
0.61
$
0.57
$
0.65
Operating margin
4.3
%
4.3
%
4.6
%
Operating margin – non-GAAP(1)
5.1
%
5.3
%
5.5
%
Year Ended
December 31,
(Amounts in millions, except per share data)
2024
2023
Sales
$
2,656
$
2,839
Net income
$
63
$
64
Income from operations
$
109
$
110
Net income – non-GAAP(1)
$
84
$
85
Income from operations – non-GAAP(1)
$
135
$
139
Diluted earnings per share
$
1.72
$
1.79
Diluted earnings per share – non-GAAP(1)
$
2.29
$
2.38
Operating margin
4.1
%
3.9
%
Operating margin – non-GAAP(1)
5.1
%
4.9
%
(1)
A reconciliation of non-GAAP results to the most directly comparable GAAP measures and a discussion of why management believes these non-GAAP results are useful are included below.
“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.”
Cash Conversion Cycle
December 31,
September 30,
December 31,
2024
2024
2023
Accounts receivable days
57
51
59
Contract asset days
23
26
23
Inventory days
85
89
99
Accounts payable days
(54
)
(54
)
(53
)
Advance payments from customers days
(22
)
(22
)
(30
)
Cash conversion cycle days
89
90
98
Fourth Quarter 2024 Industry Sector Update
Revenue and percentage of sales by industry sector were as follows.
December 31,
September 30,
December 31,
(In millions)
2024
2024
2023
Semi-Cap
$
198
30
%
$
188
28
%
$
168
24
%
Complex Industrials
140
21
151
23
132
19
Medical
117
18
107
16
126
18
A&D
117
18
102
16
102
15
AC&C
85
13
110
17
163
24
Total
$
657
100
%
$
658
100
%
$
691
100
%
Revenue decreased quarter over quarter primarily due to decreases in Advanced Computing and Communications (AC&C) sales, which were partially offset by increases in Semi-Cap and A&D 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.
First Quarter 2025 Guidance
Fourth Quarter 2024 Earnings Conference Call
The Company will host a conference call to discuss the results today at 5:00 p.m. Eastern Time. The live webcast of the call and accompanying reference materials will be accessible by logging on to the Company’s website at www.bench.com. A replay of the broadcast will also be available on the Company’s website.
About Benchmark Electronics, Inc.
Benchmark provides comprehensive solutions across the entire product life cycle by leading through its innovative technology and engineering design services, leveraging its optimized global supply chain and delivering world-class manufacturing services in the following industries: semiconductor capital equipment, complex industrials, medical, commercial aerospace, defense, and advanced computing and communications. Benchmark’s global operations include facilities in seven countries and its common shares trade on the New York Stock Exchange under the symbol BHE.
Forward-Looking Statements
This press release 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,” “intend,” “plan,” “project,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” “could,” “predict,” and similar expressions of the negative or other variations thereof. In particular, statements, express or implied, concerning the Company’s outlook and guidance for first quarter and fiscal year 2025 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company’s business strategy and strategic initiatives, the Company’s repurchases of shares of its common stock, the Company’s expectations regarding restructuring charges, stock-based compensation expense, amortization of intangibles, award of any tax incentives and capital expenditures, and the Company’s intentions concerning the payment of dividends, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond the Company’s ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in any of the Company’s subsequent reports filed with the Securities and Exchange Commission. Events relating to the possibility of customer demand fluctuations, supply chain constraints, continuing inflationary pressures, the effects of foreign currency fluctuations and high interest rates, geopolitical uncertainties including continuing hostilities and tensions, trade restrictions and sanctions, or the ability to utilize the Company’s manufacturing facilities at sufficient levels to cover its fixed operating costs, may have resulting impacts on the Company’s business, financial condition, results of operations, and the Company’s ability (or inability) to execute on its plans. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of the Company’s operations, may vary materially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and the Company assumes no obligation to update.
Non-GAAP Financial Measures
Management discloses certain non-GAAP information to provide investors with additional information to analyze the Company’s performance and underlying trends. These non-GAAP financial measures exclude restructuring charges, stock-based compensation expense, amortization of intangible assets acquired in business combinations, certain legal and other settlement losses (gains), customer insolvency losses (recoveries), asset impairments, other significant non-recurring costs and the related tax impacts of all of the above. A detailed reconciliation between GAAP results and results excluding certain items (“non-GAAP”) is included in the following tables attached to this document. In situations where a non-GAAP reconciliation has not been provided, the Company was unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. Management uses non-GAAP measures that exclude certain items in order to better assess operating performance and help investors compare results with our previous guidance. This document also references “free cash flow”, a non-GAAP measure, which the Company defines as cash flow from operations less additions to property, plant and equipment and purchased software. The Company’s non-GAAP information is not necessarily comparable to the non-GAAP information used by other companies. Non-GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as a measure of the Company’s profitability or liquidity. Readers should consider the types of events and transactions for which adjustments have been made.
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)
Three Months Ended
Year Ended
December 31,
December 31,
2024
2023
2024
2023
Sales
$
656,887
$
691,354
$
2,656,105
$
2,838,976
Cost of sales
588,962
620,350
2,386,081
2,567,906
Gross profit
67,925
71,004
270,024
271,070
Selling, general and administrative expenses
37,470
35,646
149,460
147,025
Amortization of intangible assets
1,204
1,204
4,817
5,979
Restructuring charges and other costs
727
2,054
6,336
8,402
Income from operations
28,524
32,100
109,411
109,664
Interest expense
(6,175
)
(8,692
)
(26,922
)
(31,875
)
Interest income
2,879
2,033
10,208
6,256
Other expense, net
(1,350
)
(3,105
)
(8,802
)
(2,825
)
Income before income taxes
23,878
22,336
83,895
81,220
Income tax expense
5,455
4,784
20,568
16,905
Net income
$
18,423
$
17,552
$
63,327
$
64,315
Earnings per share:
Basic
$
0.51
$
0.49
$
1.76
$
1.81
Diluted
$
0.50
$
0.49
$
1.72
$
1.79
Weighted-average number of shares used in calculating earnings per share:
Basic
35,973
35,658
35,970
35,566
Diluted
36,659
35,956
36,759
35,973
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands)
(UNAUDITED)
December 31,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
315,152
$
277,391
Restricted cash
12,875
5,822
Accounts receivable, net
412,458
449,404
Contract assets
167,578
174,979
Inventories
553,654
683,801
Prepaid expenses and other current assets
42,512
44,350
Total current assets
1,504,229
1,635,747
Property, plant and equipment, net
225,097
227,698
Operating lease right-of-use assets
117,995
130,830
Goodwill and other long-term assets
292,143
280,480
Total assets
$
2,139,464
$
2,274,755
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt
$
6,737
$
4,283
Accounts payable
354,218
367,480
Advance payments from customers
143,614
204,883
Accrued liabilities
144,530
136,901
Total current liabilities
649,099
713,547
Long-term debt, net of current installments
250,457
326,674
Operating lease liabilities
108,997
123,385
Other long-term liabilities
17,598
32,064
Total liabilities
1,026,151
1,195,670
Shareholders’ equity
1,113,313
1,079,085
Total liabilities and shareholders’ equity
$
2,139,464
$
2,274,755
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(UNAUDITED)
Year Ended
December 31,
2024
2023
Cash flows from operating activities:
Net income
$
63,327
$
64,315
Depreciation and amortization
46,144
45,410
Stock-based compensation expense
13,366
15,286
Accounts receivable
33,953
42,050
Contract assets
7,401
8,634
Inventories
127,840
45,071
Accounts payable
(18,283
)
(35,320
)
Advance payments from customers
(61,269
)
6,946
Other changes in working capital and other, net
(23,254
)
(18,098
)
Net cash provided by operating activities
189,225
174,294
Cash flows from investing activities:
Additions to property, plant and equipment and software
(33,253
)
(77,739
)
Other investing activities, net
486
601
Net cash used in investing activities
(32,767
)
(77,138
)
Cash flows from financing activities:
Share repurchases
(5,100
)
—
Net debt activity
(74,283
)
5,509
Other financing activities, net
(29,723
)
(29,087
)
Net cash used in financing activities
(109,106
)
(23,578
)
Effect of exchange rate changes
(2,538
)
2,205
Net increase in cash and cash equivalents and restricted cash
44,814
75,783
Cash and cash equivalents and restricted cash at beginning of year
283,213
207,430
Cash and cash equivalents and restricted cash at end of year
$
328,027
$
283,213
Benchmark Electronics, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Results
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)
Three Months Ended
Year Ended
Dec 31,
Sep 30,
Jun 30,
Mar 31,
Dec 31,
Sep 30,
Jun 30,
Dec 31,
2024
2024
2024
2024
2023
2023
2023
2024
2023
Income from operations (GAAP)
$
28,524
$
28,105
$
27,253
$
25,529
$
32,100
$
30,341
$
24,481
$
109,411
$
109,664
Restructuring charges and other costs
727
795
1,471
3,343
2,054
1,437
2,364
6,336
7,281
Stock-based compensation expense
2,626
4,379
4,185
2,176
2,955
3,674
3,867
13,366
15,286
Amortization of intangible assets
1,204
1,205
1,204
1,204
1,204
1,592
1,591
4,817
5,979
Asset impairment
—
—
—
—
—
198
923
—
1,121
Legal and other settlement loss
239
367
317
855
—
—
—
1,778
—
Customer insolvency (recovery)
—
—
(316
)
—
—
—
—
(316
)
—
Non-GAAP income from operations
$
33,320
$
34,851
$
34,114
$
33,107
$
38,313
$
37,242
$
33,226
$
135,392
$
139,331
GAAP operating margin
4.3
%
4.3
%
4.1
%
3.8
%
4.6
%
4.2
%
3.3
%
4.1
%
3.9
%
Non-GAAP operating margin
5.1
%
5.3
%
5.1
%
4.9
%
5.5
%
5.2
%
4.5
%
5.1
%
4.9
%
Gross profit (GAAP)
$
67,925
$
66,741
$
67,950
$
67,408
$
71,004
$
69,077
$
67,031
$
270,024
$
271,070
Stock-based compensation expense
503
413
326
426
416
420
423
1,668
1,655
Customer insolvency (recovery)
—
—
(316
)
—
—
—
—
(316
)
—
Non-GAAP gross profit
$
68,428
$
67,154
$
67,960
$
67,834
$
71,420
$
69,497
$
67,454
$
271,376
$
272,725
GAAP gross margin
10.3
%
10.1
%
10.2
%
10.0
%
10.3
%
9.6
%
9.1
%
10.2
%
9.5
%
Non-GAAP gross margin
10.4
%
10.2
%
10.2
%
10.0
%
10.3
%
9.7
%
9.2
%
10.2
%
9.6
%
Selling, general and administrative expenses
$
37,470
$
36,636
$
38,022
$
37,332
$
35,646
$
35,509
$
37,672
$
149,460
$
147,025
Stock-based compensation expense
(2,123
)
(3,966
)
(3,859
)
(1,750
)
(2,539
)
(3,254
)
(3,444
)
(11,698
)
(13,631
)
Legal and other settlement loss
(239
)
(367
)
(317
)
(855
)
—
—
—
(1,778
)
—
Non-GAAP selling, general and administrative expenses
$
35,108
$
32,303
$
33,847
$
34,727
$
33,107
$
32,255
$
34,228
$
135,984
$
133,394
Net income (GAAP)
$
18,423
$
15,374
$
15,528
$
14,002
$
17,552
$
20,412
$
13,991
$
63,327
$
64,315
Restructuring charges and other costs
727
795
1,471
3,343
2,899
1,437
2,364
6,336
8,126
Stock-based compensation expense
2,626
4,379
4,185
2,176
2,955
3,674
3,867
13,366
15,286
Amortization of intangible assets
1,204
1,205
1,204
1,204
1,204
1,592
1,591
4,817
5,979
Asset impairment
—
—
—
—
—
198
923
—
1,121
Legal and other settlement loss (gain)
239
367
317
855
(37
)
(3,375
)
(1,155
)
1,778
(4,567
)
Customer insolvency (recovery)
—
—
(316
)
—
—
—
—
(316
)
—
Income tax adjustments(1)
(971
)
(1,406
)
(1,437
)
(1,393
)
(1,280
)
(529
)
(1,484
)
(5,207
)
(4,816
)
Non-GAAP net income
$
22,248
$
20,714
$
20,952
$
20,187
$
23,293
$
23,409
$
20,097
$
84,101
$
85,444
Diluted earnings per share:
Diluted (GAAP)
$
0.50
$
0.42
$
0.43
$
0.38
$
0.49
$
0.57
$
0.39
$
1.72
$
1.79
Diluted (Non-GAAP)
$
0.61
$
0.57
$
0.57
$
0.55
$
0.65
$
0.65
$
0.56
$
2.29
$
2.38
Weighted-average number of shares used in calculating diluted earnings per share:
Diluted (GAAP)
36,659
36,629
36,497
36,401
35,956
35,876
35,676
36,759
35,973
Diluted (Non-GAAP)
36,659
36,629
36,497
36,401
35,956
35,876
35,676
36,759
35,973
Net cash provided by operations
$
45,916
$
39,036
$
55,816
$
48,457
$
137,079
$
37,583
$
24,538
$
189,225
$
174,294
Additions to property, plant and equipment and software
(9,032
)
(9,814
)
(8,504
)
(5,903
)
(11,026
)
(19,664
)
(8,318
)
(33,253
)
(77,739
)
Free cash flow
$
36,884
$
29,222
$
47,312
$
42,554
$
126,053
$
17,919
$
16,220
$
155,972
$
96,555
(1)
This amount represents the tax impact of the non-GAAP adjustments using the applicable effective tax rates.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129984018/en/
For More Information, Please Contact: Paul Mansky, Investor Relations and Corporate Development 1-623-300-7052 or paul.mansky@bench.com
1 Year Benchmark Electronics Chart |
1 Month Benchmark Electronics Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions