BE Semiconductor Industries N.V. Announces Q2-20 and H1-20 Results.

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Algemeen advies 28/07/2020 08:55
- Q2-20 Revenue of € 124.3 Million and Net Income of € 39.8 Million Up 34.1% and 110.6%, Respectively, vs. Q2-19. Results Exceed Expectations. Share Buyback Program Extended and Increased to € 125 Million.

Duiven, the Netherlands, July 28, 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 second quarter and first half year ended June 30, 2020.

Key Highlights Q2-20
Revenue of € 124.3 million, up 36.1% vs. Q1-20 and 34.1% vs. Q2-19 primarily due to higher shipments for mobile and, to a lesser extent, high-end logic applications and increased demand from Chinese customers. Exceeded high end of guidance range
Orders of € 101.3 million, down 14.6% vs. Q1-20 but up 22.5% vs. Q2-19. The sequential order decrease was primarily due to lower demand for high end mobile applications generally, partially offset by increased orders from Chinese subcontractors for mobile and other electronics applications
Gross margin reached 62.0%, up 5.3 points vs Q1-20 and 6.0 points vs. Q2-19 primarily due to a more favorable product mix, increased labor efficiencies and, to a lesser extent, forex benefits
Net income of € 39.8 million grew € 25.9 million (186.3%) vs. Q1-20 and € 20.9 million (110.6%) vs. Q2-19 primarily due to significantly higher revenue and gross margins. Net margin more than doubled to 32.0% vs. 15.2% in Q1-20 and 13.5% in Q2-19
Share buyback program extended until October 2021 and increased by € 50 million to € 125 million

Key Highlights H1-20
Revenue of € 215.6 million, up 23.8% vs. H1-19 reflecting improved market conditions and higher demand for mobile and, to a lesser extent, high end logic applications
Orders of € 219.9 million grew € 53.9 million (+32.5%) primarily due to higher demand for mobile applications
Gross margin reached 59.7%, up 3.8 points vs. H1-19 primarily due to Besi’s strong advanced packaging market position, more favorable product mix and increased labor efficiencies
Net income of € 53.7 million increased € 25.3 million (+89.1%) vs. H1-19. Net margin grew strongly to 24.9% vs. 16.3% in H1-19
Net cash of € 93.6 million rose € 7.5 million (+8.7%) vs. June 30, 2019

Q3-20 revenue estimated to decrease by approximately 10-25% vs. Q2-20 due to typical seasonal influences, lower demand for mobile applications post H1-20 build and ongoing uncertainty as to the development of the COVID-19 pandemic. Gross margin anticipated to range between 58%-60%

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tijd 09.07
Besi EUR 39,83 +1,31 vol. 70.000

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