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22 Feb 2024

BE Semiconductor Industries N.V. Announces Q4-23 and Full Year 2023 Results

Q4-23 Revenue and Net Income of € 159.6 Million and € 54.9 Million, Up 15.9% and 36.6%, Respectively, vs. Q4-22. Results Exceed Prior Guidance. Orders of € 166.4 Million, Up 30.7% vs. Q3-23. FY-23 Revenue and Net Income of € 578.9 Million and € 177.1 Million, Respectively. Proposed Dividend of € 2.15 per Share for Fiscal 2023. 94% Pay-Out Ratio.

Duiven, the Netherlands, February 22, 2024 - 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, 2023.

Highlights Q4-23

  • Revenue of € 159.6 million, up 29.4% vs. Q3-23 and 15.9% vs. Q4-22 due to increased shipments for hybrid bonding, photonics and other AI related computing applications

  • Similarly, orders of € 166.4 million, up 30.7% vs. Q3-23. Down 7.8% vs. Q4-22 due to pull forward of bookings for high-end mobile applications in Q4-22 related to customer supply chain concerns

  • Gross margin of 65.1% rose 0.5 points vs. Q3-23 and 2.8 points vs. Q4-22 due to favorable advanced packaging product mix and net forex benefits

  • Net income of € 54.9 million rose 56.9% vs. Q3-23 and 36.6% vs. Q4-22 principally due to higher revenue and gross margin levels and cost control efforts which limited expense growth. Similarly, net margins improved to 34.4% vs. 28.4% in Q3-23 and 29.2% in Q4-22

  • Net cash increased 25.3% vs. Q3-23 to reach € 113.0 million. Year-end net cash position reflects € 435.5 million capital allocation in 2023

  • Proposed dividend of € 2.15 per share. Represents pay-out ratio of 94%

Highlights FY 2023

  • Revenue of € 578.9 million decreased 19.9% due to adverse market conditions and reduced demand for mainstream computing and, to a lesser extent, automotive applications

  • Similarly, orders of € 548.3 million declined 17.4% partially offset by strong growth in H2-23 for photonics, hybrid bonding and 2.5D logic/memory applications as customers build out generative AI capacity

  • Gross margin rose to 64.9% vs. 61.3% in 2022 due to successful new product introductions, cost control efforts, effective supply chain management and net forex benefits

  • Net income of € 177.1 million decreased 26.4% due to lower revenue levels in a challenging industry environment. Besi’s net margin of 30.6% remained highly attractive despite downturn

Outlook Q1-24

  • Revenue anticipated to decrease 5-15% vs. Q4-23

  • Gross margin expected to range between 64-66%

  • Baseline operating expenses expected to increase 0%-5% from € 35.6 million in Q4-23. Total operating expenses expected to increase 50-55% due to an approximately € 15 million increase in share-based, incentive compensation expense

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

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