Benchmark Posts Third Quarter Results
Third quarter 2022 results:
- Revenue of $772 million; 35% year-over-year growth
- Computing and Telco combined revenue growth of 60% year-over-year
- Industrials revenue growth of 44% year-over-year
- Medical revenue growth of 41% year-over-year
- Semi-Cap revenue growth of 39% year-over-year
- GAAP operating income up 114% year-over-year
- Non-GAAP operating income up 44% year-over-year
- GAAP diluted EPS of $0.53, up 130% year-over-year
- Non-GAAP diluted EPS of $0.57, up 46% year-over-year
TEMPE, Ariz, — Benchmark Electronics, Inc. (NYSE: BHE) announced financial results for the third quarter ending September 30, 2022.
| Three Months Ended | ||||||||||||
| Sept 30, | June 30, | Sept 30, | ||||||||||
| In millions, except EPS | 2022 | 2022 | 2021 | |||||||||
| Sales | $ | 772 | $ | 728 | $ | 572 | ||||||
| Net income | $ | 19 | $ | 17 | $ | 8 | ||||||
| Net income – non-GAAP(1) | $ | 20 | $ | 18 | $ | 14 | ||||||
| Diluted earnings per share | $ | 0.53 | $ | 0.49 | $ | 0.23 | ||||||
| Diluted EPS – non-GAAP(1) | $ | 0.57 | $ | 0.50 | $ | 0.39 | ||||||
| Operating margin | 3.3 | % | 3.1 | % | 2.1 | % | ||||||
| Operating margin – non-GAAP(1) | 3.6 | % | 3.1 | % | 3.3 | % | ||||||
| (1) | A reconciliation of GAAP and non-GAAP results is included below. |
“Despite the well-known challenges with which we and the industry have had to navigate, Benchmark continues to execute on its strategy. Our third quarter results achieved the important financial targets within our mid-term model,” said Jeff Benck, Benchmark’s President and CEO.
Benck continued “Our third quarter results demonstrated another solid quarter of revenue growth, with five of our six targeted sectors growing more than 35% year-over-year. This has enabled us to drive non-GAAP earnings growth of more than 46% over the same period. We look forward to updating you on our long term strategy and growth potential for the company at our upcoming analyst day on November 8th.”
