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BENCHMARK REPORTS THIRD QUARTER 2024 RESULTS

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TEMPE, Ariz., Oct. 30, 2024 /PRNewswire/ — Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the third quarter ended September 30, 2024.

Third quarter 2024 results(1):

Revenue of $658 millionGenerated net cash provided by operations of $39 million and positive free cash flow of $29 millionGAAP and non-GAAP gross margin of 10.1% and 10.2%, respectivelyGAAP and non-GAAP operating margin of 4.3% and 5.3%, respectivelyGAAP and non-GAAP earnings per share of $0.42 and $0.57, respectively

Three Months Ended

September 30,

June 30,

September 30,

(Amounts in millions, except per share data)

2024

2024

2023

Sales

$

658

$

666

$

720

Net income

$

15

$

16

$

20

Income from operations

$

28

$

27

$

30

Net income – non-GAAP(1)

$

21

$

21

$

23

Income from operations – non-GAAP(1)

$

35

$

34

$

37

Diluted earnings per share

$

0.42

$

0.43

$

0.57

Diluted earnings per share – non-GAAP(1)

$

0.57

$

0.57

$

0.65

Operating margin

4.3

%

4.1

%

4.2

%

Operating margin – non-GAAP(1)

5.3

%

5.1

%

5.2

%

 

(1)     A reconciliation of non-GAAP results to the most directly comparable GAAP measures and a discussion of why management believes these non-GAAP results are useful are included below.

 

“Our third quarter results represent the 16th consecutive quarter of non-GAAP operating margin expansion on a year-over-year basis.  These results coupled with our focused working capital initiatives, has enabled us to deliver $245 million of positive free cash flow over the last 12 months,” said Jeff Benck, Benchmark’s President and CEO.

Benck continued “I would again like to welcome our new CFO, Bryan Schumaker, to the company. I am confident with his background and experience he will play a key role in helping drive continued operational excellence as we embark on our next phase of growth.”

Cash Conversion Cycle

September 30,

June 30,

September 30,

2024

2024

2023

Accounts receivable days

51

51

60

Contract asset days

26

25

24

Inventory days

89

90

100

Accounts payable days

(54)

(52)

(53)

Advance payments from customers days

(22)

(24)

(26)

Cash conversion cycle days

90

90

105

 

Third Quarter 2024 Industry Sector Update

Revenue and percentage of sales by industry sector were as follows.

September 30,

June 30,

September 30,

(In millions)

2024

2024

2023

Semi-Cap

$

188

28

%

$

172

26

%

$

165

23

%

Complex Industrials

151

23

142

21

154

21

Medical

107

16

111

17

149

21

A&D

102

16

109

16

100

14

AC&C

110

17

132

20

152

21

Total

$

658

100

%

$

666

100

%

$

720

100

%

 

Revenue decreased quarter over quarter primarily due to decreases in Advanced Computing and Communications (AC&C) sales, which were partially offset by an increase in Semi-Cap sales.  Revenue decreased year-over-year primarily due to decreases in Medical and AC&C sales, which were partially offset by increases in Semi-Cap and A&D sales.

Fourth Quarter 2024 Guidance

Revenue between $640 million$680 millionDiluted GAAP earnings per share between $0.40$0.46Diluted non-GAAP earnings per share between $0.53$0.59Non-GAAP earnings per share guidance excludes stock-based compensation expense, amortization of intangible assets and restructuring charges and other costs.

In the fourth quarter of 2024, stock-based compensation expense is expected to be $3.5 million, amortization of intangible assets is expected to be $1.2 million and restructuring and other charges are expected to be approximately $1.0 million.

Third Quarter 2024 Earnings Conference Call

The Company will host a conference call to discuss the results today at 5:00 p.m. Eastern Time. The live webcast of the call and accompanying reference materials will be accessible by logging on to the Company’s website at www.bench.com. A replay of the broadcast will also be available on the Company’s website.

About Benchmark Electronics, Inc.

Benchmark provides comprehensive solutions across the entire product life cycle by leading through its innovative technology and engineering design services, leveraging its optimized global supply chain and delivering world-class manufacturing services in the following industries: semiconductor capital equipment, complex industrials, medical, commercial aerospace, defense, and advanced computing and communications. Benchmark’s global operations include facilities in seven countries and its common shares trade on the New York Stock Exchange under the symbol BHE.

Forward-Looking Statements

This press release 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,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” “could,” “predict,” and similar expressions of the negative or other variations thereof. In particular, statements, express or implied, concerning the Company’s outlook and guidance for fourth quarter and fiscal year 2024 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company’s business strategy and strategic initiatives, the Company’s repurchases of shares of its common stock, the Company’s expectations regarding restructuring charges, stock-based compensation expense, amortization of intangibles, award of any tax incentives and capital expenditures, and the Company’s intentions concerning the payment of dividends, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond the Company’s ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and in any of the Company’s subsequent reports filed with the Securities and Exchange Commission. Events relating to the possibility of customer demand fluctuations, supply chain constraints, continuing inflationary pressures, the effects of foreign currency fluctuations and high interest rates, geopolitical uncertainties including continuing hostilities and tensions, trade restrictions and sanctions, or the ability to utilize the Company’s manufacturing facilities at sufficient levels to cover its fixed operating costs, may have resulting impacts on the Company’s business, financial condition, results of operations, and the Company’s ability (or inability) to execute on its plans. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of the Company’s operations, may vary materially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and the Company assumes no obligation to update.

Non-GAAP Financial Measures

Management discloses certain non‐GAAP information to provide investors with additional information to analyze the Company’s performance and underlying trends. These non-GAAP financial measures exclude restructuring charges, stock-based compensation expense, amortization of intangible assets acquired in business combinations, certain legal and other settlement losses (gains), customer insolvency losses (recoveries), asset impairments, other significant non-recurring costs and the related tax impacts of all of the above. A detailed reconciliation between GAAP results and results excluding certain items (“non-GAAP”) is included in the following tables attached to this document. In situations where a non-GAAP reconciliation has not been provided, the Company was unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. Management uses non‐GAAP measures that exclude certain items in order to better assess operating performance and help investors compare results with our previous guidance. This document also references “free cash flow”, a non-GAAP measure, which the Company defines as cash flow from operations less additions to property, plant and equipment and purchased software. The Company’s non‐GAAP information is not necessarily comparable to the non‐GAAP information used by other companies. Non‐GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as a measure of the Company’s profitability or liquidity. Readers should consider the types of events and transactions for which adjustments have been made.

Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2024

2023

2024

2023

Sales

$

657,747

$

719,695

$

1,999,218

$

2,147,622

Cost of sales

591,006

650,618

1,797,119

1,947,556

Gross profit

66,741

69,077

202,099

200,066

Selling, general and administrative expenses

36,636

35,509

111,990

111,379

Amortization of intangible assets

1,205

1,592

3,613

4,775

Restructuring charges and other costs

795

1,635

5,609

6,348

Income from operations

28,105

30,341

80,887

77,564

Interest expense

(6,569)

(8,475)

(20,747)

(23,183)

Interest income

2,811

1,343

7,329

4,223

Other (expense) income, net

(3,952)

2,384

(7,452)

280

Income before income taxes

20,395

25,593

60,017

58,884

Income tax expense

5,021

5,181

15,113

12,121

Net income

$

15,374

$

20,412

$

44,904

$

46,763

Earnings per share:

Basic

$

0.43

$

0.57

$

1.25

$

1.32

Diluted

$

0.42

$

0.57

$

1.23

$

1.30

Weighted-average number of shares used in
   calculating earnings per share:

 Basic

36,051

35,647

35,970

35,535

 Diluted

36,629

35,876

36,469

35,879

 

Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands)
(UNAUDITED)

September 30,

December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$

324,423

$

277,391

Restricted cash

5,822

Accounts receivable, net

372,276

449,404

Contract assets

186,538

174,979

Inventories

581,901

683,801

Prepaid expenses and other current assets

43,569

44,350

Total current assets

1,508,707

1,635,747

Property, plant and equipment, net

224,164

227,698

Operating lease right-of-use assets

122,117

130,830

Goodwill and other long-term assets

294,009

280,480

Total assets

$

2,148,997

$

2,274,755

Liabilities and Shareholders’ Equity

Current liabilities:

Current installments of long-term debt

$

6,751

$

4,283

Accounts payable

356,038

367,480

Advance payments from customers

145,350

204,883

Accrued liabilities

130,992

136,901

Total current liabilities

639,131

713,547

Long-term debt, net of current installments

272,000

326,674

Operating lease liabilities

114,181

123,385

Other long-term liabilities

21,009

32,064

Total liabilities

1,046,321

1,195,670

Shareholders’ equity

1,102,676

1,079,085

Total liabilities and shareholders’ equity

$

2,148,997

$

2,274,755

 

Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(UNAUDITED)

Nine Months Ended

September 30,

2024

2023

Cash flows from operating activities:

Net income

$

44,904

$

46,763

Depreciation and amortization

34,578

34,103

Stock-based compensation expense

10,740

12,331

Accounts receivable

76,479

12,937

Contract assets

(11,559)

(6,472)

Inventories

102,540

1,789

Accounts payable

(16,107)

(24,420)

Advance payments from customers

(59,533)

(8,879)

Other changes in working capital and other, net

(38,733)

(30,938)

Net cash provided by operating activities

143,309

37,214

Cash flows from investing activities:

Additions to property, plant and equipment and software

(24,221)

(66,713)

Other investing activities, net

483

588

Net cash used in investing activities

(23,738)

(66,125)

Cash flows from financing activities:

Share repurchases

(5,101)

Net debt activity

(52,596)

107,194

Other financing activities, net

(23,507)

(23,306)

Net cash (used in) provided by financing activities

(81,204)

83,888

Effect of exchange rate changes

2,843

(1,647)

Net increase in cash and cash equivalents and restricted cash

41,210

53,330

Cash and cash equivalents and restricted cash at beginning of year

283,213

207,430

Cash and cash equivalents and restricted cash at end of period

$

324,423

$

260,760

 

Benchmark Electronics, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Results
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)

 

Three Months Ended

Nine Months Ended

Sept 30,

June 30,

March 31,

Dec 31,

Sept 30,

Sept 30,

2024

2024

2024

2023

2023

2024

2023

Income from operations (GAAP)

$

28,105

$

27,253

$

25,529

$

32,100

$

30,341

$

80,887

$

77,564

Restructuring charges and other costs

795

1,471

3,343

2,054

1,437

5,609

5,227

Stock-based compensation expense

4,379

4,185

2,176

2,955

3,674

10,740

12,331

Amortization of intangible assets

1,205

1,204

1,204

1,204

1,592

3,613

4,775

Asset impairment

198

1,121

Legal and other settlement loss (gain)

367

317

855

1,539

Customer insolvency (recovery)

(316)

(316)

Non-GAAP income from operations

$

34,851

$

34,114

$

33,107

$

38,313

$

37,242

$

102,072

$

101,018

GAAP operating margin

4.3

%

4.1

%

3.8

%

4.6

%

4.2

%

4.0

%

3.6

%

Non-GAAP operating margin

5.3

%

5.1

%

4.9

%

5.5

%

5.2

%

5.1

%

4.7

%

Gross profit (GAAP)

$

66,741

$

67,950

$

67,408

$

71,004

$

69,077

$

202,099

$

200,066

Stock-based compensation expense

413

326

426

416

420

1,165

1,239

Customer insolvency (recovery)

(316)

(316)

Non-GAAP gross profit

$

67,154

$

67,960

$

67,834

$

71,420

$

69,497

$

202,948

$

201,305

GAAP gross margin

10.1

%

10.2

%

10.0

%

10.3

%

9.6

%

10.1

%

9.3

%

Non-GAAP gross margin

10.2

%

10.2

%

10.0

%

10.3

%

9.7

%

10.2

%

9.4

%

Selling, general and administrative expenses

$

36,636

$

38,022

$

37,332

$

35,646

$

35,509

$

111,990

$

111,379

Stock-based compensation expense

(3,966)

(3,859)

(1,750)

(2,539)

(3,254)

(9,575)

(11,092)

Legal and other settlement (loss) gain

(367)

(317)

(855)

(1,539)

Non-GAAP selling, general and administrative expenses

$

32,303

$

33,847

$

34,727

$

33,107

$

32,255

$

100,876

$

100,287

Net income (GAAP)

$

15,374

$

15,528

$

14,002

$

17,552

$

20,412

$

44,904

$

46,763

Restructuring charges and other costs

795

1,471

3,343

2,899

1,437

5,609

5,227

Stock-based compensation expense

4,379

4,185

2,176

2,955

3,674

10,740

12,331

Amortization of intangible assets

1,205

1,204

1,204

1,204

1,592

3,613

4,775

Asset impairment

198

1,121

Legal and other settlement loss (gain)

367

317

855

(37)

(3,375)

1,539

(4,530)

Customer insolvency (recovery)

(316)

(316)

Income tax adjustments(1)

(1,406)

(1,437)

(1,393)

(1,280)

(529)

(4,236)

(3,536)

Non-GAAP net income

$

20,714

$

20,952

$

20,187

$

23,293

$

23,409

$

61,853

$

62,151

Diluted earnings per share:

Diluted (GAAP)

$

0.42

$

0.43

$

0.38

$

0.49

$

0.57

$

1.23

$

1.30

Diluted (Non-GAAP)

$

0.57

$

0.57

$

0.55

$

0.65

$

0.65

$

1.70

$

1.73

Weighted-average number of shares used in calculating diluted earnings per share:

Diluted (GAAP)

36,629

36,497

36,401

35,956

35,876

36,469

35,879

Diluted (Non-GAAP)

36,629

36,497

36,401

35,956

35,876

36,469

35,879

Net cash provided by operations

$

39,036

$

55,816

$

48,457

$

137,079

$

37,583

$

143,309

$

37,214

Additions to property, plant and
equipment and software

(9,814)

(8,504)

(5,903)

(11,026)

(19,664)

(24,221)

(66,713)

Free cash flow (used)

$

29,222

$

47,312

$

42,554

$

126,053

$

17,919

$

119,088

$

(29,499)

 

(1)     This amount represents the tax impact of the non-GAAP adjustments using the applicable effective tax rates.

 

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SOURCE BENCHMARK ELECTRONICS

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Inspur Smart Healthcare Participates in GITEX IMPACT 2024 Exhibition

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DUBAI, UAE, Dec. 23, 2024 /PRNewswire/ — From October 13th to 16th, the GITEX IMPACT 2024, Dubai’s Carbon Neutrality and Technology Exhibition, was held in Dubai. Organized by the Ministry of Economy and Ministry of Tourism of the United Arab Emirates, the exhibition focused on the forefront of sustainable development technologies, encompassing a wide range of sectors including construction, oil and gasoline, energy, and healthcare. It stands as one of the largest technology exhibitions in the Middle East and globally. Inspur Smart Health was invited to participate, showcasing its core products and cases of empowering the digital and intelligent transformation of the healthcare industry at the exhibition.

At the exhibition site, Inspur Smart Health introduced a series of products and solutions to government agencies and medical institutions, including the Health and Medical Big Data Intelligent Platform, Inspur Medical Industry International Trade Platform, Integrated Healthcare and Long-term Care Platform, Health Examination Center Solutions, Medical Group Information Management Platform, Internet Hospitals. These presentations comprehensively demonstrated Inspur Smart Health’s product innovation advantages and service capabilities.

Through this “debut” in the Middle East and even the global market, Inspur Smart Health has laid a solid foundation for further expanding its overseas “circle of friends” and establishing international brand recognition. In the future, Inspur Smart Health will continue to leverage its technological advantages in big data and artificial intelligence, constantly enhance the internationalization level of its products and solutions, deepen the exploration of overseas markets, and contribute to the thriving development of the global medical digital industry.

View original content:https://www.prnewswire.com/apac/news-releases/inspur-smart-healthcare-participates-in-gitex-impact-2024-exhibition-302338199.html

SOURCE Shandong Inspur Intelligent Medical Technology Co., Ltd.

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UNIVERSAL MUSIC GROUP AND AMAZON MUSIC EXPAND GLOBAL RELATIONSHIP

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Reflects New Era in Music Streaming, Including Artist-Centric Principles and Furthering Authentic Engagement Between Artists and Fans

SANTA MONICA, Calif., Dec. 23, 2024 /PRNewswire/ — Universal Music Group (UMG), the world leader in music-based entertainment, and Amazon Music today announced an expanded global relationship that will enable further innovation, exclusive content with UMG artists, and advancement of artist-centric principles including increased fraud protection.

UNIVERSAL MUSIC GROUP AND AMAZON MUSIC EXPAND GLOBAL RELATIONSHIP

This reflects the two companies’ shared commitment to advancing and safeguarding human artistry, while ensuring UMG’s artists achieve their commercial potential through the service’s continued product enhancements and exclusive content that elevate authentic engagement between artists and fans.  

UMG and Amazon Music will work closely to explore new and enhanced product opportunities designed to benefit artists and enrich the experience of their fans. UMG will also collaborate with Amazon Music as it continues to expand in audio, including further innovation in audiobooks, audio and visual programming, and its investment in livestreamed content that has connected millions of fans with their favorite artists across all genres and corners of the world. UMG and Amazon will also work collaboratively to address, among other things, unlawful AI-generated content, as well as protecting against fraud and misattribution.

Sir Lucian Grainge, Chairman & CEO, Universal Music Group said, “We are very excited to advance our long-standing, excellent partnership with Amazon Music that marks a new era in streaming—Streaming 2.0. We appreciate Amazon Music’s deep commitment to the interests of our artists, and look forward to progressing our shared artist-centric objectives through product innovation and accelerating growth of their service.”

Steve Boom, VP of Audio, Twitch and Games for Amazon said, “UMG has always been a collaborative partner to Amazon Music, and as we continue to invent and introduce more artist-to-fan connections through our product and exclusive content, we’re redefining what it means to be a streaming service. We’re thrilled to expand our relationship with UMG which will enable us to partner on meaningful new ways for artists to deepen their engagement with fans around the world, while working together to protect the work of artists, songwriters and publishers.”

Notes to editors:

About Universal Music Group
Universal Music Group exists to shape culture through the power of artistry. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information, visit www.universalmusic.com.

About Amazon Music
Amazon Music is an immersive audio entertainment service that connects fans, artists, and creators through music, podcasts, and culture. Amazon Music brings fans closer to what they love, with curated and personalized playlists, artist livestreams, artist merch, and Amazon Exclusive podcasts. Prime members get access to over 100 million songs in shuffle mode, All-Access playlists, plus the largest catalog of top ad-free podcasts, included with their membership. Customers can upgrade to Amazon Music Unlimited for full, on-demand access to 100 million songs in HD, a growing catalog of Ultra HD and Spatial audio, and the world’s largest selection of audiobooks from Audible. Anyone can listen to Amazon Music by downloading the free Amazon Music app, or wherever they listen to music including Alexa-enabled devices. Learn more at amazon.com/music.

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SOURCE Universal Music Group

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Repurchase of Loomis’ shares during the fourth quarter 2024 completed

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STOCKHOLM, Dec. 23, 2024 /PRNewswire/ — Loomis AB has through the repurchase program that was resolved and communicated on October 28, 2024, repurchased 590,100 shares. Loomis AB’s holding of own shares thereby amounts to 2,514,653 shares, corresponding to 3.54 percent of the outstanding shares in the company. The total number of shares in Loomis AB, including the company’s own shares, amounts to 71,000,000.

For information about transactions in the repurchase program, please see:
https://www.nasdaq.com/european-market-activity/news/corporate-actions/repurchase-of-own-shares.

This press release is also available on the company’s website, www.loomis.com.

For more information, please contact:

Jenny Boström
Head of Sustainability and IR
jenny.bostrom@loomis.com 
+46 79 006 45 92

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/loomis-ab/r/repurchase-of-loomis–shares-during-the-fourth-quarter-2024-completed,c4086142

The following files are available for download:

https://mb.cision.com/Main/51/4086142/3187900.pdf

Repurchase of Loomis’ shares during the fourth quarter 2024 completed

 

View original content:https://www.prnewswire.com/news-releases/repurchase-of-loomis-shares-during-the-fourth-quarter-2024-completed-302338207.html

SOURCE Loomis AB

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