Q2 2024 Benchmark Electronics Inc Earnings Call Transcript
Key Points
- Total revenue of $666 million exceeded the high-end of guidance range.
- Non-GAAP gross margins exceeded 10% for the sixth consecutive quarter.
- Generated $47 million in free cash flow for the quarter, contributing to over $230 million in free cash flow over the last four quarters.
- A&D revenue increased by 36% year-over-year, driven by strong demand in commercial aerospace and defense.
- Raised full-year 2024 free cash flow estimate to greater than $120 million.
- Industrial revenue decreased by 15% year-over-year due to reduced demand from existing customers.
- Medical revenue was down 23% year-over-year, impacted by inventory rebalancing and end demand weakness.
- Advanced Computing and Communications (AC&C) revenue declined 26% year-over-year.
- Continued pressure in the communications subsector due to significant customer disengagement.
- Interest expense and foreign exchange headwinds expected to impact other expenses in Q3.
Good day, everyone, and welcome to today's Benchmark second quarter 2024 earnings call and webcast. (Operator Instructions) Please note today's call will be recorded and I will be standing by should you need any assistance.
It is now my pleasure to turn the conference over to Paul Mansky, with Investor Relations at Benchmark Electronics. Please go ahead.
Thank you, Khloe. And, thanks to everyone for joining us today for Benchmark's second quarter 2024 earnings call. Joining me this afternoon are Jeff Benck, CEO and President, and Arvind Kamal, Interim CFO.
After the market closed today, we issued an earnings release pertaining to our financial performance for the second quarter of 2024. And we prepared a presentation that we will reference on this call. Both are available online under the Investor Relations section of our website at bench.com. This call is being webcast live, and a replay will be available online following the call. The company has provided a reconciliation of our GAAP to
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