Q1 2024 Performance Analysis Released

Benchmark Electronics, Inc. released their financial report for the first quarter of 2024, showcasing positive results in various key areas. The company reported a revenue of 6 million and successfully generated net cash provided by operations totaling million, with positive free cash flow of million. Both GAAP and non-GAAP gross margins were recorded at 10.0%, while GAAP and non-GAAP operating margins stood at 3.8% and 4.9% respectively. Earnings per share were reported at [or_text model=”openai/gpt-3.5-turbo” prompt=”You are a news editor expand and Rewrite the following article, remove references to the source, make sure the generated article is well written, makes sense and is SEO enabled:

Benchmark Electronics, Inc. announced financial results for the first quarter ended March 31, 2024.

First quarter 2024 results:

Revenue of $676 million
Generated net cash provided by operations of $48 million and positive free cash flow(1) of $43 million
GAAP and non-GAAP(1) gross margin of 10.0%
GAAP and non-GAAP(1) operating margin of 3.8% and 4.9%, respectively
GAAP and non-GAAP(1) earnings per share of $0.38 and $0.55, respectively

“We are pleased with our strong performance in the first quarter, which reflects our focus on driving operational efficiency while continuing our strategic investments in support of our future growth. We again delivered year-over-year improvement in both GAAP and non-GAAP gross and operating margins which, coupled with our reductions in inventory, resulted in our fourth consecutive quarter of positive cash flow from operations and free cash flow. These results underscore our commitment to drive long-term value to both our customers and shareholders,” said Jeff Benck, Benchmark’s President and CEO.

Revenue decreased quarter over quarter and year over year primarily due to decreases in Medical, Advanced Computing and Next-Generation Communication sales, which were partially offset by an increase in Complex Industrials sales quarter-over-quarter and increases in Semi-Cap and A&D sales year-over-year.

Second Quarter 2024 Guidance

Revenue between $615 million – $655 million
Diluted GAAP earnings per share between $0.32 – $0.38
Diluted non-GAAP earnings per share between $0.48 – $0.54
Non-GAAP earnings per share guidance excludes restructuring charges and other costs, amortization of intangible assets and, beginning in the quarter ended March 31, 2024, stock-based compensation expense.

In the second quarter of 2024, restructuring charges are expected to be approximately $2.0 million, stock-based compensation expense is expected to be $4.4 million and the amortization of intangible assets is expected to be $1.2 million.

“].38 for GAAP and [or_text model=”openai/gpt-3.5-turbo” prompt=”You are a news editor expand and Rewrite the following article, remove references to the source, make sure the generated article is well written, makes sense and is SEO enabled:

Benchmark Electronics, Inc. announced financial results for the first quarter ended March 31, 2024.

First quarter 2024 results:

Revenue of $676 million
Generated net cash provided by operations of $48 million and positive free cash flow(1) of $43 million
GAAP and non-GAAP(1) gross margin of 10.0%
GAAP and non-GAAP(1) operating margin of 3.8% and 4.9%, respectively
GAAP and non-GAAP(1) earnings per share of $0.38 and $0.55, respectively

Second Quarter 2024 Guidance

Revenue between $615 million – $655 million
Diluted GAAP earnings per share between $0.32 – $0.38
Diluted non-GAAP earnings per share between $0.48 – $0.54
Non-GAAP earnings per share guidance excludes restructuring charges and other costs, amortization of intangible assets and, beginning in the quarter ended March 31, 2024, stock-based compensation expense.

“].55 for non-GAAP.

Jeff Benck, President and CEO of Benchmark Electronics, expressed satisfaction with the first quarter performance, attributing it to the company’s focus on operational efficiency and strategic investments for future growth. The positive cash flow from operations and free cash flow marked the fourth consecutive quarter of improvement, highlighting Benchmark’s commitment to delivering long-term value to customers and shareholders.

Despite a decrease in revenue compared to the previous quarter and year, mainly due to declines in Medical, Advanced Computing, and Next-Generation Communication sales, there were partial offsets with an increase in Complex Industrials sales quarter-over-quarter and rises in Semi-Cap and A&D sales year-over-year.

Looking ahead to the second quarter of 2024, Benchmark Electronics provided guidance with revenue projected between 5 million to 5 million. The expected diluted GAAP earnings per share range from [or_text model=”openai/gpt-3.5-turbo” prompt=”You are a news editor expand and Rewrite the following article, remove references to the source, make sure the generated article is well written, makes sense and is SEO enabled:

Benchmark Electronics, Inc. announced financial results for the first quarter ended March 31, 2024.

First quarter 2024 results:

Revenue of $676 million
Generated net cash provided by operations of $48 million and positive free cash flow(1) of $43 million
GAAP and non-GAAP(1) gross margin of 10.0%
GAAP and non-GAAP(1) operating margin of 3.8% and 4.9%, respectively
GAAP and non-GAAP(1) earnings per share of $0.38 and $0.55, respectively

Second Quarter 2024 Guidance

Revenue between $615 million – $655 million
Diluted GAAP earnings per share between $0.32 – $0.38
Diluted non-GAAP earnings per share between $0.48 – $0.54
Non-GAAP earnings per share guidance excludes restructuring charges and other costs, amortization of intangible assets and, beginning in the quarter ended March 31, 2024, stock-based compensation expense.

“].32 to [or_text model=”openai/gpt-3.5-turbo” prompt=”You are a news editor expand and Rewrite the following article, remove references to the source, make sure the generated article is well written, makes sense and is SEO enabled:

Benchmark Electronics, Inc. announced financial results for the first quarter ended March 31, 2024.

First quarter 2024 results:

Revenue of $676 million
Generated net cash provided by operations of $48 million and positive free cash flow(1) of $43 million
GAAP and non-GAAP(1) gross margin of 10.0%
GAAP and non-GAAP(1) operating margin of 3.8% and 4.9%, respectively
GAAP and non-GAAP(1) earnings per share of $0.38 and $0.55, respectively

Second Quarter 2024 Guidance

Revenue between $615 million – $655 million
Diluted GAAP earnings per share between $0.32 – $0.38
Diluted non-GAAP earnings per share between $0.48 – $0.54
Non-GAAP earnings per share guidance excludes restructuring charges and other costs, amortization of intangible assets and, beginning in the quarter ended March 31, 2024, stock-based compensation expense.

“].38, while diluted non-GAAP earnings per share are estimated to be between [or_text model=”openai/gpt-3.5-turbo” prompt=”You are a news editor expand and Rewrite the following article, remove references to the source, make sure the generated article is well written, makes sense and is SEO enabled:

Benchmark Electronics, Inc. announced financial results for the first quarter ended March 31, 2024.

First quarter 2024 results:

Revenue of $676 million
Generated net cash provided by operations of $48 million and positive free cash flow(1) of $43 million
GAAP and non-GAAP(1) gross margin of 10.0%
GAAP and non-GAAP(1) operating margin of 3.8% and 4.9%, respectively
GAAP and non-GAAP(1) earnings per share of $0.38 and $0.55, respectively

Second Quarter 2024 Guidance

Revenue between $615 million – $655 million
Diluted GAAP earnings per share between $0.32 – $0.38
Diluted non-GAAP earnings per share between $0.48 – $0.54
Non-GAAP earnings per share guidance excludes restructuring charges and other costs, amortization of intangible assets and, beginning in the quarter ended March 31, 2024, stock-based compensation expense.

“].48 to [or_text model=”openai/gpt-3.5-turbo” prompt=”You are a news editor expand and Rewrite the following article, remove references to the source, make sure the generated article is well written, makes sense and is SEO enabled:

Benchmark Electronics, Inc. announced financial results for the first quarter ended March 31, 2024.

First quarter 2024 results:

Revenue of $676 million
Generated net cash provided by operations of $48 million and positive free cash flow(1) of $43 million
GAAP and non-GAAP(1) gross margin of 10.0%
GAAP and non-GAAP(1) operating margin of 3.8% and 4.9%, respectively
GAAP and non-GAAP(1) earnings per share of $0.38 and $0.55, respectively

Second Quarter 2024 Guidance

Revenue between $615 million – $655 million
Diluted GAAP earnings per share between $0.32 – $0.38
Diluted non-GAAP earnings per share between $0.48 – $0.54
Non-GAAP earnings per share guidance excludes restructuring charges and other costs, amortization of intangible assets and, beginning in the quarter ended March 31, 2024, stock-based compensation expense.

“].54, excluding restructuring charges, amortization of intangible assets, and stock-based compensation expenses.

Restructuring charges for the second quarter are anticipated to be around .0 million, with stock-based compensation expense expected at .4 million, and the amortization of intangible assets projected to be .2 million. The company remains optimistic about its future prospects despite the challenges faced in the current economic landscape.