TEMPE, Ariz., March 19, 2024 /PRNewswire/ -- Benchmark
Electronics, Inc. (NYSE: BHE) today announced Roop K.
Lakkaraju, Executive Vice President and Chief Financial Officer
(CFO) intends to resign from his position to pursue another
professional opportunity outside of Benchmark. Mr. Lakkaraju will
remain in his current role until April 1,
2024.
Effective April 1, 2024,
Arvind Kamal, Benchmark's current
Vice President of Finance, will assume the role of interim CFO. Mr.
Kamal has been with Benchmark for more than 4 years and has a deep
understanding of the EMS sector. During this transition, Mr.
Kamal's leadership capabilities across both finance and accounting
position him well to continue Benchmark's ongoing pursuit of our
financial objectives. Over the coming months, the company intends
to conduct a formal search process to identify Benchmark's next
chief financial officer.
"It has been a privilege serving as Benchmark's EVP and CFO for
the last six years," said Mr. Lakkaraju. "I am immensely proud of
what our team has accomplished together and am confident Benchmark
has a bright future ahead."
"I want to thank Roop for his contributions to the company
during his tenure," said Jeff Benck,
Benchmark's Chief Executive Officer. "Roop is leaving us in a
better position than when he joined, including building a stronger
financial team that will help seamlessly bridge this
transition."
Guidance
Along with this announcement, Benchmark reiterates its prior
expectations for the March 2024
fiscal quarter including revenue within a range of $625-$665M and
non-GAAP EPS of between $0.42 and
$0.48 per share.
About Benchmark Electronics, Inc.
Benchmark provides
comprehensive solutions across the entire product life cycle by
leading through its innovative technology and engineering design
services, leveraging its optimized global supply chain and
delivering world-class manufacturing services in the following
industries: commercial aerospace, defense, advanced computing, next
generation telecommunications, complex industrials, medical, and
semiconductor capital equipment. Benchmark's global operations
include facilities in seven countries and its common shares trade
on the New York Stock Exchange under the symbol BHE.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are identified as any statement that does not relate
strictly to historical or current facts and may include words such
as "anticipate," "believe," "intend," "plan," "project,"
"forecast," "strategy," "position," "continue," "estimate,"
"expect," "may," "will," "could," "predict," and similar
expressions of the negative or other variations thereof. In
particular, statements, express or implied, concerning the
Company's outlook and guidance for first quarter and fiscal
year2024 results, future operating results or margins, the
ability to generate sales and income or cash flow, expected revenue
mix, the Company's business strategy and strategic initiatives, the
Company's repurchases of shares of its common stock, the Company's
expectations regarding restructuring charges and amortization of
intangibles, and the Company's intentions concerning the payment of
dividends, among others, are forward-looking statements. Although
the Company believes these statements are based on and derived from
reasonable assumptions, they involve risks, uncertainties and
assumptions that are beyond the Company's ability to control or
predict, relating to operations, markets and the business
environment generally, including those discussed under Part I, Item
1A of the Company's Annual Report on Form 10-K for the year ended
December 31, 2023, and in any of the
Company's subsequent reports filed with the Securities and Exchange
Commission. Events relating to the possibility of customer demand
fluctuations, supply chain constraints, continuing inflationary
pressures, the effects of foreign currency fluctuations and high
interest rates, geopolitical uncertainties including continuing
hostilities and tensions, trade restrictions and sanctions, or the
ability to utilize the Company's manufacturing facilities at
sufficient levels to cover its fixed operating costs, may have
resulting impacts on the Company's business, financial condition,
results of operations, and the Company's ability (or inability) to
execute on its plans. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual outcomes, including the future results of the
Company's operations, may vary materially from those indicated.
Undue reliance should not be placed on any forward-looking
statements. Forward-looking statements are not guarantees of
performance. All forward-looking statements included in this
document are based upon information available to the Company as of
the date of this document, and the Company assumes no obligation to
update.
Non-GAAP Financial Measures
Management discloses
non‐GAAP information to provide investors with additional
information to analyze the Company's performance and underlying
trends. In situations where a non-GAAP reconciliation has not been
provided, the Company was unable to provide such a reconciliation
without unreasonable effort due to the uncertainty and inherent
difficulty predicting the occurrence, the financial impact and the
periods in which the non-GAAP adjustments may be recognized.
Management uses non‐GAAP measures that exclude certain items in
order to better assess operating performance and help investors
compare results with our previous guidance. The Company's non‐GAAP
information is not necessarily comparable to the non‐GAAP
information used by other companies. Non‐GAAP information should
not be viewed as a substitute for, or superior to, net income or
other data prepared in accordance with GAAP as a measure of the
Company's profitability or liquidity. Readers should consider the
types of events and transactions for which adjustments have been
made.
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SOURCE BENCHMARK ELECTRONICS