FORM 10-Q (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to________________ Commission File Numbe ...

Financial Data and Key Metrics Changes - First quarter revenue was $632 million, down 4% sequentially and 6% year over year [10][11] - Non GAAP earnings per share was $0.52, above the midpoint of guidance [6][10] - Non GAAP gross margin was 10.1%, a 30 basis point decrease quarter over quarter but a 10 basis point increase year over year [10][13] - Non GAAP operating margin was 4.6%, down 50 basis points sequentially and 30 basis points year over year [10][11] Business Line Data and Key Metrics Changes - Semi cap revenue grew 18% year over year but decreased 2% quarter over quarter [11][19] - A and D sector revenue was up 15% year over year and 4% quarter over quarter [11][22] - Industrial revenue was down 2% quarter over quarter due to demand softness [11][21] - Medical revenue decreased 12% quarter over quarter, reflecting ongoing demand softness [12][22] - AC and C revenue decreased 12% quarter over quarter due to timing-related weaknesses [12][22] Market Data and Key Metrics Changes - The company has a significant U.S. manufacturing footprint at 36% and over 55% in North America [8][25] - Demand in the semi cap sector is expected to continue growing despite tariff uncertainties [19][20] - Medical sector recovery is anticipated in the second half of 2025 as inventory levels normalize [22][64] Company Strategy and Development Direction - The company is focused on optimizing supply chains for customers amid tariff-related uncertainties [5][27] - Continued investment in strategic growth areas, including a new facility in Penang, Malaysia [20][96] - The company is evaluating M&A opportunities that align with strategic plans while maintaining a focus on organic growth [28][102] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are short-term risks due to global macroeconomic uncertainties, there are also mid to long-term opportunities [25][27] - The company expects to deliver sequential growth throughout the year, barring a recession caused by tariffs [27][28] - Management expressed confidence in returning to year-over-year growth in the second half of 2025 [16][40] Other Important Information - The company generated $27 million in free cash flow in the quarter, marking the eighth consecutive quarter of positive free cash flow [6][14] - Cash balance as of March 31 was $355 million, a year-over-year increase of $59 million [14] - The company paid cash dividends of $6.1 million and repurchased $8 million of outstanding shares during the quarter [14] Q&A Session Summary Question: Are customer pauses and pull-ins creating a net headwind? - Management indicated that the situation is balancing out, with some customers pausing and others pulling in orders, leading to uncertainty but not a significant bias in either direction [31][32] Question: What is the impact of supply chain optimization on existing customers? - Management noted that some bids are taking longer due to customers evaluating their supply chains, elongating the cycle for new bookings [33][34] Question: Where is the traction seen in the industrial sector? - Management highlighted a balance of new and existing customers, with strong follow-on business and new growth in automation solutions [36] Question: Is the expected rebound in medical driven by channel replenishment or new program launches? - Management indicated that both factors are contributing, with customers working through inventory and new competitive takeaways expected to drive growth [56][57] Question: What is the expected tax rate for the second half of the year? - Management projected a slight drop in the tax rate, estimating around 24% for the year [60] Question: How quickly can the company pivot or launch new programs? - Management stated that moving a customer to an existing facility is challenging, but new programs can ramp significantly in about six months if leveraging existing manufacturing knowledge [82] Question: Are there opportunities to acquire a customer's manufacturing facility? - Management expressed openness to discussions about taking over facilities if they align with existing operations but emphasized a preference against acquiring facilities at a premium [88][90]

Benchmark Electronics Financial Results April 29, 2025 Forward-Looking 2025 Statements This document 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 ...

"I am pleased by Benchmark's ability to continue to execute to our long-term objectives despite this dynamic market, as evidenced by our sixth consecutive quarter of greater than 10% non-GAAP gross margins while we again generated over $27 million of free cash flow even with a sequential decline of revenue in the first quarter," said Jeff Benck, Benchmark's President and CEO. Benck continued "Looking forward, we are navigating through tariff-related uncertainty that could impact some customer sourcing decis ...

Sales Performance - Sales for 2024 were $2.7 billion, a 6% decrease from $2.8 billion in 2023, primarily due to decreases in medical and AC&C sales [173]. - Sales to the ten largest customers represented 50% of total sales in 2024, with the largest customer, Applied Materials, accounting for 14% of total sales [174]. - Sales in the Semi-Cap sector increased by 12% to $723.2 million in 2024, driven by demand from existing and new customers [181]. - Medical sales decreased by 19% to $450.7 million in 2024, attributed to inventory rebalancing and end-demand weakness [182]. Financial Performance - Net income for 2024 was $63.3 million, or $1.72 per diluted share, compared to $64.3 million, or $1.79 per diluted share, in 2023 [203]. - Gross profit margin increased to 10.2% in 2024 from 9.5% in 2023, despite gross profit remaining relatively consistent at $270.0 million [188]. - Operating income in the Americas decreased by 37% to $40.2 million in 2024, primarily due to lower revenue [190]. - Interest expense decreased to $26.9 million in 2024 from $31.9 million in 2023, mainly due to decreased borrowings [198]. Cash Flow and Investments - Cash and cash equivalents totaled $328.0 million at December 31, 2024, up from $283.2 million at December 31, 2023 [204]. - Cash provided from operating activities was $189.2 million in 2024, consisting of $63.3 million net income and $46.1 million depreciation and amortization [207]. - Cash used in investing activities was $32.8 million in 2024, primarily for capital expenditures of $31.3 million for property, plant, and equipment [209]. - Cash used in financing activities was $109.1 million in 2024, including $600.0 million in borrowings and $674.1 million in principal payments under the Credit Agreement [210]. Capital Expenditures and Borrowings - The Company plans capital expenditures of approximately $65 million to $75 million over the next 12 months to increase production capacity [217]. - As of December 31, 2024, the Company had $123.0 million in borrowings outstanding under the term loan facility and $135.0 million under the revolving credit facility [215]. - The Company amended its Credit Agreement to increase the revolving credit facility commitments from $450 million to $550 million [214]. - As of December 31, 2024, the Company had $410.6 million available for borrowings under the Credit Agreement [217]. Shareholder Returns - The Company repurchased 0.1 million shares for $5.1 million in 2024, with an average price of $40.27 per share [220]. - Cash dividends paid in 2024 totaled $23.9 million, compared to $23.5 million in 2023 and $23.2 million in 2022 [221]. Risk Management - The company is exposed to foreign currency fluctuation risks and utilizes natural hedging and forward contracts to manage transactional exposure [241]. - Sales are primarily denominated in U.S. dollars, with foreign currency cash flows generated in certain European and Asian countries and Mexico [242]. - The company is also exposed to market risks related to interest rates on financial instruments, particularly on invested cash balances [243]. - The company does not use derivative financial instruments for speculative purposes, focusing instead on managing risks associated with foreign currency and interest rates [241]. Compliance and Obligations - The Company is in compliance with all financial covenants related to its Credit Agreement as of December 31, 2024 [216]. - The company has contractual obligations extending beyond 2024 related to lease obligations and debt arrangements, with some electronic component manufacturers experiencing lead-times exceeding 52 weeks due to supply chain constraints [236]. - The company has not guaranteed obligations of any entity outside of its wholly owned subsidiaries, maintaining a conservative financial approach [236]. Goodwill and Impairment - As of December 31, 2024, the fair value of the Americas and Asia reporting units was determined to be greater than their carrying amounts, indicating no further goodwill impairment testing was required [234]. - Changes in economic and operating conditions may lead to future goodwill impairment charges, highlighting the importance of ongoing assessments [234].

I retired early after 22 years in the energy industry with roles in engineering, planning, and financial analysis. I have managed my own portfolio since 1998 and have met my goal to match the S+P 500 return over the long term with lower volatility and higher income. I mostly write on positions I already hold or am considering changing. I prefer to hold positions for the long-term unless there is a compelling reason to sell. I look for investment opportunities without regard to asset class, market cap, secto ...

Benchmark Electronics Fourth Quarter and Fiscal Year 2024 Results January 29, 2025 Today's Speakers Jeff Benck, President and CEO Bryan Schumaker, EVP and CFO * See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Financial Results | 4 • Revenue of $657M was in-line with guidance - Solid year-over-year growth in Semi-Cap, A&D and Industrials - Offset by anticipated softness in Medical and AC&C • GAAP EPS of $0.50 and non-GAAP EPS of $0.61 • GAAP and non-GAAP gross margin of 10.3% and 10.4% • GAAP operati ...

Exhibit 99.1 Full year 2024 results (1) : | | | | Three Months Ended | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | September | | | | | | December 31, | | 30, | | December 31, | | | (Amounts in millions, except per share data) | 2024 | | 2024 | | 2023 | | | Sales | | $ 657 | $ | 658 $ | | 691 | | Net income | | $ 18 | $ | 15 $ | | 18 | | Income from operations | | $ 29 | $ | 28 $ | | 32 | | (1) Net income – non-GAAP | | $ 22 | $ | 21 $ | | 23 | | (1) Income from operations – non-GAAP | | $ 33 | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to________________ | --- | --- | |-------------------------------------------------------------------------|---------------------------- ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2024 was $658 million, exceeding the midpoint of guidance and showing year-over-year growth in Aerospace and Defense and semiconductor capital equipment [8][9] - Non-GAAP gross margin was 10.2%, marking the fourth consecutive quarter of margins above 10% [9][17] - Non-GAAP operating margin reached 5.3%, representing the 16th consecutive quarter of year-over-year operating margin expansion [9][37] - Non-GAAP earnings per share (EPS) was $0.57, at the higher end of the guidance range of $0.52 to $0.58 [17][24] - Free cash flow for the quarter was $29 million, bringing the trailing 12-month total to $245 million [10][20] Business Line Data and Key Metrics Changes - Semiconductor capital equipment revenue increased by 13% year-over-year, driven by improving demand and new customer wins [14][26] - Industrial revenue decreased by 2%, primarily due to reduced demand from existing customers [14] - Medical revenue declined by 28% year-over-year, impacted by inventory rebalancing and end demand weakness [15] - Aerospace and Defense (A&D) revenue grew by 2%, with strong demand in commercial aerospace and defense sectors [15][33] - Advanced Computing and Communications (AC&C) revenue decreased by 27% year-over-year, driven by the completion of large high-performance computing programs [16][34] Market Data and Key Metrics Changes - The semiconductor sector is showing signs of recovery, although the pace of the next upcycle is challenging to predict [26][28] - The medical sector continues to experience broad market weakness, particularly in medical devices, expected to persist for the next few quarters [29] - The industrial sector is showing stabilization with expectations for year-over-year growth in Q4 [52] - The A&D sector is anticipated to return to double-digit growth in Q4, supported by strong demand in defense and aerospace [33] Company Strategy and Development Direction - The company is focused on high-value sectors while maintaining operational discipline, positioning itself for a structural multiyear growth cycle in the EMS industry [12][38] - Continued investment in capacity expansion, including a new facility in Penang, is aimed at capturing incremental market share [27][28] - The company emphasizes operational improvements and efficient use of working capital to support growth and shareholder returns [40] Management's Comments on Operating Environment and Future Outlook - Management noted that while demand has stabilized, end market softness in several sectors continues to weigh on revenue growth opportunities [9][52] - There is optimism regarding the semiconductor recovery and strong performance in the A&D sector, with expectations for growth in 2025 [26][41] - The company remains committed to supporting customer success and driving operational improvements regardless of market conditions [40] Other Important Information - The company reduced debt by $11 million during the quarter, leaving $125 million outstanding on its term loan [21] - Approximately $8 million was invested in capital expenditures to support growth and enhance capabilities [21] - The company repurchased approximately 127,000 shares at an average price of $40.27 per share, totaling $5.1 million [22][39] Q&A Session Summary Question: Are there any sectors that the company is more optimistic about now than in the last call? - Management expressed encouragement regarding the semiconductor recovery and strong performance in the A&D sector, expecting growth to pick up in Q4 [42][43] Question: How has the pricing environment been for bidding on programs? - The pricing environment has remained rational, with competition present but focused on differentiated, complex solutions [44][46] Question: What is the potential for operating margin growth when demand improves? - Management anticipates an increase of 25 to 50 basis points in operating margin with a more uniform recovery in the semiconductor sector [47][48] Question: Are there signs of improvement in underperforming markets like industrial and medical? - Management noted stabilization in the industrial sector and some green shoots, while the medical sector continues to face prolonged challenges [51][52] Question: What is the focus on engineering services within the business? - There has been a pronounced number of wins in engineering, with a focus on higher value-add services that can lead to manufacturing opportunities [55][56]