Benchmark Electronics, Inc. (NYSE:BHE) Q3 2023 Earnings Conference Call October 25, 2023 5:00 PM ET

Company Participants

Paul Mansky - IR

Jeffrey Benck - President & CEO

Roop Lakkaraju - EVP & CFO

Conference Call Participants

Maxwell Michaelis - Lake Street Capital Markets

Steven Fox - Fox Advisors

Chris Grenga - Needham & Co.

Anja Soderstrom - Sidoti

Operator

Good day, and welcome to Benchmark Electronics Inc. Third Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. Please, note this event is being recorded.

I would now like to turn the conference over to Paul Mansky with Benchmark Electronics. Please go ahead.

Paul Mansky

Thank you, Betsy, and thanks, everyone, for joining us today for Benchmark's third quarter fiscal year 2023 earnings call. Joining me this afternoon are Jeff Benck, CEO and President; and Roop Lakkaraju, CFO. After the market closed today, we issued an earnings release pertaining to our financial performance for the second quarter of 2023, and we have prepared a presentation that we will reference on this call. Both are available on the Investor Relations section on our website at bench.com. This call is being webcast live, and a replay will be available following the call.

The company has provided a reconciliation of our GAAP to non-GAAP measures in the earnings release as well as in the appendix to the presentation Please take a moment to review the forward-looking statements advice on Slide two in the presentation.

During our call, we will discuss forward-looking information. As a reminder, any of today's remarks, which are not statements of historical fact are forward-looking statements which involve risks and uncertainties as described in our press releases and SEC filings. Actual results may differ materially from these statements most notably due to ongoing supply chain constraints, macroeconomic conditions and semi-cap equipment spending. Benchmark undertakes no obligation to update any forward-looking statements.

For today's call, Jeff will begin by providing a summary of our first quarter results. Roop will then discuss our detailed financial results and our third quarter guidance. Jeff will then return to provide more insight on demand trends by sector, business wins and then closing remarks.

If you'll please turn to Slide three, I will turn the call over to our CEO, Jeff Benck.

Jeffrey Benck

Thank you, Paul. Good afternoon, and thanks, everyone, for joining our call today. The third quarter was another period of solid execution for the company. Despite the dynamic market environment, we met or exceeded expectations in the quarter. This is a direct reflection of our purposeful focus on complex and often highly regulated markets and team-wide emphasis on operational execution. Let me highlight a few key accomplishments in the quarter. Total revenue was $720 million. Although down year-over-year, recall that in Q3 2022, we had $74 million in zero margin supply chain premiums.