Besi Reports Q2-16 Revenue of € 109.0 Million, Up 38% vs. Q1-16 and Net Income of € 24.0 Million, Up 200% vs. Prior Quarter. Results Exceed Expectatio

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Algemeen advies 28/07/2016 10:51
Duiven, the Netherlands, July 28, 2016 - BE Semiconductor Industries N.V. (the “Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY, Nasdaq International Designation), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the second quarter and first half year ended June 30, 2016.

Key Highlights Q2-16
Revenue of € 109.0 million, up 38.0% vs. Q1-16 and 4.5% vs. Q2-15 primarily due to increased demand by Asian subcontractors for advanced packaging capacity, continued growth of automotive applications and increased share of mainstream electronics applications
Above revenue guidance primarily due to earlier than anticipated system deliveries to Asian customers which were originally scheduled for Q3-16
Orders of € 100.5 million, down 3.3% vs. Q1-16 but up 9.4% vs. Q2-15
Gross margin increased to 50.9% vs. 49.2% in Q1-16 due to market position and labor cost efficiencies. Up 3.0% vs Q2-15 (47.9%)
Net income of € 24.0 million up € 16.0 million vs. Q1-16 and € 8.5 million vs. Q2-15. Net margin of 22.0% vs. 10.1% and 14.8% in Q1-16 and Q2-15, respectively
Net cash increased by € 19.3 million (+21.1%) vs. Q2-15


Key Highlights H1-16
Revenue of € 188.0 million, down 5.6% as sales for smart phone and other advanced packaging applications declined vs. H1-15
Orders increased by 4.2% primarily due to more favourable industry conditions and increased demand by Chinese and Taiwanese subcontractors for Besi's range of assembly solutions
Gross margin rose to 50.2% vs. 48.4% principally as a result of market position, increased material and labor cost efficiencies and forex benefits
Net income of € 32.0 million down € 1.0 million vs. H1-15. Adjusted H1-16 net income up € 2.3 million. Adjusted net margin of 16.9% vs 14.8% in H1-15

Outlook
Q3-16 revenue expected to decrease by 15-20% vs. Q2-16 due to typical seasonal factors. Revenue and operating profit forecast to exceed Q3-15 levels


tijd 10.52
Besi EUR 27,585 +54ct vol. 166.000



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