Benchmark Electronics Inc (BHE) Reports Q3 2023 Earnings
Revenue for Q3 2023 stood at $720 million
GAAP operating income was $30 million, a 20% increase year-over-year
Non-GAAP operating income was $34 million, a 22% increase year-over-year
GAAP and non-GAAP earnings per share were both $0.57
On October 25, 2023, Benchmark Electronics Inc (NYSE:BHE) released its financial results for the third quarter ended September 30, 2023. The company reported a revenue of $720 million and a GAAP operating income of $30 million, up 20% year-over-year. The non-GAAP operating income was $34 million, up 22% year-over-year. Both GAAP and non-GAAP earnings per share were $0.57.
Financial Performance
The company's sales for the third quarter of 2023 were $720 million, with a net income of $20 million. The income from operations was $30 million, a significant increase from the $24 million reported in the previous quarter. The diluted earnings per share were $0.57, up from $0.39 in the previous quarter. The operating margin was 4.2%, up from 3.3% in the previous quarter.
CEO Commentary
Benchmarks strategy is to serve high-complexity growth opportunities within our targeted sectors. This focus, coupled with the teams commitment to operational improvement, enabled us to deliver another set of strong results in the third quarter, said Jeff Benck, Benchmarks President and CEO.
Industry Sector Update
Revenue decreased quarter over quarter and year over year primarily due to a decrease in Advanced Computing of 19% and 30%, respectively, due to completion of a high performance compute program, partially offset by an increase in A&D of 24% and 16%, respectively.
Q4 2023 Guidance
For the fourth quarter of 2023, the company expects revenue to be between $675 - $725 million, with diluted GAAP earnings per share between $0.49 - $0.55 and diluted non-GAAP earnings per share between $0.54 - $0.60.
About Benchmark Electronics Inc
Benchmark Electronics Inc 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 various industries. Benchmark's global operations include facilities in seven countries and its common shares trade on the New York Stock Exchange under the symbol BHE.
Explore the complete 8-K earnings release (here) from Benchmark Electronics Inc for further details.
This article first appeared on GuruFocus.
