Duiven, the Netherlands, July 21, 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 second quarter and first half year ended June 30, 2022.

Key Highlights Q2-22

• Revenue of € 214.0 million rose 5.7% vs. Q1-22 due primarily to increased shipments for high-end mobile applications. Down 5.4% vs. Q2-21 due to lower demand for high-end smartphones and from Chinese subcontractors partially offset by strength in automotive and computing applications

• Orders of € 153.1 million down 25.2% vs. Q1-22 principally as a result of lower orders for high-end mobile and high performance computing applications and by Asian subcontractors partially offset by continued strength for automotive end-user markets. Down 23.5% vs. Q2-21 primarily due to lower bookings by Chinese subcontractors and, to a lesser extent, decreased orders for high performance computing applications

• Gross margin of 61.0% grew 0.9 points vs. Q1-22 due to favorable forex influences and more favorable product mix. Down 1.1 points vs. Q2-21

• Net income of € 75.6 million rose 12.0% vs. Q1-22 while net margins increased to 35.4% vs. 33.4% due to higher revenue and gross margins and lower than anticipated expense development. Vs. Q2-21, net income declined 19.1% due to lower revenue and gross margins combined with higher R&D spending

Key Highlights H1-22

• Revenue of € 416.4 million rose 12.8% vs. H1-21 reflecting strong demand for Besi’s computing and automotive end-user markets. Growth partially offset by reduced demand for high-end smartphones as well as lower shipments for mobile handsets and mainstream electronics by Chinese subcontractors

• Orders of € 357.9 million declined 32.1% vs. H1-21 due to less favorable market conditions, lower orders for high-end smartphones post new introductions in 2021 and decreased demand from Chinese subcontractors

• Gross margin of 60.5% equal to H1-21

• Net income of € 143.2 million increased € 12.1 million, or 9.2%, vs. H1-21 primarily due to higher revenue levels despite 46.8% increase in R&D spending

• Net cash grew 37.4% vs. Q2-21 to reach € 284.0 million. Total cash of € 601.6 million at end of Q2-22

• Current € 185 million share repurchase program to be completed by July 31, 2022. New € 300 million program to begin August 1, 2022, representing approximately 7.5% of shares outstanding

Outlook

• Q3-22 revenue estimated to decrease by approximately 20-30% vs. Q2-22 reflecting weaker market conditions and seasonal trends. Gross margin anticipated to remain between 60-62%

 

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