BE Semiconductor Industries N.V. Announces Q4-22 and Full Year 2022 Results

Q4-22 Revenue and Net Income of € 137.7 Million and € 40.2 Million, Respectively
Orders of € 180.5 Million Up 44.1% vs. Q3-22

FY-22 Revenue and Net Income of € 722.9 Million and € 240.6 Million, Respectively
Proposed Dividend of € 2.85 per Share for Fiscal 2022. 93% Pay-Out Ratio

DUIVEN, the Netherlands, Feb. 22, 2023 (GLOBE NEWSWIRE) -- BE Semiconductor Industries N.V. (the “Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the fourth quarter and year ended December 31, 2022.

Key Highlights Q4-22

  • Revenue of € 137.7 million down 18.4% vs. Q3-22 and 19.8% vs. Q4-21 due primarily to lower shipments for high performance computing, mainstream electronics applications from Asian subcontractors and ongoing weakness in mobile end-user markets
  • Orders of € 180.5 million up 44.1% vs. Q3-22 due primarily to increased bookings for high-end smartphone applications and hybrid bonding systems. Down 10.9% vs. Q4-21 principally from lower bookings for mainstream computing and automotive end-user markets
  • Gross margin of 62.3% was equal to Q3-22 and above prior guidance. Up 5.6 points vs. Q4-21
  • Net income of € 40.2 million declined 29.8% vs. Q3-22 primarily due to lower revenue and increased R&D spending for wafer level assembly activities. Similarly, down 40.1% vs. Q4-21 which included € 8.9 million deferred tax benefits
  • Q4-22 net margin of 29.2% realized despite industry downturn vs. 34.0% in Q3-22 and 39.1% in Q4-21
  • Net cash increased 1.2% vs. Q3-22 to reach € 346.5 million. Declined 6.5% vs. year-end 2021 due primarily to € 416.3 million capital allocation to shareholders

Key Highlights FY 2022

  • Revenue of € 722.9 million decreased 3.5% primarily due to lower shipments for smartphone and Chinese end-user markets after two years of strong capacity growth. Partially offset by continued strength in automotive end-user markets and initial sales of hybrid bonding systems
  • Orders of € 663.7 million declined 29.3% principally due to decreased demand for high-end smartphone applications post new product cycle in 2021 and reduced bookings from Chinese subcontractors for mobile and mainstream computing applications
  • Gross margin rose to 61.3% vs. 59.6% in 2021 primarily as a result of lower temporary headcount levels, favorable forex influences and absence of inventory impairment charge recorded in 2021
  • Net income of € 240.6 million decreased 14.8% primarily due to lower revenue, increased R&D spending and absence of € 15.0 million deferred tax benefits vs. 2021
  • Net margin 33.3% vs. 37.7% in 2021.
  • Proposed dividend of € 2.85 per share. Represents pay-out ratio of 93%

Outlook   

  • Q1-23 revenue anticipated to decrease 0-10% vs. Q4-22 as industry downturn continues. Gross margin expected to range between 61%-63%

(€ millions, except EPS) Q4-2022 Q3-2022 ΔQ4-2021 

Δ
FY
2022
 FY
2021
 

Δ
Revenue 137.7 168.8 -18.4%171.7 -19.8% 722.9   749.3   -3.5 %
Orders 180.5   125.3   +44.1 % 202.6   -10.9 % 663.7   939.1   -29.3 %
Operating Income 48.7   71.2   -31.6 % 67.2   -27.5 % 294.1   317.6   -7.4 %
EBITDA 54.8   77.1   -28.9 % 72.0   -23.9 % 317.1   335.1   -5.4 %
Net Income 40.2   57.3   -29.8 % 67.1   -40.1 % 240.6   282.4   -14.8 %
Net Margin 29.2 % 34.0 % -4.8   39.1 % -9.9   33.3 % 37.7 % -4.4  
EPS (basic) 0.51   0.71   -28.2 % 0.86   -40.7 % 3.03   3.70   -18.1 %
EPS (diluted) 0.50   0.69   -27.5 % 0.80   -37.5 % 2.90   3.39   -14.5 %
Net Cash and Deposits 346.5   342.5   +1.2 % 370.4   -6.5 % 346.5   370.4   -6.5 %

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