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WKN: 885906 | ISIN: US08160H1014 | Ticker-Symbol: BMU
Tradegate
03.12.24
21:45 Uhr
46,600 Euro
0,000
0,00 %
1-Jahres-Chart
BENCHMARK ELECTRONICS INC Chart 1 Jahr
5-Tage-Chart
BENCHMARK ELECTRONICS INC 5-Tage-Chart
RealtimeGeldBriefZeit
46,20046,60018:36
46,20046,60018:24
PR Newswire
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BENCHMARK ELECTRONICS: Benchmark Reports Second Quarter 2024 Results

Finanznachrichten News

TEMPE, Ariz., July 30, 2024 /PRNewswire/ -- Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the second quarter ended June 30, 2024. Additionally, the company's Board of Directors have authorized an increase in the quarterly dividend from $0.165 to $0.17 per share, effective immediately.

Second quarter 2024 results(1):

  • Revenue of $666 million
  • Generated net cash provided by operations of $56 million and positive free cash flow of $47 million
  • GAAP and non-GAAP gross margin of 10.2%
  • GAAP and non-GAAP operating margin of 4.1% and 5.1%, respectively
  • GAAP and non-GAAP earnings per share of $0.43 and $0.57, respectively


Three Months Ended




June 30,



March 31,



June 30,


(Amounts in millions, except per share data)


2024



2024



2023


Sales


$

666



$

676



$

733


Net income


$

16



$

14



$

14


Income from operations


$

27



$

26



$

24


Net income - non-GAAP(1)


$

21



$

20



$

20


Income from operations - non-GAAP(1)


$

34



$

33



$

33


Diluted earnings per share


$

0.43



$

0.38



$

0.39


Diluted earnings per share - non-GAAP(1)


$

0.57



$

0.55



$

0.56


Operating margin



4.1

%



3.8

%



3.3

%

Operating margin - non-GAAP(1)



5.1

%



4.9

%



4.5

%



(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.

"Once again Benchmark delivered solid results, demonstrating consistent progress toward achieving our longer-term operational objectives," said Jeff Benck, Benchmark's President and CEO.

Benck continued, "While market uncertainty persists across a number of our sectors, we remain focused on executing for our customers while protecting margins, driving down inventories and delivering positive free cash flow, which we now expect to exceed $120 million in fiscal year 2024."

Cash Conversion Cycle



June 30,



March 31,



June 30,




2024



2024



2023


Accounts receivable days



51




56




59


Contract asset days



25




24




23


Inventory days



90




94




102


Accounts payable days



(52)




(52)




(56)


Advance payments from customers days



(24)




(28)




(25)


Cash conversion cycle days



90




94




103


Second Quarter 2024 Industry Sector Update

Revenue and percentage of sales by industry sector were as follows.



June 30,



March 31,



June 30,


(In millions)


2024



2024



2023


Semi-Cap


$

172




26

%


$

166




25

%


$

164




22

%

Complex Industrials



142




21

%



141




21

%



167




23

%

Medical



111




17

%



115




17

%



145




20

%

A&D



109




16

%



106




16

%



80




11

%

AC&C



132




20

%



148




21

%



177




24

%

Total


$

666




100

%


$

676




100

%


$

733




100

%

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 decreases in Complex Industrials, Medical, and AC&C sales, which were partially offset by increases in Semi-Cap and A&D sales.

Third Quarter 2024 Guidance

  • Revenue between $630 million - $670 million
  • Diluted GAAP earnings per share between $0.36 - $0.42
  • Diluted non-GAAP earnings per share between $0.52 - $0.58
  • Non-GAAP earnings per share guidance excludes stock-based compensation expense, restructuring charges and other costs, and amortization of intangible assets.

In the third quarter of 2024, restructuring charges are expected to be approximately $1.0 million, stock-based compensation expense is expected to be $4.5 million and the amortization of intangible assets is expected to be $1.2 million.

Second 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 third quarter and fiscal year 2024 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 and amortization of intangibles, 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



Six Months Ended




June 30,



June 30,




2024



2023



2024



2023


Sales


$

665,896



$

733,232



$

1,341,471



$

1,427,927


Cost of sales



597,946




666,201




1,206,113




1,296,938


Gross profit



67,950




67,031




135,358




130,989


Selling, general and administrative expenses



38,022




37,672




75,354




75,870


Amortization of intangible assets



1,204




1,591




2,408




3,183


Restructuring charges and other costs



1,471




3,287




4,814




4,713


Income from operations



27,253




24,481




52,782




47,223


Interest expense



(6,933)




(8,258)




(14,178)




(14,708)


Interest income



2,526




1,622




4,518




2,880


Other (expense) income, net



(2,323)




61




(3,500)




(2,104)


Income before income taxes



20,523




17,906




39,622




33,291


Income tax expense



4,995




3,915




10,092




6,940


Net income


$

15,528



$

13,991



$

29,530



$

26,351


Earnings per share:













Basic


$

0.43



$

0.39



$

0.82



$

0.74


Diluted


$

0.43



$

0.39



$

0.81



$

0.74


Weighted-average number of shares used in
calculating earnings per share:













Basic



36,047




35,618




35,929




35,478


Diluted



36,497




35,676




36,388




35,730


Benchmark Electronics, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands)

(UNAUDITED)




June 30,



December 31,




2024



2023


Assets







Current assets:







Cash and cash equivalents


$

309,287



$

277,391


Restricted cash



578




5,822


Accounts receivable, net



376,568




449,404


Contract assets



182,090




174,979


Inventories



599,842




683,801


Prepaid expenses and other current assets



42,286




44,350


Total current assets



1,510,651




1,635,747


Property, plant and equipment, net



225,888




227,698


Operating lease right-of-use assets



125,082




130,830


Goodwill and other long-term assets



293,118




280,480


Total assets


$

2,154,739



$

2,274,755









Liabilities and Shareholders' Equity







Current liabilities:







Current installments of long-term debt


$

5,928



$

4,283


Accounts payable



346,153




367,480


Advance payments from customers



157,156




204,883


Accrued liabilities



133,823




136,901


Total current liabilities



643,060




713,547


Long-term debt, net of current installments



283,559




326,674


Operating lease liabilities



116,637




123,385


Other long-term liabilities



16,379




32,064


Total liabilities



1,059,635




1,195,670


Shareholders' equity



1,095,104




1,079,085


Total liabilities and shareholders' equity


$

2,154,739



$

2,274,755


Benchmark Electronics, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(UNAUDITED)




Six Months Ended




June 30,




2024



2023


Cash flows from operating activities:







Net income


$

29,530



$

26,351


Depreciation and amortization



23,026




22,549


Stock-based compensation expense



6,361




8,657


Accounts receivable



71,346




6,359


Contract assets



(7,111)




(2,264)


Inventories



82,717




(28,096)


Accounts payable



(25,550)




9,499


Advance payments from customers



(47,727)




(12,260)


Other changes in working capital and other, net



(28,318)




(31,163)


Net cash provided by (used in) operating activities



104,274




(368)









Cash flows from investing activities:







Additions to property, plant and equipment and software



(14,407)




(47,049)


Other investing activities, net



(1,405)




585


Net cash used in investing activities



(15,812)




(46,464)









Cash flows from financing activities:







Net debt activity



(41,731)




102,237


Other financing activities, net



(17,161)




(17,296)


Net cash (used in) provided by financing activities



(58,892)




84,941









Effect of exchange rate changes



(2,918)




(209)


Net increase in cash and cash equivalents and restricted cash



26,652




37,900


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 period


$

309,865



$

245,330


Benchmark Electronics, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Financial Results

(Amounts in Thousands, Except Per Share Data)

(UNAUDITED)




Three Months Ended



Six Months Ended




June 30,



March 31,



June 30,



June 30,



June 30,




2024



2024



2023



2024



2023


Income from operations (GAAP)


$

27,253



$

25,529



$

24,481



$

52,782



$

47,223


Restructuring charges and other costs



1,471




3,343




2,364




4,814




3,790


Stock-based compensation expense



4,185




2,176




3,867




6,361




8,657


Amortization of intangible assets



1,204




1,204




1,591




2,408




3,183


Asset impairment



-




-




923




-




923


Legal and other settlement loss (gain)



317




855




-




1,172




-


Customer insolvency (recovery)



(316)




-




-




(316)




-


Non-GAAP income from operations


$

34,114



$

33,107



$

33,226



$

67,221



$

63,776


GAAP operating margin



4.1

%



3.8

%



3.3

%



3.9

%



3.3

%

Non-GAAP operating margin



5.1

%



4.9

%



4.5

%



5.0

%



4.5

%

















Gross profit (GAAP)


$

67,950



$

67,408



$

67,031



$

135,358



$

130,989


Stock-based compensation expense



326




426




423




752




819


Customer insolvency (recovery)



(316)




-




-




(316)




-


Non-GAAP gross profit


$

67,960



$

67,834



$

67,454



$

135,794



$

131,808


GAAP gross margin



10.2

%



10.0

%



9.1

%



10.1

%



9.2

%

Non-GAAP gross margin



10.2

%



10.0

%



9.2

%



10.1

%



9.2

%

















Selling, general and administrative expenses


$

38,022



$

37,332



$

37,672



$

75,354



$

75,870


Stock-based compensation expense



(3,858)




(1,750)




(3,444)




(5,608)




(7,838)


Legal and other settlement (loss) gain



(317)




(855)




-




(1,172)




-


Non-GAAP selling, general and administrative expenses


$

33,847



$

34,727



$

34,228



$

68,574



$

68,032


















Net income (GAAP)


$

15,528



$

14,002



$

13,991



$

29,530



$

26,351


Restructuring charges and other costs



1,471




3,343




2,364




4,814




3,790


Stock-based compensation expense



4,185




2,176




3,867




6,361




8,657


Amortization of intangible assets



1,204




1,204




1,591




2,408




3,183


Asset impairment



-




-




923




-




923


Legal and other settlement loss (gain)



317




855




(1,155)




1,172




(1,155)


Customer insolvency (recovery)



(316)




-




-




(316)




-


Income tax adjustments(1)



(1,437)




(1,393)




(1,484)




(2,830)




(3,007)


Non-GAAP net income


$

20,952



$

20,187



$

20,097



$

41,139



$

38,742


















Diluted earnings per share:
















Diluted (GAAP)


$

0.43



$

0.38



$

0.39



$

0.81



$

0.74


Diluted (Non-GAAP)


$

0.57



$

0.55



$

0.56



$

1.13



$

1.08


















Weighted-average number of shares used in
calculating diluted earnings per share:
















Diluted (GAAP)



36,497




36,401




35,676




36,388




35,730


Diluted (Non-GAAP)



36,497




36,401




35,676




36,388




35,730


















Net cash provided by (used in) operations


$

55,816



$

48,457



$

24,538



$

104,274



$

(368)


Additions to property, plant and
equipment and software



(8,504)




(5,903)




(8,318)




(14,407)




(47,049)


Free cash flow (used)


$

47,312



$

42,554



$

16,220



$

89,867



$

(47,417)



(1) This amount represents the tax impact of the non-GAAP adjustments using the applicable effective tax rates.

SOURCE BENCHMARK ELECTRONICS

© 2024 PR Newswire
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