TEMPE, AZ -- Benchmark Electronics announced first quarter revenue of $676 million, down from $695 million a year ago.

Net income was $14 million, up $2 million from 2023. Income from operations was $26 million, up $3 million.

Operating margin was up 50 basis points to 3.8%. Net cash provided by operations was $48 million and positive free cash flow was $43 million.

Revenue decreased quarter over quarter and year over year primarily due to decreases in Medical, Advanced Computing and Next-Generation Communication sales, which were partially offset by an increase in Complex Industrials sales quarter-over-quarter and increases in Semi-Cap and A&D sales year-over-year.

"We are pleased with our strong performance in the first quarter, which reflects our focus on driving operational efficiency while continuing our strategic investments in support of our future growth. We again delivered year-over-year improvement in both GAAP and non-GAAP gross and operating margins which, coupled with our reductions in inventory, resulted in our fourth consecutive quarter of positive cash flow from operations and free cash flow. These results underscore our commitment to drive long-term value to both our customers and shareholders," said Jeff Benck, Benchmark's President and CEO.

Benchmark guided for second quarter revenue of $615 million to $655 million and restructuring charges of $2 million.

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