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25 Apr 2024

BE Semiconductor Industries N.V. Announces Q1-24 Results

Q1-24 Revenue of € 146.3 Million and Net Income of € 34.0 Million. Revenue Exceeds Midpoint of Guidance and Gross Margin above Guidance.

Duiven, the Netherlands, April 25, 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 first quarter ended March 31, 2024.

Key Highlights

  • Revenue of € 146.3 million, above midpoint of guidance. Down 8.3% vs. Q4-23 due primarily to lower shipments for high-performance computing and automotive end-user markets, partially offset by higher shipments for high-end mobile applications. Up 9.7% vs. Q1-23 due to higher shipments for 2.5D and 3D applications partially offset by weakness in smartphone end user markets

  • Orders of € 127.7 million down 23.3% vs. Q4-23 principally due to a pause in demand for 2.5D and 3D applications following strong H2-23 and ongoing softness in mainstream assembly markets. Vs. Q1-23, orders decreased 10.1% due primarily to weakness in high-end mobile and automotive markets

  • Gross margin of 67.2% rose by 2.1 points vs. Q4-23 and by 3.0 points vs. Q1-23 due primarily to a more favorable product mix

  • Net income of € 34.0 million decreased 38.1% vs. Q4-23 and 1.4% vs. Q1-23 primarily due to higher share-based incentive compensation and, to a lesser extent, increased R&D spending. Besi’s net margin declined to 23.2% vs. 34.4% in Q4-23 and 25.9% in Q1-23

  • Ex share-based incentive compensation, Besi’s adjusted net income (net margin) was € 49.5 million (33.8%) vs. € 57.7 million (36.2%) in Q4-23 and € 43.0 million (32.2%) in Q1-23

  • Net cash of € 180.9 million increased € 67.9 million, or 60.1%, vs. Q4-23 due to strong cash flow from operations and the conversion into equity of Convertible Notes


  • Revenue expected to be flat (plus or minus 5%) vs. € 146.3 million reported in Q1-24

  • Gross margin expected to range between 63-65% vs. 67.2% realized in Q1-24 due to the anticipated product mix

  • Operating expenses expected to decrease 15%-20% vs. € 57.6 million in Q1-24 due to a reduction in share-based compensation expense


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

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