Benchmark Electronics, Inc. reported its financial results for the fourth quarter and full fiscal year ended December 31, 2024. For Q4 2024, sales were $657 million, a 5% decrease from $691 million in Q4 2023. GAAP diluted earnings per share (EPS) was $0.50, and non-GAAP diluted EPS was $0.61, surpassing analysts' consensus estimates.
For the full fiscal year 2024, total sales were $2,656 million, down 6% from $2,839 million in fiscal year 2023. GAAP diluted EPS for the year was $1.72, and non-GAAP diluted EPS was $2.29. The company maintained a non-GAAP gross margin of 10.4% in Q4 2024 and 10.2% for the full year, demonstrating operational discipline.
Segment performance showed strength in Semiconductor Capital Equipment (Semi-Cap) and Aerospace & Defense (A&D), with Q4 2024 revenue up 18% and 15% year-over-year, respectively. These gains partially offset significant declines in Advanced Computing and Communications (AC&C) and Medical sectors. Benchmark also announced breaking ground on a fourth building in Penang, Malaysia, to support Semi-Cap growth.
For the first quarter of 2025, Benchmark provided guidance for net sales in the range of $640 million to $680 million. Non-GAAP diluted EPS is projected to be between $0.53 and $0.59. This outlook reflects continued operational focus amidst a dynamic market environment.
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