BE Semiconductor Industries N.V. Announces Q1-21 Results

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Overig advies 30/04/2021 07:16
Revenue of € 143.2 Million and Net Income of € 37.6 Million Up 56.8% and 170.5%, Respectively, vs. Q1-20; Orders of € 327.1 Million, Up 107.9% vs. Q4-20 and 175.8% vs. Q1-20

Duiven, the Netherlands, April 30, 2021 - 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 first quarter ended March 31, 2021.

Key Highlights
Revenue of € 143.2 million, up 30.5% versus Q4-20 primarily due to higher shipments for high end mobile applications with 5G features and functionality. At lower end of prior guidance as some scheduled Q1-21 shipments were delivered in Q2-21 due to certain supply chain constraints. Up 56.8% versus Q1-20

Orders of € 327.1 million, up 107.9% and 175.8% versus Q4-20 and Q1-20, respectively, due primarily to higher bookings for mobile, automotive and high-performance computing applications

Gross margin of 58.2% roughly equal to Q4-20 (58.3%) and up 1.5 points versus Q1-20 due to more favorable product mix and increased production efficiencies

Operating income rose 18.9% and 157.4% versus Q4-20 and Q1-20, respectively, due primarily to significantly higher revenue levels and ongoing initiatives to limit overhead growth

Net income of € 37.6 million versus € 44.6 million in Q4-20, down € 7.0 million versus Q4-20 due to absence of € 11.2 million tax benefit recorded in Q4-20 and higher share-based compensation. Up € 23.7 million (+170.5%) versus Q1-20

Cash and deposits of € 605.8 million rose 41.7% versus Q1-20. Similarly, net cash of € 216.2 million increased 45.8% versus Q1-20

Q2-21 revenue expected to grow approximately 30-40% versus Q1-21. Gross margin anticipated to range between 58-60%

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