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

Financial expense, net, decreased by € 1.9 million versus Q3-22 primarily as a result of increased interest income earned on cash balances outstanding.

€ millions Q4-2022 Q3-2022 ΔQ4-2021 Δ
Net Income 40.2 57.3 -29.8%67.1 -40.1%
Net Margin 29.2 %34.0%-4.8 39.1%-9.9 
Tax Rate 10.9 %12.8%-1.9 -4.6%+15.5%

Besi’s Q4-22 net income of € 40.2 million decreased € 17.1 million, or 29.8%, versus Q3-22. The profit reduction was primarily due to an 18.4% sequential revenue decrease and a 9.1% increase in operating expenses associated primarily with higher R&D spending levels partially offset by higher interest income earned and a lower effective tax rate. Versus Q4-21, net income decreased by € 26.9 million, or 40.1%, principally as a result of (i) a 19.8% revenue decrease, (ii) increased R&D spending and (iii) a higher effective tax due to the absence of € 8.9 million in tax benefits recognized in the prior year period partially offset by a 5.6 point gross margin increase. As a result, Besi’s net margin decreased to 29.2% in Q4-22 versus 34.0% in Q3-22 and 39.1% in Q4-21.

Full Year Results of Operations

€ millions FY 2022 FY 2021* Δ
Revenue 722.9   749.3   -3.5 %
Orders 663.7   939.1   -29.3 %
Gross Margin 61.3 % 59.6 % +1.7  
Operating Income 294.1   317.6   -7.4 %
Net Income* 240.6   282.4   -14.8 %
Net Margin* 33.3 % 37.7 % -4.4  
Tax Rate * 12.6   7.1 % +5.5  

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