Duiven, the Netherlands, July 26, 2018 - 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, 2018.

Key Highlights Q2-18

• Revenue of € 161.1 million up 4.0% vs. Q1-18 and in line with revised guidance due to higher shipments for mobile and automotive applications. Down 5.2% vs. Q2-17 due to lower die bonding shipments for high end mobile applications partially offset by growth in Besi's automotive and computing end user markets
• Orders of € 86.3 million, down 58.1% vs. Q1-18 and 33.7% vs. Q2-17 due primarily to reduced demand by customer supply chains for high end smart phone applications after the significant 2017 and Q1-18 capacity build
• Gross margin of 56.5% equal to Q1-18 and down 0.8 points vs. Q2-17 due primarily to adverse forex influences. At high end of prior guidance
• Operating expenses down 18.7% vs. Q1-18 due primarily to lower share based compensation and warranty expense. Down 6.7% vs. Q2-17. Better than prior guidance
• Net income of € 47.2 million, up € 10.1 million vs. Q1-18 as strategic execution continues to generate high levels of profitability. Down € 5.2 million (-9.9%) vs. Q2-17
• Similarly, net margin rose to 29.3% vs. 23.9% in Q1-18. Down by 1.5% vs. Q2-17 (30.8%)

Key Highlights H1-18

• Revenue of € 316.0 million, up 12.8% vs. H1-17 reflecting broad based growth across all product groups and end user application markets
• Orders decreased by 21.0% due primarily to lower die bonding bookings for high end smart phone and, to a lesser extent, high end server applications
• Gross margin decreased slightly to 56.5% vs. 56.7% despite adverse forex influences from decline of USD vs. euro
• Net income of € 84.3 million grew € 7.6 million vs. H1-17 (+9.9%). Net margin of 26.7% vs. 27.4% in H1-17

 

Outlook

• Q3-18 revenue estimated to decrease 25-30% vs. Q2-18 due primarily to lower die bonding revenue for mobile applications and typical H2 seasonal patterns
• New € 75 million share repurchase program initiated through October 2019

 

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