Benchmark Electronics, Inc. announced its financial results for the second quarter ended June 30, 2025. The company reported revenue of $642.3 million, a 3.5% decrease compared to $665.9 million in Q2 2024. GAAP diluted earnings per share (EPS) was $0.03, a significant decline from $0.43 in the prior year quarter, while non-GAAP diluted EPS was $0.55, exceeding analysts' consensus estimates of $0.54.
The company achieved sequential growth across most sectors, with continued strength in Aerospace & Defense (A&D) and solid recovery in the Industrial and Medical sectors. A&D revenue grew 15% year-over-year to $126 million, and Semiconductor Capital Equipment (Semi-Cap) revenue reached $190 million, up 10% from Q2 2024. Benchmark also reported a multi-year record in new bookings during the quarter, signaling recovering demand.
Non-GAAP gross margin held steady at 10.2%, and non-GAAP operating margin increased to 4.7% from 4.6% in Q1 2025. However, free cash flow for the quarter was negative $15.127 million. For the third quarter of 2025, Benchmark guided revenue to a range of $635 million to $685 million, with non-GAAP diluted EPS expected between $0.56 and $0.62.
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