Key Highlights

• Revenue of € 91.3 million, at midpoint of guidance and down 1.2% vs. Q4-19. Up 12.2% vs. Q1-19 due to higher shipments for mobile and logic applications
• Orders of € 118.6 million, up 18.0% and 42.2% vs. Q4-19 and Q1-19, respectively, due primarily to higher bookings for mobile applications
• Gross margin of 56.7% increased by 0.4 points vs. Q4-19 and 0.8 points vs. Q1-19 due to more favorable product mix. Exceeded guidance
• Net income of € 13.9 million, down € 19.8 million vs. Q4-19 due to absence of € 11.6 million tax benefit recorded in Q4-19 and higher share-based compensation (as anticipated). Up € 4.4 million (+46.3%) vs Q1-19
• Net margin decreased to 15.2% vs. 36.5% in Q4-19 (23.9% ex tax benefit) and increased vs. Q1-19 (11.6%)
• Cash and deposits increased to € 427.6 million at end of Q1-20, reflecting Besi’s strong liquidity position. Net cash increased by € 18.0 million vs. Q4-19 to reach € 148.3 million

Outlook  

• Q2-20 revenue expected to increase by approximately 5-25% vs. Q1-20 based on feedback from customers and suppliers and current COVID-19 regulations governing each of Besi’s facilities. Gross margin range of 56-58% forecast

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