Benchmark Reports Record Fiscal Year Results

Fourth quarter 2022 results:

  • Revenue of $751 million, up 19% year-over-year
  • GAAP operating income up 45% year-over-year
  • Non-GAAP operating income up 34% year-over-year
  • GAAP diluted EPS of $0.60, up 71% year-over-year
  • Non-GAAP diluted EPS of $0.60, up 25% year-over-year

Full year 2022 results:

  • Revenue of $2,886 million; 28% year-over-year growth
    • Advanced Computing and Next Gen Communications combined revenue growth of 45% year-over-year
    • Industrials revenue growth of 39% year-over-year
    • Medical revenue growth of 28% year-over-year
    • Semi-Cap revenue growth of 31% year-over-year
  • GAAP operating income up 70% year-over-year
  • Non-GAAP operating income up 52% year-over-year
  • GAAP diluted EPS of $1.91, up 93% year-over-year
  • Non-GAAP diluted EPS of $2.09, up 55% year-over-year

TEMPE, Ariz.,  Feb. 1, 2023 /PRNewswire/ — Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the fourth quarter and year ended December 31, 2022.

Benchmark Electronics (PRNewsfoto/Benchmark Electronics, Inc.)

Three Months Ended

Dec 31,

Sept 30,

Dec 31,

In millions, except EPS

2022

2022

2021

Sales

$

751

$

772

$

633

Net income

$

21

$

19

$

12

Net income – non-GAAP(1)

$

21

$

20

$

17

Diluted earnings per share

$

0.60

$

0.53

$

0.35

Diluted EPS – non-GAAP(1)

$

0.60

$

0.57

$

0.48

Operating margin

3.6

%

3.3

%

2.9

%

Operating margin – non-GAAP(1)

4.3

%

3.6

%

3.8

%

 

Year Ended

Dec 31,

Dec 31,

In millions, except EPS

2022

2021

Sales

$

2,886

$

2,255

Net income

$

68

$

36

Net income – non-GAAP(1)

$

75

$

49

Diluted EPS

$

1.91

$

0.99

Diluted EPS – non-GAAP(1)

$

2.09

$

1.35

Operating margin

3.1

%

2.4

%

Operating margin – non-GAAP(1)

3.6

%

3.0

%

(1)     A reconciliation of GAAP and non-GAAP results is included below.

“As we close out 2022, I’m proud to see the team’s continued execution of our strategy which culminated in our reporting a record year of revenue and earnings,” said Jeff Benck, Benchmark’s President and CEO. “These results enabled us to exceed the operating targets we laid out more than two years ago, despite the unforeseen global challenges we encountered during this period.”

Benck continued “Looking forward, we have a new set of objectives, which we introduced at our analyst meeting last November. I am as confident today as I was then in our ability to deliver to our commitments, or better, over the multi-year period.” 

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