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27 Oct 2016

Besi Reports Strong Q3-16 Results; Revenue and Net Income Up by 30.7% and 163.5%, Respectively, vs. Q3-15; YTD-2016 Net Income Up 23.7% vs. YTD-2015; New Share Repurchase Program Initiated

Duiven, the Netherlands, October 27, 2016 - BE Semiconductor Industries N.V. (the “Company" or "Besi") (Euronext Amsterdam: BESI; OTC: BESIY, Nasdaq International Designation), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the third quarter and nine months ended September 30, 2016.

Key Highlights Q3-16

  • Revenue of € 94.3 million, down 13.5% vs. Q2-16 but above guidance. Decrease primarily due to lower demand by Asian subcontractors after first half capacity build. Up 30.7% vs. Q3-15 primarily due to higher die attach demand for mobile applications
  • Orders of € 78.1 million, down 22.3% vs. Q2-16 due to lower demand for mobile, automotive and high end server applications and typical seasonal factors but up 4.2% vs. Q3-15
  • Gross margin of 50.5% vs. 50.9% in Q2-16 at upper end of guidance. Up 1.8% vs Q3-15 (48.7%)
  • Net income of € 16.6 million down € 7.4 million vs. Q2-16 but up € 10.3 million vs. Q3-15. Net margin of 17.6% vs. 8.7% in Q3-15 due to revenue growth and increased efficiency of business model
  • Net cash increased by € 22.9 million (+21.0%) vs. Q3-15
  • September 2015 buyback program completed. New 1.0 million share buy-back program initiated

 

Key Highlights YTD-16

  • Revenue of € 282.3 million, up 4.0% vs. YTD-15 primarily as a result of higher die attach system demand by Asian customers for new advanced packaging capacity
  • Orders up 4.2% primarily due to increased demand by Chinese and Taiwanese subcontractors and more favourable industry conditions
  • Gross margin rose to 50.3% vs. 48.5% principally as a result of market position and increased material and labor cost efficiencies
  • Net income of € 48.6 million up € 9.3 million vs. YTD-15. Net margins increased to 17.2% vs. 14.5% YTD-15. Adjusted net income up € 12.5 million vs. YTD-15


Outlook

  • Q4-16 revenue expected to decrease 10-15% vs. Q3-16 reflecting typical seasonal patterns

 

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

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