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19 Feb 2021

BE Semiconductor Industries N.V. Announces Q4-20 and Full Year 2020 Results

Q4-20 Revenue and Net Income up 18.7% and 32.3% vs. Q4-19. Results Exceeds Expectations. Orders up 65.8% vs. Q3-20.FY-20 Revenue and Net Income up 21.7% and 62.7% vs. FY-19. Proposed Dividend of € 1.70 per Share, up 68.3%.

Duiven, the Netherlands, February 19, 2021 - 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 fourth quarter and year ended December 31, 2020.

Key Highlights Q4-20
  • Revenue of € 109.7 million, up 1.3% versus Q3-20 and above guidance. Up 18.7% versus Q4-19 primarily due to higher shipments for mobile applications to Asian subcontractors

  • Orders up 65.8% versus Q3-20 and 56.5% versus Q4-19 due to broad based demand increase across Besi’s end-user markets, particularly mobile and automotive applications

  • Gross margin of 58.3% declined 2.5 points versus Q3-20 due primarily to adverse forex influences. Up 2.0 points versus Q4-19 primarily due to a more favorable product mix and increased labor efficiencies

  • Net income grew to € 44.6 million, an increase of € 10.6 million versus Q3-20 and € 10.9 million versus Q4-19. Similarly, Besi’s net margin rose to 40.7% versus 31.3% in Q3-20 and 36.5% in Q4-19

  • Excluding tax benefits recognized in each of Q4-20 and Q4-19, net income declined by € 0.6 million, or 1.8%, versus Q3-20 but increased by € 11.3 million, or 51.1%, versus Q4-19. Net margin decreased slightly to 30.4% in Q4-20 versus 31.3% in Q3-20 but increased by 6.5 points versus Q4-19

  • Net cash increased to € 198.7 million, up € 40.0 million (+25.2%) versus September 30, 2020

Key Highlights FY 2020
  • Revenue of € 433.6 million increased by € 77.4 million, or 21.7%, primarily as a result of improved industry conditions, higher shipments for mobile applications due to new 5G product cycle and increased investment by Chinese customers

  • Orders of € 472.1 million grew € 123.4 million (+35.4%)

  • Gross margin reached 59.6%, up 3.8 points versus 2019 primarily due to Besi’s strong advanced packaging market position, a more favorable product mix and increased labor efficiencies

  • Net income of € 132.3 million grew € 51.0 million (+62.7%). Net margin rose to 30.5% versus 22.8% in 2019. Net margin ex tax benefits rose to 27.9% versus 19.6% in 2019

  • Proposed 2020 dividend of € 1.70 per share. Represents pay-out ratio of 94%

  • Q1-21 revenue estimated to increase 30%-40% versus Q4-20. Strong demand continues with current Q1-21 orders exceeding total for Q4-20. Gross margin anticipated to range between 58% and 60%

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

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