TEMPE, AZ – Benchmark Electronics announced revenue of $691 million for the fourth quarter, a 4% decrease from 2022's fourth quarter.

For the full year, the company's $2.8 billion in revenue was a decrease of 1.6% from 2022's total.

"Benchmark delivered another solid year of performance in 2023 as we continued to execute to our strategic plan," said Benchmark president and CEO Jeff Benck. "I'm particularly pleased with our free cash flow performance which was aided by inventory reductions. At the same time, our operational discipline allowed us to expand both gross and operating margin despite the dynamic environment.

"Looking forward, we expect the current demand softness across several of our end-markets will likely persist through the first half of 2024, driven by customers closely managing inventories. However, as demonstrated by our performance this past year, I am confident in our ability to deliver further margin expansion and positive free cash flow in 2024."

For the first quarter, the company projects revenue of $625 million to $665 million.