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26 Oct 2023

BE Semiconductor Industries N.V. Announces Q3-23 Results

Q3-23 Revenue and Net Income of € 123.3 Million and € 35.0 Million, Respectively. Q3-23 Orders of € 127.3 million, Up 13.1% vs. Q2-23. Next € 60 Million Share Repurchase Program Initiated.

Duiven, the Netherlands, October 26, 2023 - 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, 2023.

Key Highlights Q3-23

  • Revenue Q3-23 of € 123.3 million down 24.1% vs. Q2-23 due to decreased smartphone shipments post H1-23 seasonal capacity build. Partially offset by increased demand for computing and automotive applications. Down 27.0% vs. Q3-22 due primarily to lower demand for computing applications

  • Orders Q3-23 of € 127.3 million up 13.1% vs. Q2-23 and 1.6% vs. Q3-22 principally due to higher orders for computing, hybrid bonding and photonics applications partially offset by lower demand for automotive/industrial applications

  • Gross margin Q3-23 of 64.6% down 1.0 points vs. Q2-23 but above prior guidance. Up 2.3 points vs. Q3-22 due primarily to market position and cost control efforts

  • Net income Q3-23 of € 35.0 million decreased 33.5% vs. Q2-23 while net margins declined to 28.4% vs. 32.4% due primarily to lower revenue and gross margins partially offset by a 15.6% decrease in operating expenses. Compared to Q3-22, net income declined 38.9% due primarily to lower revenue levels

  • Total cash of € 391.2 million and net cash of € 90.2 million at September 30, 2023 increased by 3.4% and 21.9%, respectively, vs. June 30, 2023 due to increased cash flow from operations

Key Highlights Year to Date 2023

  • Revenue YTD-23 of € 419.2 million declined 28.4% vs. YTD-22 principally due to lower revenue with particular weakness in computing applications by IDMs and Asian subcontractors

  • Orders YTD-23 of € 381.9 million declined 21.0% due primarily to adverse market conditions which significantly impacted demand for computing, and to a lesser extent, automotive applications

  • Gross margin YTD-23 of 64.8% rose 3.7 points principally resulting from a more favorable product mix, net forex benefits and overhead alignment with changing market conditions

  • Net income YTD-23 of € 122.2 million decreased € 78.3 million, or 39.1%, vs. YTD-22 primarily due to significantly lower revenue levels. Similarly, Besi’s net margin decreased to 29.1% from 34.3%


Q4-23 revenue anticipated to increase 15-25% vs. Q3-23 due to increased shipments for computing applications with gross margins forecast to range between 62-64%


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

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