Duiven, the Netherlands, February 20, 2019 - 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, 2018.

Key Highlights Q4-18

• Revenue of € 92.5 million is within prior guidance. Down 20.7% and 39.6% vs. Q3-18 and Q4-17, respectively, due primarily to weakness in mobile applications and less favorable market conditions
• Orders of € 83.1 million declined 23.0% vs. Q3-18 due to lower bookings for mobile applications and typical seasonality partially offset by growth in cloud applications. Down 44.4% vs. Q4-17
• Gross margin decreased to 56.4% vs. 58.0% in Q3-18. Exceeded guidance. Up vs. 56.3% in Q4-17 as production overhead re-aligned to meet lower demand levels
• Operating expenses decreased € 3.2 million (-11.0%) vs. Q3-18. Better than guidance. Down € 8.3 million (-24.3%) vs. Q4-17
• Net income of € 22.7 million decreased by € 6.6 million (-22.5%) vs. Q3-18 while net margins were 24.5% (25.1% in Q3-18) despite adverse market environment
• Net cash increased by € 39.3 million vs. Q3-18 (+24.5%) to reach € 199.4 million

 

Key Highlights FY 2018

• Revenue of € 525.3 million declined 11.4% vs. 2017 primarily as a result of lower die bonding revenue for mobile applications partially offset by growth in computing and automotive end markets
• Orders decreased by 29.0% 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 56.8% vs. 57.1%
• Net income of € 136.3 million declined 21.3% vs. 2017. Net margin of 25.9% vs. 29.2%
• Proposed dividend of € 1.67 per share. 91% pay-out ratio

 

Outlook

• Q1-19 revenue estimated to decline approximately 15% vs. Q4-18 as difficult market conditions continue in traditionally weakest quarter of the year. Gross margin expected to remain in 55%-57% range as cost reduction initiatives continue to align overhead with customer demand

 

To read the full version of our press release, please download the PDF file.