Benchmark Electronics Analysts Increase Their Forecasts After Better-Than-Expected Earnings

Benchmark Electronics, Inc. BHE reported better-than-expected second-quarter earnings on Tuesday.

Benchmark Electronics reported quarterly earnings of 57 cents per share which beat the analyst consensus estimate of 51 cents per share. The company reported quarterly sales of $666.00 million which beat the analyst consensus estimate of $635.75 million.

“Once again Benchmark delivered solid results, demonstrating consistent progress toward achieving our longer-term operational objectives,” said Jeff Benck, Benchmark’s President and CEO. “While market uncertainty persists across a number of our sectors, we remain focused on executing for our customers while protecting margins, driving down inventories and delivering positive free cash flow, which we now expect to exceed $120 million in fiscal year 2024.”

Benchmark said it sees third-quarter revenue of $630 million to $670 million and adjusted earnings of 52 cents to 58 cents per share.

Benchmark shares rose 15.5% to trade at $47.01 on Wednesday.

These analysts made changes to their price targets on Benchmark following earnings announcement.

• Needham analyst James Ricchiuti maintained Benchmark Electronics with a Buy and boosted the price target from $40 to $45.
• Lake Street analyst Jaeson Schmidt maintained the stock with a Buy and raised the price target from $35 to $46.

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