Benchmark Q1 revenue down 2.7% YoY to $676M; non-GAAP EPS $0.55, guides Q2 below Q1

BENCHMARK ELECTRONICS INC

2024-Q1 EPS reported $0.38 revenue$675,575,000

Revenue $676M, -2.7% YoY from $695M; GAAP EPS $0.38 vs $0.35 YoY.
Non-GAAP EPS $0.55 vs $0.51 YoY; operating margin GAAP 3.8%, non-GAAP 4.9%, both improved YoY.
Cash conversion cycle improved to 94 days from 109 days YoY; generated $48M operating cash flow, $43M free cash flow.
Sector mix: Semi-Cap 25%, A&D 16% grew; Medical 17% and Next-Gen Comm 8% declined.
Q2 2024 guidance: revenue $615-655M, GAAP EPS $0.32-0.38, non-GAAP EPS $0.48-0.54.

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