32.5 Million Engines Later, Honda's Ohio Plant Turns 40
Since opening its doors in 1985, the Anna Engine Plant has built over 32.5 million engines. That includes everything from basic four-cylinders for the Civic to high-output V6s found in Acura performance cars and SUVs. Back then, it was a 200,000 square-foot facility with fewer than 100 workers. Today, it covers 2.8 million square feet and supports nearly 3,000 employees. The plant currently produces a wide range of four-cylinder and V6 engines, including turbocharged and hybrid variants. It also makes essential components like cylinder heads, camshafts, crankshafts, and the precision pulleys used in Honda's CVTs.
Engines from Anna have powered some of Honda's most iconic vehicles. The plant builds the 190-hp 1.5-liter turbo used in the Civic, Accord, CR-V, and Acura Integra, as well as the 315-hp 2.0-liter turbo found in the Civic Type R and Integra Type S. It even produced the 500-hp 3.5-liter twin-turbo V6 that lived in the second-generation Acura NSX supercar. But Anna's output isn't all about performance. It's also behind the hybrid engines that help fuel-efficient models like the Accord and CR-V deliver impressive fuel economy. It's clear as day that the Anna Engine Plant has played a huge role in shaping Honda and Acura's lineup across North America.
While gas and hybrid engines are still a major focus, Anna is already preparing for Honda's next chapter. The plant has started producing aluminum battery cases for upcoming EVs, using cutting-edge processes like megacasting, Minimum Quantity Lubrication machining, and friction stir welding. These battery cases will be shipped to the Marysville Auto Plant, where they'll be paired with battery modules to power the next generation of Honda and Acura electric vehicles, including the Honda Prologue. Full EV production is set to begin in Ohio in 2026. With four decades of experience and a clear role in Honda's future, the Anna Engine Plant continues to be a key part of the company's evolution.
Copyright 2025 The Arena Group, Inc. All Rights Reserved.
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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. 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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, 2024, 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, tariffs and retaliatory countermeasures, the ability to utilize the Company's manufacturing facilities at sufficient levels to cover its fixed operating costs, or write-downs or write-offs of obsolete or unsold inventory, 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 certain non‐GAAP information to provide investors with additional information to analyze the Company's performance and underlying trends. These non-GAAP financial measures exclude restructuring charges, stock-based compensation expense, amortization of intangible assets acquired in business combinations, certain legal and other settlement losses (gains), customer insolvency losses (recoveries), asset impairments, other significant non-recurring costs and the related tax impacts, including discrete tax items and other non-GAAP tax adjustments, of all of the above. A detailed reconciliation between GAAP results and results excluding certain items ('non-GAAP') is included in the following tables attached to this document. 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. This document also references 'free cash flow', a non-GAAP measure, which the Company defines as cash flow from operations less additions to property, plant and equipment and purchased software. 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. Benchmark Electronics, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Amounts in Thousands, Except Per Share Data) (UNAUDITED) Three Months Ended Six Months Ended June 30, June 30, 2024 2025 2024 2025 Sales $ 665,896 $ 642,335 $ 1,341,471 $ 1,274,099 Cost of sales 597,946 577,563 1,206,113 1,146,147 Gross profit 67,950 64,772 135,358 127,952 Selling, general and administrative expenses 38,022 40,569 75,354 79,369 Amortization of intangible assets 1,204 1,204 2,408 2,408 Restructuring charges and other costs 1,471 2,513 4,814 13,930 Income from operations 27,253 20,486 52,782 32,245 Interest expense (6,933 ) (6,348 ) (14,178 ) (11,643 ) Interest income 2,526 3,135 4,518 5,867 Other expense, net (2,323 ) (666 ) (3,500 ) (1,468 ) Income before income taxes 20,523 16,607 39,622 25,001 Income tax expense 4,995 15,635 10,092 20,385 Net income $ 15,528 $ 972 $ 29,530 $ 4,616 Earnings per share: Basic $ 0.43 $ 0.03 $ 0.82 $ 0.13 Diluted $ 0.43 $ 0.03 $ 0.81 $ 0.13 Weighted-average number of shares outstanding: Basic 36,047 35,991 35,929 36,021 Diluted 36,497 36,258 36,388 36,427 Expand Benchmark Electronics, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In Thousands) (UNAUDITED) December 31, June 30, 2024 2025 Assets Current assets: Cash and cash equivalents $ 315,152 $ 264,647 Restricted cash 12,875 — Accounts receivable, net 412,458 369,246 Contract assets 167,578 175,101 Inventories 553,654 531,986 Prepaid expenses and other current assets 42,512 56,010 Total current assets 1,504,229 1,396,990 Property, plant and equipment, net 225,097 223,809 Operating lease right-of-use assets 117,995 110,771 Goodwill and other long-term assets 292,143 299,275 Total assets $ 2,139,464 $ 2,030,845 Liabilities and Shareholders' Equity Current liabilities: Current installments of long-term debt $ 6,737 $ 3,830 Accounts payable 354,218 354,715 Advance payments from customers 143,614 126,463 Accrued liabilities 144,530 107,142 Total current liabilities 649,099 592,150 Long-term debt, net of current installments 250,457 203,418 Operating lease liabilities 108,997 104,896 Other long-term liabilities 17,598 23,511 Total liabilities 1,026,151 923,975 Shareholders' equity 1,113,313 1,106,870 Total liabilities and shareholders' equity $ 2,139,464 $ 2,030,845 Expand Benchmark Electronics, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In Thousands) (UNAUDITED) Six Months Ended June 30, 2024 2025 Cash flows from operating activities: Net income $ 29,530 $ 4,616 Depreciation and amortization 23,026 23,785 Stock-based compensation expense 6,361 9,732 Accounts receivable 71,346 46,794 Contract assets (7,111 ) (7,523 ) Inventories 82,717 26,087 Accounts payable (25,550 ) (3,727 ) Advance payments from customers (47,727 ) (17,150 ) Other changes in working capital and other, net (28,318 ) (53,934 ) Net cash provided by operating activities 104,274 28,680 Cash flows from investing activities: Additions to property, plant and equipment and software (14,407 ) (16,460 ) Other investing activities, net (1,405 ) 62 Net cash used in investing activities (15,812 ) (16,398 ) Cash flows from financing activities: Share repurchases — (15,995 ) Net debt activity (41,731 ) (50,430 ) Other financing activities, net (17,161 ) (18,990 ) Net cash used in financing activities (58,892 ) (85,415 ) Effect of exchange rate changes (2,918 ) 9,753 Net increase (decrease) in cash and cash equivalents and restricted cash 26,652 (63,380 ) Cash and cash equivalents and restricted cash at beginning of year 283,213 328,027 Cash and cash equivalents and restricted cash at end of period $ 309,865 $ 264,647 Expand Benchmark Electronics, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Financial Results (Amounts in Thousands, Except Per Share Data) (UNAUDITED) Three Months Ended Six Months Ended Jun 30, Mar 31, Jun 30, Jun 30, 2024 2025 2025 2024 2025 Income from operations (GAAP) $ 27,253 $ 11,759 $ 20,486 $ 52,782 $ 32,245 Restructuring charges and other costs 1,471 1,342 1,939 4,814 3,281 Stock-based compensation expense 4,185 4,397 5,335 6,361 9,732 Amortization of intangible assets 1,204 1,204 1,204 2,408 2,408 Legal and other settlement loss(1) 317 10,275 799 1,172 11,074 Customer insolvency (recovery) (316 ) — — (316 ) — Other — — 311 — 311 Non-GAAP income from operations $ 34,114 $ 28,977 $ 30,074 $ 67,221 $ 59,051 GAAP operating margin 4.1 % 1.9 % 3.2 % 3.9 % 2.5 % Non-GAAP operating margin 5.1 % 4.6 % 4.7 % 5.0 % 4.6 % Gross profit (GAAP) $ 67,950 $ 63,180 $ 64,772 $ 135,358 $ 127,952 Stock-based compensation expense 326 431 514 752 945 Customer insolvency (recovery) (316 ) — — (316 ) — Non-GAAP gross profit $ 67,960 $ 63,611 $ 65,286 $ 135,794 $ 128,897 GAAP gross margin 10.2 % 10.0 % 10.1 % 10.1 % 10.0 % Non-GAAP gross margin 10.2 % 10.1 % 10.2 % 10.1 % 10.1 % Selling, general and administrative expenses $ 38,022 $ 38,800 $ 40,569 $ 75,354 $ 79,369 Stock-based compensation expense (3,858 ) (3,966 ) (4,821 ) (5,608 ) (8,787 ) Legal and other settlement loss(1) (317 ) (200 ) (225 ) (1,172 ) (425 ) Other — — (311 ) — (311 ) Non-GAAP selling, general and administrative expenses $ 33,847 $ 34,634 $ 35,212 $ 68,574 $ 69,846 Net income (GAAP) $ 15,528 $ 3,644 $ 972 $ 29,530 $ 4,616 Restructuring charges and other costs 1,471 1,342 1,939 4,814 3,281 Stock-based compensation expense 4,185 4,397 5,335 6,361 9,732 Amortization of intangible assets 1,204 1,204 1,204 2,408 2,408 Legal and other settlement loss(1) 317 10,275 799 1,172 11,074 Refinancing of Credit Facilities — — 224 — 224 Customer insolvency (recovery) (316 ) — — (316 ) — Other — — 311 — 311 Income tax adjustments(2) (1,437 ) (1,645 ) 9,208 (2,830 ) 7,563 Non-GAAP net income $ 20,952 $ 19,217 $ 19,992 $ 41,139 $ 39,209 Diluted earnings per share: Diluted (GAAP) $ 0.43 $ 0.10 $ 0.03 $ 0.81 $ 0.13 Diluted (Non-GAAP) $ 0.57 $ 0.52 $ 0.55 $ 1.13 $ 1.08 Weighted-average number of shares used in calculating diluted earnings per share: Diluted (GAAP) 36,497 36,605 36,258 36,388 36,427 Diluted (Non-GAAP) 36,497 36,605 36,258 36,388 36,258 Net cash provided by (used in) operations $ 55,816 $ 31,503 $ (2,823 ) $ 104,274 $ 28,680 Additions to property, plant and equipment and software (8,504 ) (4,156 ) (12,304 ) (14,407 ) (16,460 ) Free cash flow (used) $ 47,312 $ 27,347 $ (15,127 ) $ 89,867 $ 12,220 Expand (1) Includes settlement of the tax assessment in Mexico that was previously disclosed under Note 15 in Part II, Item 8 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. (2) This amount represents the tax impact of the non-GAAP adjustments, including discrete tax items, using the applicable effective tax rates. For the three and six months ended June 30, 2025, $10.4 million in discrete tax charges relating to foreign withholding tax paid on repatriated dividends, net of anticipated recoveries, and the recognition of deferred tax liabilities on remaining unremitted earnings in China. Expand
