Company: BHE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025644
Chunk: 62

Company: BENCHMARK ELECTRONICS INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1B
Chunk 62
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100.0
    %

    Cost of sales

    89.8

    90.5

    Gross profit

    10.2

    9.5

    Selling, general and administrative expenses

    5.6

    5.1

    Amortization of intangible assets

    0.2

    0.2

    Restructuring charges and other costs

    0.3

    0.3

    Income from operations

    4.1

    3.9

    Other expense, net

    (0.9
    )

    (1.0
    )

    Income before income taxes

    3.2

    2.9

    Income tax expense

    0.8

    0.6

    Net income

    2.4
    %

    2.3
    %

2024 Compared With 2023

Sales

Sales decreased 6% in 2024. The percentages of our sales by market sector were as follows:

    Year EndedDecember 31,

    2024

    2023

    Semi-Cap

    27
    %

    23
    %

    Industrial

    22

    21

    Medical

    17

    20

    A&D

    16

    13

    AC&C

    18

    23

    Total net sales

    100
    %

    100
    %

Semi-Conductor Capital Equipment. 2024 sales increased 12% to $723.2 million from $646.3 million in 2023 primarily due to increased demand from existing customers and new customer wins.

Industrial. 2024 sales decreased 4% to $573.3 million from $596.5 in 2023 as a result of lower demand with existing customers, partially offset by new program ramps.

Medical. 2024 sales decreased 19% to $450.7 million from $556.6 million in 2023 primarily due to inventory rebalancing and end-demand weakness within medical devices.

Aerospace and Defense. 2024 sales increased 20% to $434.0 million from $361.5 million in 2023 primarily due to demand growth in Space, continued demand in Commercial Aerospace and broad-based strength from existing programs as well as new program wins in Defense.

34