Benchmark Electronics, Inc. (NYSE: BHE) reported financial results for the third quarter ended September 30, 2025, with revenue of $681 million, in line with the high end of its guidance. The company reported non-GAAP diluted earnings per share of $0.62, also at the top of its expectations. Jeff Benck, CEO, highlighted strong execution across the business, noting improved year-over-year performance in most market sectors. He expressed optimism about growth momentum, particularly from emerging enterprise AI opportunities. David Moezidis, President and Chief Commercial Officer, added that booking trends remained robust, supporting confidence in future growth as the company looks toward 2026 and beyond. In the third quarter, the company’s revenue was distributed across key industries: Semi-Cap equipment at $185 million (27%), Industrial at $153 million (22%), Aerospace and Defense (A&D) at $129 million (19%), Medical at $126 million (19%), and Advanced Computing and Communications (AC&C) at $81 million (13%). Gross margin came in at 10.1% on a non-GAAP basis, slightly down from prior quarters, while operating margin improved to 4.8% non-GAAP. The company reported a decline in GAAP earnings per share to $0.39, driven by higher restructuring charges and other costs, including $1.557 million in restructuring expenses during the quarter. Benchmark’s cash conversion cycle improved to 77 days as of September 30, 2025, down from 85 days in the prior quarter and 90 days in the same period of 2024, reflecting better working capital management. For the fourth quarter of 2025, Benchmark provided guidance indicating continued momentum, though specific figures were not disclosed in the release. The company reiterated its focus on scaling operations, leveraging its global supply chain, and advancing its capabilities in AI-driven manufacturing. Benchmark emphasized its independence from recent market volatility and its commitment to delivering innovation across advanced computing, communications, aerospace, industrial, medical, and semiconductor capital equipment sectors. The company hosted a conference call on the same day to discuss results, with a live webcast available on its website. The event included a review of performance, strategic direction, and future outlook. Forward-looking statements in the report include expectations for revenue, margins, bookings, and growth in AI-related opportunities, with risks related to supply chain constraints, inflation, foreign exchange, geopolitical issues, and customer demand fluctuations. The company also provided a reconciliation of GAAP to non-GAAP metrics, including adjustments for restructuring, stock-based compensation, amortization, and other non-recurring items. Benchmark’s non-GAAP free cash flow for the nine months ended September 30, 2025, totaled $37.3 million, reflecting ongoing efforts to improve liquidity and operational efficiency despite challenging macroeconomic conditions.