Benchmark Electronics, Inc. announced its financial results for the third quarter ended September 30, 2024. The company reported sales of $658 million, an 8.6% decrease compared to $720 million in the third quarter of 2023. GAAP diluted earnings per share (EPS) was $0.42, while non-GAAP diluted EPS reached $0.57, exceeding analysts' consensus estimates of $0.54.
Despite the revenue decline, Benchmark achieved a non-GAAP operating margin of 5.3%, marking its 16th consecutive quarter of year-over-year non-GAAP operating margin expansion. The company generated $245 million in positive free cash flow over the last 12 months, demonstrating strong cash conversion. Revenue in the Semiconductor Capital Equipment (Semi-Cap) sector increased to $188 million, representing 28% of total sales, while Advanced Computing and Communications (AC&C) sales decreased.
For the fourth quarter of 2024, Benchmark provided guidance for non-GAAP diluted EPS in the range of $0.53 to $0.59. The company expects revenue to be around $660 million. This guidance reflects management's outlook on continued operational discipline amidst market dynamics.
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