TEMPE, Ariz.–(BUSINESS WIRE)– Benchmark Electronics, Inc. (NYSE: BHE) announced financial results for the second quarter ended June 30, 2025.
Second quarter 2025 results:
- Revenue of $642 million
- GAAP Operating Income of $20 million
- Non-GAAP Operating Income of $30 million
- GAAP earnings per share of $0.03
- Non-GAAP earnings per share of $0.55
“Benchmark’s second quarter results continue to validate our strategy. We are the partner of choice for complex product execution, from concept through design to global delivery and support. Our second quarter progress was measured by sequential growth across most of our sectors with continued strength in A&D and solid recovery in the Industrial and Medical sectors. Even more encouraging was that we achieved a multi-year record in new bookings during the quarter,” said Jeff Benck, Benchmark’s President and CEO.
Benck continued “My conviction in our strategy and execution has never been higher. We see this play out in our margin improvement, bookings momentum with existing customers, and increased commitment to our value proposition by new customers. I am confident our accelerating momentum will drive growth and operational leverage in the coming quarters.”
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Three Months Ended |
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Summary GAAP Items |
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June 30, |
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March 31, |
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June 30, |
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(Amounts in millions, except per share data) |
|
2024 |
|
2025 |
|
2025 |
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Revenue |
|
$ |
666 |
|
|
$ |
632 |
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|
$ |
642 |
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|
Gross Margin |
|
|
10.2 |
% |
|
|
10.0 |
% |
|
|
10.1 |
% |
|
Operating Margin |
|
|
4.1 |
% |
|
|
1.9 |
% |
|
|
3.2 |
% |
|
Diluted EPS |
|
$ |
0.43 |
|
|
$ |
0.10 |
|
|
$ |
0.03 |
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|
|
|
Three Months Ended |
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|
Summary Non-GAAP Items(1) |
|
June 30, |
|
March 31, |
|
June 30, |
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|
(Amounts in millions, except per share data) |
|
2024 |
|
2025 |
|
2025 |
||||||
|
Revenue |
|
$ |
666 |
|
|
$ |
632 |
|
|
$ |
642 |
|
|
Gross Margin |
|
|
10.2 |
% |
|
|
10.1 |
% |
|
|
10.2 |
% |
|
Operating Margin |
|
|
5.1 |
% |
|
|
4.6 |
% |
|
|
4.7 |
% |
|
Diluted EPS |
|
$ |
0.57 |
|
|
$ |
0.52 |
|
|
$ |
0.55 |
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|
(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. |
Second Quarter 2025 Industry Sector Update
|
|
|
June 30, |
|
March 31, |
|
June 30, |
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|
(In millions) |
|
2024 |
|
2025 |
|
2025 |
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|
Semi-Cap |
|
$ |
172 |
|
26 |
% |
|
$ |
195 |
|
32 |
% |
|
$ |
190 |
|
30 |
% |
|
Industrial |
|
|
142 |
|
21 |
|
|
|
137 |
|
22 |
|
|
|
142 |
|
22 |
|
|
A&D |
|
|
109 |
|
16 |
|
|
|
122 |
|
19 |
|
|
|
126 |
|
20 |
|
|
Medical |
|
|
111 |
|
17 |
|
|
|
104 |
|
16 |
|
|
|
110 |
|
17 |
|
|
AC&C |
|
|
132 |
|
20 |
|
|
|
74 |
|
11 |
|
|
|
74 |
|
11 |
|
|
Total |
|
$ |
666 |
|
100 |
% |
|
$ |
632 |
|
100 |
% |
|
$ |
642 |
|
100 |
% |
Cash Conversion Cycle
|
|
|
June 30, |
|
March 31, |
|
June 30, |
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|
|
2024 |
|
2025 |
|
2025 |
||||||
|
Days in accounts receivable |
|
|
51 |
|
|
|
53 |
|
|
|
52 |
|
|
Days in contract asset |
|
|
25 |
|
|
|
25 |
|
|
|
25 |
|
|
Days in inventory |
|
|
90 |
|
|
|
89 |
|
|
|
83 |
|
|
Days in accounts payable |
|
|
(52 |
) |
|
|
(61 |
) |
|
|
(55 |
) |
|
Days in advance payments from customers |
|
|
(24 |
) |
|
|
(20 |
) |
|
|
(20 |
) |
|
Days in cash conversion cycle |
|
|
90 |
|
|
|
86 |
|
|
|
85 |
|
Third Quarter 2025 Guidance
- Revenue between $635 million – $685 million
- Diluted GAAP earnings per share between $0.28 – $0.34
- Diluted non-GAAP earnings per share between $0.56 – $0.62
- Non-GAAP earnings per share guidance excludes stock-based compensation expense of approximately $5.3 million and other non-operating expenses of $6.1 million to $6.3 million which includes restructuring, amortization of intangibles and other expenses.
Second Quarter 2025 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 log
