Q4-19 Results Exceed Expectations. Orders Up 22.3% Sequentially vs. Q3-19. Full Year 2019 Revenue of € 356.2 Million and Net Income of € 81.3 Million. Proposed Dividend of € 1.01 per Share for Fiscal 2019.

Duiven, the Netherlands, February 20, 2020 - 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 fourth quarter and year ended December 31, 2019.

Key Highlights Q4-19
Revenue of € 92.4 million increased 3.0% vs. Q3-19 and was roughly flat vs. Q4-18. At the upper end of guidance due to higher than anticipated demand for advanced logic applications
Orders of € 100.5 million up 22.3% vs. Q3-19 also due primarily to higher bookings by IDM customers for advanced logic applications. Up 20.9% vs. Q4-18
Gross margin of 56.3% rose 1.2 points vs. Q3-19 and exceeded guidance principally as a result of more favorable product mix and lower personnel costs. Roughly flat vs. Q4-18 levels
Net income of € 33.7 million included € 11.6 million deferred tax benefit. Excluding such benefit, net income grew by € 2.9 million, or 15.1%, vs. Q3-19 and declined by € 0.6 million, or 2.6%, vs. Q4-18
Net margin rose to 36.5% (23.9% ex-tax benefit) vs. 21.4% in Q3-19 and 24.5% in Q4-18
Net cash increased by € 23.4 million, or 21.9%, vs. Q3-19 to reach € 130.3 million

Key Highlights FY 2019
Revenue of € 356.2 million declined 32.2% vs. 2018. Decrease broad based across Besi's product portfolio and end markets, particularly mobile and automotive
Gross margin reached 55.8%, down 1.0% vs. 2018, despite adverse market conditions due to market position, flexible production model and active overhead reduction efforts
Net income of € 81.3 million decreased by 40.4% vs. 2018 (48.9% ex tax benefit). Net margin of 22.8% achieved in adverse market (19.6% ex tax benefit)
€ 167.1 million distributed to shareholders in form of dividends and share repurchases
Proposed 2019 dividend of € 1.01 per share (approximately € 73 million) equal to a 90% pay-out ratio

Outlook
Q1-20 revenue estimated to equal Q4-19 plus or minus 10% given uncertain impact of coronavirus on timing of system deliveries, orders and supply chain activity. Gross margin range of 54-56% anticipated.

see & read more on
https://www.besi.com/fileadmin/user_upload/Q4-2019.pdf

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