What is Benchmark's latest dividend and current dividend yield?

What factors drove the changes in Benchmark's revenue and profit?

What were the key takeaways from Benchmark's earnings call?

What is Benchmark's gross profit margin?

What does Benchmark do and what are its main business segments?

Did Benchmark beat or miss consensus estimates last quarter?

What were the key takeaways from Benchmark’s earnings call?

What is the revenue and EPS growth rate for Benchmark year over year?

- **Revenue Beat**: Q3 revenue of $681 million (+6% QoQ, +15% AC&C YoY) with non-GAAP EPS of $0.62, driven by medical (18% YoY) and A&D (26% YoY) growth.
- **AI & HPC Momentum**: 2026H2 AI/enterprise AI ramp expected, with HPC builds supporting 2026 growth. Semi-cap recovery signals for 2026H2.
- **Cash Flow Strength**: $25M free cash flow (Q3) and $74M LTM, with 77-day cash conversion cycle (down 13 YoY).
- **Medical Recovery**: 15% YoY growth, competitive takeaways, and medtech expansion driving 2026 continuity.
- **CapEx Outlook**: 2026 capex ~2% of revenue, focused on automation and growth programs.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $681 million, up 6% sequentially and at the high end of guidance, with non-GAAP EPS of $0.62. This marks the eighth consecutive quarter of 10%+ gross margin.
- **Sector Momentum**: Double-digit growth in medical (18% YoY) and A&D (26% YoY), with sequential growth in 4 of 5 sectors. Semi-cap softened due to China restrictions and tariffs.
- **Cash Flow Strength**: Generated $25 million in free cash flow, totaling $74 million over 12 months. Investing in new PT4 building in Malaysia while maintaining 50% Americas manufacturing capacity.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP net income of $42.3 million, with non-GAAP gross margin of 10.1% (down 10bps YoY). Operating margin improved to 4.8% due to revenue leverage.
- **Q4 Guidance**: Revenue $670-720 million (mid-single-digit YoY growth), non-GAAP EPS $0.62-0.68. Free cash flow expected to remain strong, with capex focused on automation and growth programs.
- **Liquidity**: Cash balance of $286 million, with $476 million available under revolver. Cash conversion cycle improved to 77 days (down 13 YoY).

**【CCO Sector Update】**
- **AC&C**: Sequential growth driven by AI and HPC wins, with Q4 ramp expected. 2026 outlook includes sovereign AI and enterprise opportunities.
- **Medical**: 15% YoY growth, with competitive takeaway wins and medtech subsector expansion. 2026 growth expected to continue as channel inventory normalizes.
- **A&D**: Double-digit YoY growth in space and defense, with significant satellite manufacturing wins. Semi-cap bookings remain strong despite near-term demand softness.

**【Q&A Highlights】**
- **AI/HPC Timeline**: Revenue ramp expected in mid-2026, with enterprise AI and sovereign projects driving growth. HPC builds will complement AI demand.
- **Semi-Cap Recovery**: 2026H2 outlook for demand pickup, supported by multiyear AI-related silicon content growth. Malaysia expansion positions for long-term wins.
- **Cash Management**: Inventory turns improved to 4.8x, with focus on maintaining cash flow discipline amid growth investments.


Benchmark Electronics, Inc. (BHE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BHE

BHE fundamentals

You can ask Aime