US Market News
2週前
Ouster and Benchmark Expand Partnership to Scale Volume Production of New REV8 Digital Lidar SensorsJune 15, 2026 6:00 AM
Business Wire Ouster, Inc. (Nasdaq: OUST) (“Ouster” or the “Company”), a leader in sensing and perception for Physical AI, and Benchmark Electronics, Inc. (NYSE: BHE), a global provider of manufacturing, engineering, and technology services, announced today the expansion of their long-term manufacturing partnership to support the high-volume production of Ouster's new Rev8 OS sensor family for industrial, robotics, automotive, and smart infrastructure applications. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260615580849/en/Ouster and Benchmark expand partnership to scale volume production of new REV8 digital lidar. "Benchmark is proud of our long-standing partnership with Ouster and the role we have played in supporting Ouster’s many innovations. Rev8 is a prime example of their ability to push the boundaries of what's possible in sensing technology,” said David Moezidis, President and Chief Executive Officer at Benchmark. “Our team is uniquely equipped to scale the complex microelectronics and automated optical assembly required for this groundbreaking technology. We are proud to continue our journey with Ouster, providing a secure, reliable foundation for the next era of Physical AI." As Ouster's strategic manufacturing partner, Benchmark has played a central role in scaling Ouster’s products. This proven manufacturing framework is built on a highly automated production line designed to handle the advanced, ruggedized architecture of Rev8 while enabling a seamless ramp to commercial volume. By leveraging Benchmark’s deeply integrated microelectronics and precision optical manufacturing capabilities, Ouster ensures its Rev8 OS sensor family can deliver the industry-leading reliability required by rigorous automotive, cybersecurity, and functional safety standards. Built for Affordability and Scale Ouster’s Rev8 family is designed from the ground up for low-cost, high-volume production to support mass-market adoption across industrial, robotics, automotive, and smart infrastructure applications. High-Volume Production: Leveraging an established manufacturing capacity exceeding 100,000 units per year, Ouster offers OEMs a highly resilient, mature, and secure source of supply. Long-Term Program Stability: Backed by a planned 10-year production life, Rev8 sensors provide the structural longevity and scalability required for major global commercial rollouts. Global Flexibility: In addition to the advanced manufacturing site currently supporting Rev8, Benchmark’s broader manufacturing network includes 20 facilities across eight countries, including an extensive presence in the United States and Europe. This synchronized global network provides Ouster with standardized manufacturing processes and flexible, multi-site production capabilities to support future capacity expansion. "Benchmark has been a foundational partner in Ouster’s growth story and the natural fit to scale manufacturing for our breakthrough Rev8 sensors," said Darien Spencer, Chief Operating Officer at Ouster. "Through our well-honed supply chain ecosystem, our customers can be confident in our ability to reliably deliver the most advanced, cybersecure, and functionally safe native color lidar sensors at high volume to support their long-term programs." About Benchmark Electronics, Inc. Benchmark provides comprehensive solutions across the entire product lifecycle by leading through its innovative technology and engineering design services, leveraging its optimized global supply chain, and delivering world-class manufacturing services in the following industries: advanced computing and communications (AC&C), aerospace and defense (A&D), industrial, medical, and semiconductor capital equipment (Semi-cap). Benchmark’s global operations include facilities in eight countries and its common shares trade on the New York Stock Exchange under the symbol BHE. For more information on Benchmark, visit www.bench.com. About Ouster Ouster (Nasdaq: OUST) is a leader in sensing and perception for Physical AI across industrial, robotics, automotive, and smart infrastructure. With a unified platform of high-performance digital lidar, cameras, AI compute, sensor fusion and perception software, and AI models, Ouster delivers solutions that improve quality of life in the physical world. Headquartered in San Francisco, CA, Ouster has a global presence serving thousands of customers with offices in the Americas, Europe, and Asia-Pacific. For more information about our products, visit www.ouster.com, contact our sales team, or connect with us on X or LinkedIn. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current plans, estimates and expectations of management that are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Words such as “offer,” “expect,” “will”, “may,” “anticipate,” “intend,” “reflect,” “should,” “plan,” “can,” “could,” “estimate,” “possible,” “potential,” “pursue,” “demonstrate,” and the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. All statements, other than historical facts, including statements regarding the Company’s robust supply chain ecosystem, the Company’s current expectations and projections relating to its competitive position and future results of operations, plans and objectives; the anticipated performance of Ouster’s products and our expectations around customers’ adoption and application of our products constitute forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, but not limited to, the substantial research and development costs to develop and commercialize new products; the possibility of cancellation or postponement of contracts or unsuccessful implementations; product quality and liability risks; the Company’s dependence on key third party suppliers, including Benchmark Electronics, Inc.; its ability to manage growth; risks related to international operations; inaccurate forecasts of market growth and customer demand; Ouster’s ability to respond to evolving regulations and standards; and other important risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and as may be further updated from time to time in the Company’s Quarterly Reports on Form 10-Q and other filings with the SEC. Readers are urged to consider these factors carefully and in the totality of the circumstances when evaluating these forward-looking statements, and not to place undue reliance on any of them. Any such forward-looking statements represent management’s reasonable estimates and beliefs as of the date of this press release. While Ouster may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, other than as may be required by law, even if subsequent events cause its views to change. View source version on businesswire.com: https://www.businesswire.com/news/home/20260615580849/en/ Ouster: For Investors
investors@ouster.io For Media
press@ouster.io Benchmark: For Investors
Investor.relations@bench.com For Media
Alec Robertson
Brodeur Partners on behalf of Benchmark
Email:
US Market News
2月前
Benchmark Reports First Quarter 2026 Results and Raises Full Year OutlookApril 29, 2026 4:07 PM
Business Wire
Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the first quarter ended March 31, 2026.
First quarter 2026 results and 2026 outlook:
Revenue of $677 million
Diluted GAAP earnings per share of $0.36
Diluted non-GAAP earnings per share of $0.58
Operating cash flow of $47 million with free cash flow of $29 million
Increasing full year revenue growth outlook to 9-10%
“Our first quarter results have increased our confidence in 2026 and are a clear sign of the benefits from the customer-first initiatives we began implementing over two years ago and continue to build on today,” said David Moezidis, Benchmark’s President and CEO.
Moezidis continued, “We are seeing improvement across a broad cross-section of our business, led by strengthening in Semi-Cap and continued momentum in AC&C and Medical. This positions us for sequential and year-over-year growth through the remainder of the year, with full year revenue now expected to be in the 9–10% range, up from prior expectations of mid-single-digit growth."
Three Months Ended
Summary GAAP Items
March 31,
December 31,
March 31,
(Amounts in millions, except per share data)
2025
2025
2026
Revenue
$
632
$
704
$
677
Gross Margin
10.0
%
10.5
%
10.2
%
Operating Margin
1.9
%
2.9
%
3.2
%
Diluted EPS
$
0.10
$
0.17
$
0.36
Three Months Ended
Summary Non-GAAP Items(1)
March 31,
December 31,
March 31,
(Amounts in millions, except per share data)
2025
2025
2026
Revenue
$
632
$
704
$
677
Gross Margin
10.1
%
10.6
%
10.3
%
Operating Margin
4.6
%
5.5
%
4.8
%
Diluted EPS
$
0.52
$
0.71
$
0.58
(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.
First Quarter and Fiscal Year Revenue by Sector
Three Months Ended
March 31,
December 31,
March 31,
(In millions)
2025
2025
2026
Semi-Cap
$
195
32
%
$
171
24
%
$
191
28
%
Industrial
137
22
144
20
133
20
A&D
122
19
137
20
120
18
Medical
104
16
144
21
128
19
AC&C
74
11
108
15
105
15
Total
$
632
100
%
$
704
100
%
$
677
100
%
Cash Conversion Cycle
Three Months Ended
March 31,
December 31,
March 31,
2025
2025
2026
Days in accounts receivable
53
50
50
Days in contract asset
25
23
25
Days in inventory
89
69
75
Days in accounts payable
(61
)
(58
)
(67
)
Days in advance payments from customers
(20
)
(17
)
(16
)
Days in cash conversion cycle
86
67
67
Second Quarter 2026 Guidance
Revenue between $700 million and $740 million
Diluted GAAP earnings per share between $0.51 and $0.57
Diluted non-GAAP earnings per share between $0.65 and $0.71
Non-GAAP earnings per share guidance excludes stock-based compensation expense of approximately $6.1 million and other non-operating expenses of $0.8 million to $1.2 million, which includes restructuring, amortization of intangibles and other expenses.
First Quarter 2026 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 logging on to the Company’s website at www.bench.com. A replay of the broadcast will also be available on the Company’s website.
About Benchmark Electronics, Inc.
Benchmark provides comprehensive solutions across the entire product lifecycle by leading through its innovative technology and engineering design services, leveraging its optimized global supply chain, and delivering world-class manufacturing services in the following industries: advanced computing and communications (AC&C), aerospace and defense (A&D), industrial, medical, and semiconductor capital equipment (Semi-Cap). Benchmark’s global operations include facilities in seven countries and its common shares trade on the New York Stock Exchange under the symbol BHE.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as “anticipate,” “believe,” “intend,” “plan,” “project,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” “could,” “predict,” and similar expressions of the negative or other variations thereof. In particular, statements, expressed or implied, concerning the Company’s outlook and guidance for second quarter and fiscal year 2026 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company’s business strategy and strategic initiatives, the Company’s expectations regarding enterprise AI opportunities, anticipated growth in bookings, and the Company’s expectations regarding restructuring charges, stock-based compensation expense, amortization of intangibles, and capital expenditures, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond the Company’s ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and in any of the Company’s subsequent reports filed with the Securities and Exchange Commission. Events relating to the possibility of customer demand fluctuations, supply chain constraints, continuing inflationary pressures, the effects of foreign currency fluctuations and high interest rates, the potential of another U.S. government shutdown and the economic impacts, volatility and uncertainty resulting therefrom, geopolitical uncertainties including continuing hostilities and tensions, trade restrictions and sanctions, tariffs and retaliatory countermeasures, the ability to utilize the Company’s manufacturing facilities at sufficient levels to cover its fixed operating costs, or write-downs or write-offs of obsolete or unsold inventory, may have resulting impacts on the Company’s business, financial condition, results of operations, and the Company’s ability (or inability) to execute on its plans. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of the Company’s operations, may vary materially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and the Company assumes no obligation to update.
Non-GAAP Financial Measures
Management discloses certain non-GAAP information to provide investors with additional information to analyze the Company’s performance and underlying trends. These non-GAAP financial measures exclude restructuring charges, stock-based compensation expense, amortization of intangible assets acquired in business combinations, certain legal and other settlement losses (gains), customer insolvency losses (recoveries), asset impairments, other significant non-recurring costs and the related tax impacts, including discrete tax items, and other non-GAAP tax adjustments, of all of the above. A detailed reconciliation between GAAP results and results excluding certain items (“non-GAAP”) is included in the following tables attached to this document. In situations where a non-GAAP reconciliation has not been provided, the Company was unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. Management uses non-GAAP measures that exclude certain items in order to better assess operating performance and help investors compare results with our previous guidance. This document also references “free cash flow”, a non-GAAP measure, which the Company defines as cash flow from operations less additions to property, plant and equipment and purchased software. The Company’s non-GAAP information is not necessarily comparable to the non-GAAP information used by other companies. Non-GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as a measure of the Company’s profitability or liquidity. Readers should consider the types of events and transactions for which adjustments have been made.
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)
Three Months Ended
March 31,
2025
2026
Sales
$
631,764
$
677,280
Cost of sales
568,584
608,046
Gross profit
63,180
69,234
Selling, general and administrative expenses
38,800
42,409
Amortization of intangible assets
1,204
1,204
Restructuring charges and other costs
11,417
3,747
Income from operations
11,759
21,874
Interest expense
(5,295
)
(3,649
)
Interest income
2,732
1,900
Other expense, net
(802
)
(1,703
)
Income before income taxes
8,394
18,422
Income tax expense
4,750
5,399
Net income
$
3,644
$
13,023
Earnings per share:
Basic
$
0.10
$
0.36
Diluted
$
0.10
$
0.36
Weighted-average number of shares outstanding:
Basic
36,052
35,766
Diluted
36,605
36,276
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands)
(UNAUDITED)
December 31,
March 31,
2025
2026
Assets
Current assets:
Cash and cash equivalents
$
322,064
$
324,908
Restricted cash
336
333
Accounts receivable, net
391,101
375,902
Contract assets
182,870
190,934
Inventories
482,544
507,447
Prepaid expenses and other current assets
69,226
60,461
Total current assets
1,448,141
1,459,985
Property, plant and equipment, net
223,784
235,086
Operating lease right-of-use assets
102,664
104,725
Goodwill and other long-term assets
297,126
296,397
Total assets
$
2,071,715
$
2,096,193
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt
$
3,750
$
3,750
Accounts payable
403,222
451,146
Advance payments from customers
115,545
110,966
Accrued liabilities
113,060
103,359
Total current liabilities
635,577
669,221
Long-term debt, net of current installments
206,826
201,030
Operating lease liabilities
98,689
99,546
Other long-term liabilities
30,820
29,895
Total liabilities
971,912
999,692
Shareholders’ equity
1,099,803
1,096,501
Total liabilities and shareholders’ equity
$
2,071,715
$
2,096,193
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(UNAUDITED)
Three Months Ended
March 31,
2025
2026
Cash flows from operating activities:
Net income
$
3,644
$
13,023
Depreciation and amortization
11,768
11,902
Stock-based compensation expense
4,397
5,401
Accounts receivable
39,870
14,170
Contract assets
(4,410
)
(8,064
)
Inventories
(5,182
)
(25,558
)
Accounts payable
24,194
42,323
Advance payments from customers
(15,755
)
(4,579
)
Other changes in working capital and other, net
(27,023
)
(1,590
)
Net cash provided by operating activities
31,503
47,028
Cash flows from investing activities:
Additions to property, plant and equipment and software
(4,156
)
(18,270
)
Other investing activities, net
50
2,172
Net cash used in investing activities
(4,106
)
(16,098
)
Cash flows from financing activities:
Share repurchases
(7,996
)
(5,799
)
Net debt activity
18,312
(5,938
)
Other financing activities, net
(12,785
)
(14,163
)
Net cash used in financing activities
(2,469
)
(25,900
)
Effect of exchange rate changes
2,385
(2,189
)
Net increase in cash and cash equivalents and restricted cash
27,313
2,841
Cash and cash equivalents and restricted cash at beginning of year
328,027
322,400
Cash and cash equivalents and restricted cash at end of period
$
355,340
$
325,241
Benchmark Electronics, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Results
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)
Three Months Ended
March 31,
Dec 31,
March 31,
2025
2025
2026
Income from operations (GAAP)
$
11,759
$
20,143
$
21,874
Restructuring charges and other costs
1,342
2,952
3,747
Stock-based compensation expense
4,397
2,121
5,401
Amortization of intangible assets
1,204
1,204
1,204
Asset impairments
—
11,102
—
Legal and other settlement loss
10,275
1,174
154
Other
—
60
—
Non-GAAP income from operations
$
28,977
$
38,756
$
32,380
GAAP operating margin
1.9
%
2.9
%
3.2
%
Non-GAAP operating margin
4.6
%
5.5
%
4.8
%
Gross profit (GAAP)
$
63,180
$
74,169
$
69,234
Stock-based compensation expense
431
498
559
Non-GAAP gross profit
$
63,611
$
74,667
$
69,793
GAAP gross margin
10.0
%
10.5
%
10.2
%
Non-GAAP gross margin
10.1
%
10.6
%
10.3
%
Selling, general and administrative expenses
$
38,800
$
38,769
$
42,409
Stock-based compensation expense
(3,966
)
(1,622
)
(4,842
)
Legal and other settlement loss
(200
)
(1,174
)
(154
)
Other
—
(60
)
—
Non-GAAP selling, general and administrative expenses
$
34,634
$
35,913
$
37,413
Net income (GAAP)
$
3,644
$
5,973
$
13,023
Restructuring charges and other costs
1,342
2,952
3,747
Stock-based compensation expense
4,397
2,121
5,401
Amortization of intangible assets
1,204
1,204
1,204
Asset impairments
—
11,102
—
Legal and other settlement loss
10,275
1,174
154
Other
—
60
—
Income tax adjustments(1)
(1,645
)
1,182
(2,525
)
Non-GAAP net income
$
19,217
$
25,768
$
21,004
Diluted earnings per share:
Diluted (GAAP)
$
0.10
$
0.17
$
0.36
Diluted (Non-GAAP)
$
0.52
$
0.71
$
0.58
Weighted-average number of shares used in calculating diluted earnings per share:
Diluted (GAAP)
36,605
36,193
36,276
Diluted (Non-GAAP)
36,605
36,193
36,276
Net cash provided by operations
$
31,503
$
58,676
$
47,028
Additions to property, plant and equipment and software
(4,156
)
(10,590
)
(18,270
)
Free cash flow
$
27,347
$
48,086
$
28,758
(1)
This amount represents the tax impact of the non-GAAP adjustments, including discrete tax items, using the applicable effective tax rates.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260429613284/en/
For More Information, Please Contact:
Paul Mansky, Investor Relations and Corporate Development
1-623-300-7052 or paul.mansky@bench.com
Original: Benchmark Reports First Quarter 2026 Results and Raises Full Year Outlook
US Market News
5月前
Benchmark Reports Fourth Quarter and Fiscal Year 2025 ResultsFebruary 3, 2026 4:07 PM
Business Wire
Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the fourth quarter and year ended December 31, 2025.
Fourth quarter 2025 results:
Revenue of $704 million
Diluted GAAP earnings per share of $0.17
Diluted non-GAAP earnings per share of $0.71
Operating cash flow of $59 million with free cash flow of $48 million
Full year 2025 results:
Revenue of $2,659 million
Diluted GAAP earnings per share of $0.68
Diluted non-GAAP earnings per share of $2.40
Operating cash flow of $124 million with free cash flow of $85 million
“I am proud of our team’s performance in 2025, culminating in the fourth quarter’s high single-digit revenue growth and EPS growth at more than double that rate,” said Jeff Benck, Benchmark’s CEO.
Benck continued, “As I transition out of the CEO role at the end of the quarter, I have complete confidence in David and the leadership team. Benchmark is in excellent hands and well-positioned for continued success.”
David Moezidis, Benchmark’s President, continued, “I want to thank Jeff for his leadership and for the strong foundation he has built for Benchmark’s next chapter. I’m confident in the opportunities ahead of us and look forward to continuing our momentum as we execute on our growth strategy and create value for all our stakeholders.”
Three Months Ended
Summary GAAP Items
December 31,
September 30,
December 31,
(Amounts in millions, except per share data)
2024
2025
2025
Revenue
$
657
$
681
$
704
Gross Margin
10.3
%
10.0
%
10.5
%
Operating Margin
4.3
%
3.5
%
2.9
%
Diluted EPS
$
0.44
$
0.39
$
0.17
Three Months Ended
Summary Non-GAAP Items(1)
December 31,
September 30,
December 31,
(Amounts in millions, except per share data)
2024
2025
2025
Revenue
$
657
$
681
$
704
Gross Margin
10.4
%
10.1
%
10.6
%
Operating Margin
5.1
%
4.8
%
5.5
%
Diluted EPS
$
0.61
$
0.62
$
0.71
Summary GAAP Items
Year Ended December 31,
(Amounts in millions, except per share data)
2024
2025
Revenue
$
2,656
$
2,659
Gross Margin
10.2
%
10.2
%
Operating Margin
4.1
%
2.9
%
Diluted EPS
$
1.66
$
0.68
Summary Non-GAAP Items(1)
Year Ended December 31,
(Amounts in millions, except per share data)
2024
2025
Revenue
$
2,656
$
2,659
Gross Margin
10.2
%
10.2
%
Operating Margin
5.1
%
4.9
%
Diluted EPS
$
2.29
$
2.40
(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.
Fourth Quarter and Fiscal Year Revenue by Sector
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
(In millions)
2024
2025
2025
2024
2025
Semi-Cap
$
198
30
%
$
185
27
%
$
171
24
%
$
723
27
%
$
741
28
%
Industrial
140
21
153
22
144
20
573
22
575
22
A&D
117
18
129
19
137
20
434
16
514
19
Medical
117
18
126
19
144
21
451
17
484
18
AC&C
85
13
88
13
108
15
475
18
345
13
Total
$
657
100
%
$
681
100
%
$
704
100
%
$
2,656
100
%
$
2,659
100
%
Cash Conversion Cycle
Three Months Ended
December 31,
September 30,
December 31,
2024
2025
2025
Days in accounts receivable
57
50
50
Days in contract asset
23
26
23
Days in inventory
85
75
69
Days in accounts payable
(54
)
(56
)
(58
)
Days in advance payments from customers
(22
)
(18
)
(17
)
Days in cash conversion cycle
89
77
67
First Quarter 2026 Guidance
Revenue between $655 million and $695 million
Diluted GAAP earnings per share between $0.31 and $0.37
Diluted non-GAAP earnings per share between $0.53 and $0.59
Non-GAAP earnings per share guidance excludes stock-based compensation expense of approximately $5.4 million and other non-operating expenses of $5.1 million to $5.5 million, which includes restructuring, amortization of intangibles and other expenses.
Fourth 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 logging on to the Company’s website at www.bench.com. A replay of the broadcast will also be available on the Company’s website.
About Benchmark Electronics, Inc.
Benchmark provides comprehensive solutions across the entire product lifecycle by leading through its innovative technology and engineering design services, leveraging its optimized global supply chain, and delivering world-class manufacturing services in the following industries: advanced computing and communications (AC&C), aerospace and defense (A&D), industrial, medical, and semiconductor capital equipment (Semi-Cap). Benchmark’s global operations include facilities in seven countries and its common shares trade on the New York Stock Exchange under the symbol BHE.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as “anticipate,” “believe,” “intend,” “plan,” “project,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” “could,” “predict,” and similar expressions of the negative or other variations thereof. In particular, statements, expressed or implied, concerning the Company’s outlook and guidance for first quarter and fiscal year 2026 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company’s business strategy and strategic initiatives, the Company’s expectations regarding enterprise AI opportunities, anticipated growth in bookings, and the Company’s expectations regarding restructuring charges, stock-based compensation expense, amortization of intangibles, and capital expenditures, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond the Company’s ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and in any of the Company’s subsequent reports filed with the Securities and Exchange Commission. Events relating to the possibility of customer demand fluctuations, supply chain constraints, continuing inflationary pressures, the effects of foreign currency fluctuations and high interest rates, the potential of another U.S. government shutdown and the economic impacts, volatility and uncertainty resulting therefrom, geopolitical uncertainties including continuing hostilities and tensions, trade restrictions and sanctions, tariffs and retaliatory countermeasures, the ability to utilize the Company’s manufacturing facilities at sufficient levels to cover its fixed operating costs, or write-downs or write-offs of obsolete or unsold inventory, may have resulting impacts on the Company’s business, financial condition, results of operations, and the Company’s ability (or inability) to execute on its plans. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of the Company’s operations, may vary materially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and the Company assumes no obligation to update.
Non-GAAP Financial Measures
Management discloses certain non-GAAP information to provide investors with additional information to analyze the Company’s performance and underlying trends. These non-GAAP financial measures exclude restructuring charges, stock-based compensation expense, amortization of intangible assets acquired in business combinations, certain legal and other settlement losses (gains), customer insolvency losses (recoveries), asset impairments, other significant non-recurring costs and the related tax impacts, including discrete tax items, and other non-GAAP tax adjustments, of all of the above. A detailed reconciliation between GAAP results and results excluding certain items (“non-GAAP”) is included in the following tables attached to this document. In situations where a non-GAAP reconciliation has not been provided, the Company was unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. Management uses non-GAAP measures that exclude certain items in order to better assess operating performance and help investors compare results with our previous guidance. This document also references “free cash flow”, a non-GAAP measure, which the Company defines as cash flow from operations less additions to property, plant and equipment and purchased software. The Company’s non-GAAP information is not necessarily comparable to the non-GAAP information used by other companies. Non-GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as a measure of the Company’s profitability or liquidity. Readers should consider the types of events and transactions for which adjustments have been made.
Immaterial Correction of an Error
During the fourth quarter of fiscal 2025, we identified immaterial errors related to our income tax calculation. We evaluated the effects of these errors and concluded that they were not material to any previously issued annual or interim financial statements. Accordingly, prior year amounts presented herein for 2024 have been adjusted to correct the immaterial error, which as of December 31, 2024 and for the year then ended (i) understated income tax expense by $2.2 million, income tax receivable by $2.2 million, current taxes payable by less than $0.1 million, deferred tax liabilities by $3.7 million, and (ii) overstated deferred tax assets by $7.2 million and shareholder’s equity by $8.7M.
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)
Three Months Ended
Year Ended
December 31,
December 31,
2024
2025
2024
2025
Sales
$
656,887
$
704,331
$
2,656,105
$
2,659,108
Cost of sales
588,962
630,162
2,386,081
2,389,044
Gross profit
67,925
74,169
270,024
270,064
Selling, general and administrative expenses
37,470
38,769
149,460
159,658
Amortization of intangible assets
1,204
1,204
4,817
4,817
Restructuring charges and other costs
727
14,053
6,336
29,540
Income from operations
28,524
20,143
109,411
76,049
Interest expense
(6,175
)
(4,097
)
(26,922
)
(20,158
)
Interest income
2,879
1,730
10,208
9,552
Other expense, net
(1,350
)
(1,833
)
(8,802
)
(3,909
)
Income before income taxes
23,878
15,943
83,895
61,534
Income tax expense
7,656
9,970
22,769
36,682
Net income
$
16,222
$
5,973
$
61,126
$
24,852
Earnings per share:
Basic
$
0.45
$
0.17
$
1.70
$
0.69
Diluted
$
0.44
$
0.17
$
1.66
$
0.68
Weighted-average number of shares outstanding:
Basic
35,973
35,677
35,970
35,879
Diluted
36,659
36,193
36,759
36,300
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands)
(UNAUDITED)
December 31,
December 31,
2024
2025
Assets
Current assets:
Cash and cash equivalents
$
315,152
$
322,064
Restricted cash
12,875
336
Accounts receivable, net
412,458
391,101
Contract assets
167,578
182,870
Inventories
553,654
482,544
Prepaid expenses and other current assets
44,720
69,226
Total current assets
1,506,437
1,448,141
Property, plant and equipment, net
225,097
223,784
Operating lease right-of-use assets
117,995
102,664
Goodwill and other long-term assets
284,915
297,126
Total assets
$
2,134,444
$
2,071,715
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt
$
6,737
$
3,750
Accounts payable
354,218
403,222
Advance payments from customers
143,614
115,545
Accrued liabilities
144,536
113,060
Total current liabilities
649,105
635,577
Long-term debt, net of current installments
250,457
206,826
Operating lease liabilities
108,997
98,689
Other long-term liabilities
21,313
30,820
Total liabilities
1,029,872
971,912
Shareholders’ equity
1,104,572
1,099,803
Total liabilities and shareholders’ equity
$
2,134,444
$
2,071,715
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(UNAUDITED)
Year Ended
December 31,
2024
2025
Cash flows from operating activities:
Net income
$
61,126
$
24,852
Depreciation and amortization
46,144
47,630
Stock-based compensation expense
13,366
17,198
Asset impairments
—
11,102
Accounts receivable
33,953
25,667
Contract assets
7,401
(15,292
)
Inventories
127,840
75,167
Accounts payable
(18,283
)
32,397
Advance payments from customers
(61,269
)
(28,068
)
Other changes in working capital and other, net
(21,053
)
(66,689
)
Net cash provided by operating activities
189,225
123,964
Cash flows from investing activities:
Additions to property, plant and equipment and software
(33,253
)
(38,544
)
Other investing activities, net
486
5,846
Net cash used in investing activities
(32,767
)
(32,698
)
Cash flows from financing activities:
Share repurchases
(5,100
)
(26,848
)
Net debt activity
(74,283
)
(47,385
)
Other financing activities, net
(29,724
)
(31,671
)
Net cash used in financing activities
(109,107
)
(105,904
)
Effect of exchange rate changes
(2,537
)
9,011
Net increase (decrease) in cash and cash equivalents and restricted cash
44,814
(5,627
)
Cash and cash equivalents and restricted cash at beginning of year
283,213
328,027
Cash and cash equivalents and restricted cash at end of year
$
328,027
$
322,400
Benchmark Electronics, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Results
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)
Three Months Ended
Year Ended
Dec 31,
Sep 30,
Dec 31,
Dec 31,
2024
2025
2025
2024
2025
Income from operations (GAAP)
$
28,524
$
23,661
$
20,143
$
109,411
$
76,049
Restructuring charges and other costs
727
1,211
2,952
6,336
7,444
Stock-based compensation expense
2,626
5,345
2,121
13,366
17,198
Amortization of intangible assets
1,204
1,205
1,204
4,817
4,817
Asset impairments
—
—
11,102
—
11,102
Legal and other settlement loss(1)
239
816
1,174
1,778
13,064
Other
—
357
60
—
728
Customer insolvency (recovery)
—
—
—
(316
)
—
Non-GAAP income from operations
$
33,320
$
32,595
$
38,756
$
135,392
$
130,402
GAAP operating margin
4.3
%
3.5
%
2.9
%
4.1
%
2.9
%
Non-GAAP operating margin
5.1
%
4.8
%
5.5
%
5.1
%
4.9
%
Gross profit (GAAP)
$
67,925
$
67,943
$
74,169
$
270,024
$
270,064
Stock-based compensation expense
503
515
498
1,668
1,958
Customer insolvency (recovery)
—
—
—
(316
)
—
Non-GAAP gross profit
$
68,428
$
68,458
$
74,667
$
271,376
$
272,022
GAAP gross margin
10.3
%
10.0
%
10.5
%
10.2
%
10.2
%
Non-GAAP gross margin
10.4
%
10.1
%
10.6
%
10.2
%
10.2
%
Selling, general and administrative expenses
$
37,470
$
41,520
$
38,769
$
149,460
$
159,658
Stock-based compensation expense
(2,123
)
(4,830
)
(1,623
)
(11,698
)
(15,240
)
Legal and other settlement loss(1)
(239
)
(471
)
(1,173
)
(1,778
)
(2,069
)
Other
—
(357
)
(60
)
—
(728
)
Non-GAAP selling, general and administrative expenses
$
35,108
$
35,862
$
35,913
$
135,984
$
141,621
Net income (GAAP)
$
16,222
$
14,263
$
5,973
$
61,126
$
24,852
Restructuring charges and other costs
727
1,211
2,952
6,336
7,444
Stock-based compensation expense
2,626
5,345
2,121
13,366
17,198
Amortization of intangible assets
1,204
1,205
1,204
4,817
4,817
Asset impairments
—
—
11,102
—
11,102
Legal and other settlement loss(1)
239
816
1,174
1,778
13,064
Refinancing of Credit Facilities
—
—
—
—
224
Other
—
357
60
—
728
Customer insolvency (recovery)
—
—
—
(316
)
—
Income tax adjustments(2)
1,230
(905
)
1,182
(3,006
)
7,840
Non-GAAP net income
$
22,248
$
22,292
$
25,768
$
84,101
$
87,269
Diluted earnings per share:
Diluted (GAAP)
$
0.44
$
0.39
$
0.17
$
1.66
$
0.68
Diluted (Non-GAAP)
$
0.61
$
0.62
$
0.71
$
2.29
$
2.40
Weighted-average number of shares used in calculating diluted earnings per share:
Diluted (GAAP)
36,659
36,182
36,193
36,759
36,300
Diluted (Non-GAAP)
36,659
36,182
36,193
36,759
36,300
Net cash provided by operations
$
45,916
$
36,608
$
58,676
$
189,225
$
123,964
Additions to property, plant and equipment and software
(9,032
)
(11,494
)
(10,590
)
(33,253
)
(38,544
)
Free cash flow
$
36,884
$
25,114
$
48,086
$
155,972
$
85,420
(1)
Includes settlement of the tax assessment in Mexico that was previously disclosed under Note 15 in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
(2)
This amount represents the tax impact of the non-GAAP adjustments, including discrete tax items, using the applicable effective tax rates. For the three months and year ended December 31, 2025, $4.7 million and $16.0 million, respectively, in discrete tax charges relating to tax impacts that are non-recurring, event-driven, or attributable to prior periods, and not reflective of the Company’s current-year operating performance.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260203658754/en/
For More Information, Please Contact:
Paul Mansky, Investor Relations and Corporate Development
1-623-300-7052 or paul.mansky@bench.com
Original: Benchmark Reports Fourth Quarter and Fiscal Year 2025 Results
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