Benchmark Reports Third Quarter 2020 Results
- Quarterly revenue of $526 million
- Semi-Cap revenue growth of 45% year-over-year
- Medical revenue growth of 5% year-over-year
- Quarterly GAAP diluted EPS of $0.16 and non-GAAP diluted EPS of $0.32
“We delivered sequential revenue and earnings growth in the third quarter as our business started to recover from second quarter disruptions, enabling earnings to come in above our guidance for the quarter,” said CEO and President Jeff Benck. “The results were driven by a 45% year-over-year improvement in Semi-cap and an 18% sequential improvement in the Aerospace and Defense sector, where demand for defense related products remains strong. In addition, third quarter non-GAAP gross and operating margins improved significantly from the second quarter, reaching 8.7% and 3.0% respectively, as our global network returned to normal operating capacity.”
“Entering the fourth quarter, we expect stronger demand and new programs in Defense, Industrials, and Telecommunications to offset declines in Medical as we are completing some of the incremental upside builds for COVID-19 related therapeutic equipment. We continue to make progress on improving gross margins as we expect to achieve our 9% target in the fourth quarter, which will enable us to also improve earnings sequentially.”
