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WKN: 885906 | ISIN: US08160H1014 | Ticker-Symbol: BMU
Tradegate
10.12.24
09:29 Uhr
45,400 Euro
+0,200
+0,44 %
1-Jahres-Chart
BENCHMARK ELECTRONICS INC Chart 1 Jahr
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BENCHMARK ELECTRONICS INC 5-Tage-Chart
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45,00045,40010:46
45,00045,40010:22
PR Newswire
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BENCHMARK ELECTRONICS: Benchmark Reports Third Quarter 2024 Results

Finanznachrichten News

TEMPE, Ariz., Oct. 30, 2024 /PRNewswire/ -- Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the third quarter ended September 30, 2024.

Third quarter 2024 results(1):

  • Revenue of $658 million
  • Generated net cash provided by operations of $39 million and positive free cash flow of $29 million
  • GAAP and non-GAAP gross margin of 10.1% and 10.2%, respectively
  • GAAP and non-GAAP operating margin of 4.3% and 5.3%, respectively
  • GAAP and non-GAAP earnings per share of $0.42 and $0.57, respectively


Three Months Ended




September 30,



June 30,



September 30,


(Amounts in millions, except per share data)


2024



2024



2023


Sales


$

658



$

666



$

720


Net income


$

15



$

16



$

20


Income from operations


$

28



$

27



$

30


Net income - non-GAAP(1)


$

21



$

21



$

23


Income from operations - non-GAAP(1)


$

35



$

34



$

37


Diluted earnings per share


$

0.42



$

0.43



$

0.57


Diluted earnings per share - non-GAAP(1)


$

0.57



$

0.57



$

0.65


Operating margin



4.3

%



4.1

%



4.2

%

Operating margin - non-GAAP(1)



5.3

%



5.1

%



5.2

%

(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.

"Our third quarter results represent the 16th consecutive quarter of non-GAAP operating margin expansion on a year-over-year basis. These results coupled with our focused working capital initiatives, has enabled us to deliver $245 million of positive free cash flow over the last 12 months," said Jeff Benck, Benchmark's President and CEO.

Benck continued "I would again like to welcome our new CFO, Bryan Schumaker, to the company. I am confident with his background and experience he will play a key role in helping drive continued operational excellence as we embark on our next phase of growth."

Cash Conversion Cycle













September 30,



June 30,



September 30,




2024



2024



2023


Accounts receivable days



51




51




60


Contract asset days



26




25




24


Inventory days



89




90




100


Accounts payable days



(54)




(52)




(53)


Advance payments from customers days



(22)




(24)




(26)


Cash conversion cycle days



90




90




105


Third Quarter 2024 Industry Sector Update

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



September 30,



June 30,



September 30,


(In millions)


2024



2024



2023


Semi-Cap


$

188




28

%


$

172




26

%


$

165




23

%

Complex Industrials



151




23




142




21




154




21


Medical



107




16




111




17




149




21


A&D



102




16




109




16




100




14


AC&C



110




17




132




20




152




21


Total


$

658




100

%


$

666




100

%


$

720




100

%

Revenue decreased quarter over quarter primarily due to decreases in 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 Medical and AC&C sales, which were partially offset by increases in Semi-Cap and A&D sales.

Fourth Quarter 2024 Guidance

  • Revenue between $640 million - $680 million
  • Diluted GAAP earnings per share between $0.40 - $0.46
  • Diluted non-GAAP earnings per share between $0.53 - $0.59
  • Non-GAAP earnings per share guidance excludes stock-based compensation expense, amortization of intangible assets and restructuring charges and other costs.

In the fourth quarter of 2024, stock-based compensation expense is expected to be $3.5 million, amortization of intangible assets is expected to be $1.2 million and restructuring and other charges are expected to be approximately $1.0 million.

Third 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 fourth 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, 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



Nine Months Ended




September 30,



September 30,




2024



2023



2024



2023


Sales


$

657,747



$

719,695



$

1,999,218



$

2,147,622


Cost of sales



591,006




650,618




1,797,119




1,947,556


Gross profit



66,741




69,077




202,099




200,066


Selling, general and administrative expenses



36,636




35,509




111,990




111,379


Amortization of intangible assets



1,205




1,592




3,613




4,775


Restructuring charges and other costs



795




1,635




5,609




6,348


Income from operations



28,105




30,341




80,887




77,564


Interest expense



(6,569)




(8,475)




(20,747)




(23,183)


Interest income



2,811




1,343




7,329




4,223


Other (expense) income, net



(3,952)




2,384




(7,452)




280


Income before income taxes



20,395




25,593




60,017




58,884


Income tax expense



5,021




5,181




15,113




12,121


Net income


$

15,374



$

20,412



$

44,904



$

46,763


Earnings per share:













Basic


$

0.43



$

0.57



$

1.25



$

1.32


Diluted


$

0.42



$

0.57



$

1.23



$

1.30


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













Basic



36,051




35,647




35,970




35,535


Diluted



36,629




35,876




36,469




35,879


Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands)
(UNAUDITED)











September 30,



December 31,




2024



2023


Assets







Current assets:







Cash and cash equivalents


$

324,423



$

277,391


Restricted cash



-




5,822


Accounts receivable, net



372,276




449,404


Contract assets



186,538




174,979


Inventories



581,901




683,801


Prepaid expenses and other current assets



43,569




44,350


Total current assets



1,508,707




1,635,747


Property, plant and equipment, net



224,164




227,698


Operating lease right-of-use assets



122,117




130,830


Goodwill and other long-term assets



294,009




280,480


Total assets


$

2,148,997



$

2,274,755









Liabilities and Shareholders' Equity







Current liabilities:







Current installments of long-term debt


$

6,751



$

4,283


Accounts payable



356,038




367,480


Advance payments from customers



145,350




204,883


Accrued liabilities



130,992




136,901


Total current liabilities



639,131




713,547


Long-term debt, net of current installments



272,000




326,674


Operating lease liabilities



114,181




123,385


Other long-term liabilities



21,009




32,064


Total liabilities



1,046,321




1,195,670


Shareholders' equity



1,102,676




1,079,085


Total liabilities and shareholders' equity


$

2,148,997



$

2,274,755


Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(UNAUDITED)







Nine Months Ended




September 30,




2024



2023


Cash flows from operating activities:







Net income


$

44,904



$

46,763


Depreciation and amortization



34,578




34,103


Stock-based compensation expense



10,740




12,331


Accounts receivable



76,479




12,937


Contract assets



(11,559)




(6,472)


Inventories



102,540




1,789


Accounts payable



(16,107)




(24,420)


Advance payments from customers



(59,533)




(8,879)


Other changes in working capital and other, net



(38,733)




(30,938)


Net cash provided by operating activities



143,309




37,214









Cash flows from investing activities:







Additions to property, plant and equipment and software



(24,221)




(66,713)


Other investing activities, net



483




588


Net cash used in investing activities



(23,738)




(66,125)









Cash flows from financing activities:







Share repurchases



(5,101)




-


Net debt activity



(52,596)




107,194


Other financing activities, net



(23,507)




(23,306)


Net cash (used in) provided by financing activities



(81,204)




83,888









Effect of exchange rate changes



2,843




(1,647)


Net increase in cash and cash equivalents and restricted cash



41,210




53,330


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


$

324,423



$

260,760


Benchmark Electronics, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Results
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)



Three Months Ended



Nine Months Ended




Sept 30,



June 30,



March 31,



Dec 31,



Sept 30,



Sept 30,




2024



2024



2024



2023



2023



2024



2023


Income from operations (GAAP)


$

28,105



$

27,253



$

25,529



$

32,100



$

30,341



$

80,887



$

77,564


Restructuring charges and other costs



795




1,471




3,343




2,054




1,437




5,609




5,227


Stock-based compensation expense



4,379




4,185




2,176




2,955




3,674




10,740




12,331


Amortization of intangible assets



1,205




1,204




1,204




1,204




1,592




3,613




4,775


Asset impairment



-




-




-




-




198




-




1,121


Legal and other settlement loss (gain)



367




317




855




-




-




1,539




-


Customer insolvency (recovery)



-




(316)




-




-




-




(316)




-


Non-GAAP income from operations


$

34,851



$

34,114



$

33,107



$

38,313



$

37,242



$

102,072



$

101,018


GAAP operating margin



4.3

%



4.1

%



3.8

%



4.6

%



4.2

%



4.0

%



3.6

%

Non-GAAP operating margin



5.3

%



5.1

%



4.9

%



5.5

%



5.2

%



5.1

%



4.7

%























Gross profit (GAAP)


$

66,741



$

67,950



$

67,408



$

71,004



$

69,077



$

202,099



$

200,066


Stock-based compensation expense



413




326




426




416




420




1,165




1,239


Customer insolvency (recovery)



-




(316)




-




-




-




(316)




-


Non-GAAP gross profit


$

67,154



$

67,960



$

67,834



$

71,420



$

69,497



$

202,948



$

201,305


GAAP gross margin



10.1

%



10.2

%



10.0

%



10.3

%



9.6

%



10.1

%



9.3

%

Non-GAAP gross margin



10.2

%



10.2

%



10.0

%



10.3

%



9.7

%



10.2

%



9.4

%























Selling, general and administrative expenses


$

36,636



$

38,022



$

37,332



$

35,646



$

35,509



$

111,990



$

111,379


Stock-based compensation expense



(3,966)




(3,859)




(1,750)




(2,539)




(3,254)




(9,575)




(11,092)


Legal and other settlement (loss) gain



(367)




(317)




(855)




-




-




(1,539)




-


Non-GAAP selling, general and administrative expenses


$

32,303



$

33,847



$

34,727



$

33,107



$

32,255



$

100,876



$

100,287
























Net income (GAAP)


$

15,374



$

15,528



$

14,002



$

17,552



$

20,412



$

44,904



$

46,763


Restructuring charges and other costs



795




1,471




3,343




2,899




1,437




5,609




5,227


Stock-based compensation expense



4,379




4,185




2,176




2,955




3,674




10,740




12,331


Amortization of intangible assets



1,205




1,204




1,204




1,204




1,592




3,613




4,775


Asset impairment



-




-




-




-




198




-




1,121


Legal and other settlement loss (gain)



367




317




855




(37)




(3,375)




1,539




(4,530)


Customer insolvency (recovery)



-




(316)




-




-




-




(316)




-


Income tax adjustments(1)



(1,406)




(1,437)




(1,393)




(1,280)




(529)




(4,236)




(3,536)


Non-GAAP net income


$

20,714



$

20,952



$

20,187



$

23,293



$

23,409



$

61,853



$

62,151
























Diluted earnings per share:






















Diluted (GAAP)


$

0.42



$

0.43



$

0.38



$

0.49



$

0.57



$

1.23



$

1.30


Diluted (Non-GAAP)


$

0.57



$

0.57



$

0.55



$

0.65



$

0.65



$

1.70



$

1.73
























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






















Diluted (GAAP)



36,629




36,497




36,401




35,956




35,876




36,469




35,879


Diluted (Non-GAAP)



36,629




36,497




36,401




35,956




35,876




36,469




35,879
























Net cash provided by operations


$

39,036



$

55,816



$

48,457



$

137,079



$

37,583



$

143,309



$

37,214


Additions to property, plant and
equipment and software



(9,814)




(8,504)




(5,903)




(11,026)




(19,664)




(24,221)




(66,713)


Free cash flow (used)


$

29,222



$

47,312



$

42,554



$

126,053



$

17,919



$

119,088



$

(29,499)


(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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