BE Semiconductor Industries N.V. Announces Q2-18 and H1-18 Results

Q2-18 Revenue and Net Income Increase by 4.0% and 27.2%, Respectively, vs. Q1-18
Strong H1-18 with Revenue and Net Income Up 12.8% and 9.9%, Respectively
New € 75 Million Share Repurchase Program Initiated

DUIVEN, the Netherlands, July 26, 2018 (GLOBE NEWSWIRE) -- 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
(€ millions, except EPS) Q2-
2018
Q1-
2018
Δ Q2-
2017
 

Δ
  H1-
2018
H1-
2017
 

Δ
 
Revenue 161.1154.9+4.0% 170.0-5.2%  316.0280.2+12.8% 
Orders 86.3205.8-58.1% 130.1-33.7%  292.1369.9-21.0% 
Operating Income 59.348.6+22.0% 63.3-6.3%  107.894.1+14.6% 
EBITDA 62.852.0+20.8% 66.6-5.7%  114.8100.8+13.9% 
Net Income 47.237.1+27.2% 52.4-9.9%  84.376.7+9.9% 
EPS (basic) 0.630.50+26.0% 0.70-10.0%  1.131.03+9.7% 
EPS (diluted) 0.580.46+26.1% 0.65-10.8%  1.030.94+9.6% 
Net Cash & Deposits 110.2*290.1-62.0% 131.5*-16.2%  110.2*131.5*-16.2% 

*Reflects cash dividend payments of € 174.0 million and € 65.3 million in Q2-18 and Q2-17, respectively.

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
“Besi’s first half 2018 results showed continued year over year improvement in revenue and net income of 12.8% and 9.9%, respectively. The solid results reflected the extension of favorable industry trends from 2017, additions to advanced packaging capacity by customers and Besi’s ongoing execution of strategic initiatives. Revenue growth in H1-18 was broad based with contributions from each of our principal end user markets. First half net income of € 84.3 million combined with peer leading gross and net margins of 56.5% and 26.7% highlight the success of Besi’s products in the market place and the efficiency of our business model. Q2-18 financial metrics were also favorable with sequential revenue up 4.0% vs. Q1-18, gross margin at the high end of guidance, net income growing sequentially by 27.2% and a net margin of 29.3%.

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