Duiven, the Netherlands, October 22, 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 third quarter and nine months ended September 30, 2020.

Key Highlights Q3-20

• Revenue of € 108.3 million, down 12.9% vs. Q2-20, consistent with seasonal trends. At favorable end of guidance range. Up 20.7% vs. Q3-19 primarily due to higher shipments for mobile applications to US and Asian customers

• Orders of € 94.9 million, down 6.3% vs. Q2-20. Up 15.5% vs. Q3-19 due to increased demand for high end mobile applications related to new product introductions and 5G capabilities

• Gross margin reached 60.8% and exceeded guidance. Down 1.2 points vs. Q2-20 but up 5.7 points vs. Q3-19 primarily due to a more favorable product mix and increased labor efficiencies

• Net income of € 34.0 million decreased € 5.8 million (-14.6%) vs. Q2-20 due to lower revenue levels. Up strongly (+€ 14.8 million or +77.1%) vs. Q3-19 primarily due to significantly higher revenue and gross margins combined with reduced overhead levels related to cost control efforts

• Net margin again exceeded 30%, reaching 31.3% vs. 32.0% in Q2-20. Substantial increase vs. 21.4% realized in Q3-19

• Net cash rose strongly to € 158.7 million, up € 65.1 million (+69.6%) vs. June 30, 2020

• Agreement signed with Applied Materials, Inc. to jointly develop industry’s first complete and proven die based hybrid bonding equipment solution for customers

Key Highlights YTD-20

• Revenue of € 323.9 million, up 22.8 % vs. YTD-19 primarily reflecting improved market conditions and higher demand for mobile applications from US and Chinese customers

• Similarly, orders of € 314.8 million grew € 66.6 million (+26.8%) vs. YTD-19

• Gross margin reached 60.1%, up 4.4 points vs. YTD-19 primarily due to Besi’s strong advanced packaging market position, a more favorable product mix and increased labor efficiencies

• Net income of € 87.6 million increased € 40.0 million (+84.0%) vs. YTD-19. Net margin rose to 27.1% vs. 18.0% in YTD-19

Outlook

• Q4-20 revenue estimated to be flat to down 15% vs. Q3-20 primarily due to seasonal influences and concerns as to the development of the COVID-19 pandemic. Gross margin anticipated between 58%-60%

 

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