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20 Oct 2022

BE Semiconductor Industries N.V. Announces Q3-22 Results

Revenue of € 168.8 Million and Net Income of € 57.3 Million. Results at Favorable End of Guidance. YTD-22 Revenue of € 585.1 Million Up 1.3% and Net Income of € 200.5 Million Down 6.9%

Duiven, the Netherlands, October 20, 2022 - 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 third quarter and nine months ended September 30, 2022.

Key Highlights Q3-22

  • Revenue of € 168.8 million declined 21.1% vs. Q2-22 due to lower shipments for mobile applications reflecting seasonal influences and softer market conditions for computing applications. Down 19.0% vs. Q3-21 due to lower demand by Chinese subcontractors and reduced sales for high-end mobile applications. Partially offset by increased automotive and hybrid bonding shipments

  • Orders of € 125.3 million decreased 18.2% vs. Q2-22 due principally to weaker demand for high-performance computing applications from IDMs and Asian subcontractors. Vs. Q3-21, down 40.1% primarily due to broad-based market decline, particularly in computing applications

  • Gross margin of 62.3% rose 1.3 points vs. Q2-22 and 1.9 points vs. Q3-21 principally due to more favorable product mix and beneficial forex influences from increase of USD vs. euro

  • Net income of € 57.3 million decreased 24.2% vs. Q2-22 and 31.9% vs. Q3-21 principally as result of lower revenue and increased R&D spending for wafer level applications

  • Besi’s net margin reached 34.0% vs. the 35.4% achieved in Q2-22 despite a 21.1% sequential revenue decrease. Vs. Q3-21, net margin declined by 6.4 points

Key Highlights YTD-22

  • Revenue of € 585.1 million rose 1.3% vs. YTD-21 reflecting strong demand for high performance computing, automotive and hybrid bonding applications. Partially offset by significant decline in high-end mobile applications post 2021 capacity build and reduced demand by Chinese subcontractors

  • Orders of € 483.3 million declined 34.4% reflecting broad-based softening of market conditions, and decreased demand for high-end mobile applications and from Chinese subcontractors

  • Gross margin rose 0.6 points to reach 61.1% primarily due to favorable forex influences and Besi’s timely adjustment of production and overhead levels to changing market conditions

  • Net income of € 200.5 million down 6.9% due primarily to higher R&D spending and forex hedging costs. Net margin declined to 34.3% vs. 37.3%

  • Liquidity position strengthened as cash and deposits at end of Q3-22 grew by 12.1% vs. Q3-21 to reach € 661.8 million and net cash rose by 19.0% to reach € 342.5 million


  • Q4-22 revenue to decrease approximately 15-25% vs. Q3-22 reflecting seasonal trends and weak market conditions. Gross margin of 60-62% anticipated

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