Q2 2025 Benchmark Electronics Inc Earnings Call Transcript
Key Points
- Benchmark Electronics Inc (BHE) reported revenue of $642 million and non-GAAP EPS of $0.55, both at the midpoint of prior guidance.
- The company achieved its seventh consecutive quarter of greater than 10% gross margin.
- Double-digit annual revenue growth was observed in two sectors, with sequential growth in three out of five sectors.
- Strong bookings were recorded, particularly in the Medical and AC&C sectors, indicating a positive outlook for future growth.
- Successful refinancing of debt at attractive rates and repatriation of significant cash from China and Thailand were achieved.
- Semi-Cap revenue decreased 2% quarter over quarter, and the broader industry recovery is taking longer than expected due to trade restrictions and tariff uncertainties.
- AC&C revenue was flat quarter over quarter and down considerably year over year, with growth not expected until later in 2025.
- The company experienced a $15 million free cash outflow during the quarter due to one-time events and working capital items.
- Despite improvements, the cash conversion cycle remains at 85 days, indicating ongoing inventory management challenges.
- The Semi-Cap market faces pressure from both fab buildout timing and government restrictions on sales to China.
Good afternoon, ladies and gentlemen, and welcome to the Benchmark second-quarter 2025 earnings conference call and webcast. (Operator Instructions) This call is being recorded on July 30, 2025.
I would now like to turn the conference over to Paul Mansky. Please go ahead.
Thank you, Constantine, and thanks, everyone, for joining us today for Benchmark's second-quarter 2025 earnings call. With us today are Jeff Benck; our CEO and president, Bryan Schumaker, our CFO; and David Moezidis, our Chief Commercial Officer.
After the market closed, we issued an earnings release pertaining to our financial performance for the second quarter ending June 2025. And we have prepared a presentation which we will reference on this call. Both the press release and presentation are available under the Investor Relations section of our website at Bench.com.
This call is being webcast live, and a replay will be available online approximately one hour after we conclude. The company has provided a
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