BE Semiconductor Industries N.V. Announces Q3-2018 Results

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Overig advies 25/10/2018 08:01
Revenue and Net Income of € 116.7 Million and € 29.3 Million, Respectively. Operating Profit Exceeds Expectations. Orders Up 25.0% vs. Q2-18

Duiven, the Netherlands, October 25, 2018 - 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 third quarter and nine months ended September 30, 2018.

Key Highlights Q3-18
Revenue of € 116.7 million at midpoint of guidance. Down 27.6% and 26.7% vs. Q2-18 and Q3-17, respectively. Lower die bonding shipments for mobile applications were partially offset by growth in automotive end user markets
Orders of € 107.9 million were up 25.0% vs. Q2-18 due to higher bookings for mobile applications as well as increased demand for high end logic and memory markets. Down 33.2% vs. Q3-17 due primarily to reduced mobile demand and less favorable market conditions
Gross margin of 58.0% is higher than Q2-18 (56.5%) and above guidance despite lower revenue levels due primarily to more favorable product mix
Operating expenses down 8.5% vs. Q2-18 due primarily to lower temporary headcount and personnel costs. Down 4.3% vs. Q3-17. Better than prior guidance
Net income of € 29.3 million and net margin of 25.1% reached in face of challenging market conditions
Net cash up € 49.9 million (+45.3%) vs. Q2-18 to reach € 160.1 million

Key Highlights YTD-18/YTD-17
Revenue of € 432.7 million, down 1.5% reflecting lower die bonding shipments for mobile applications partially offset by strength in computing and automotive end markets
Orders decreased by 24.7% due primarily to reduced demand for high end smart phone capacity post significant 2017 ramp and less favorable market conditions
Gross margin decreased slightly to 56.9% vs. 57.4%
Net income of € 113.5 million declined 12.4% vs. YTD-17. Net margin of 26.2% remained at peer leading levels

Q4-18 revenue estimated to decrease 20%-25% vs. Q3-18 reflecting typical H2 seasonal patterns and weaker assembly equipment market conditions

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tijd 09.46
De Midcap 702,97 -3,22 -0,46% Besi EUR 15,38 -44ct vol. 838.000

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