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28 Jul 2020

BE Semiconductor Industries N.V. Announces Q2-20 and H1-20 Results.

Q2-20 Revenue of € 124.3 Million and Net Income of € 39.8 Million Up 34.1% and 110.6%, Respectively, vs. Q2-19. Results Exceed Expectations. Share Buyback Program Extended and Increased to € 125 Million.

Duiven, the Netherlands, July 28, 2020 - 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 second quarter and first half year ended June 30, 2020.

 

Key Highlights Q2-20

  • Revenue of € 124.3 million, up 36.1% vs. Q1-20 and 34.1% vs. Q2-19 primarily due to higher shipments for mobile and, to a lesser extent, high-end logic applications and increased demand from Chinese customers. Exceeded high end of guidance range
  • Orders of € 101.3 million, down 14.6% vs. Q1-20 but up 22.5% vs. Q2-19. The sequential order decrease was primarily due to lower demand for high end mobile applications generally, partially offset by increased orders from Chinese subcontractors for mobile and other electronics applications
  • Gross margin reached 62.0%, up 5.3 points vs Q1-20 and 6.0 points vs. Q2-19 primarily due to a more favorable product mix, increased labor efficiencies and, to a lesser extent, forex benefits
  • Net income of € 39.8 million grew € 25.9 million (186.3%) vs. Q1-20 and € 20.9 million (110.6%) vs. Q2-19 primarily due to significantly higher revenue and gross margins. Net margin more than doubled to 32.0% vs. 15.2% in Q1-20 and 13.5% in Q2-19
  • Share buyback program extended until October 2021 and increased by € 50 million to € 125 million

 

Key Highlights H1-20

  • Revenue of € 215.6 million, up 23.8% vs. H1-19 reflecting improved market conditions and higher demand for mobile and, to a lesser extent, high end logic applications
  • Orders of € 219.9 million grew € 53.9 million (+32.5%) primarily due to higher demand for mobile applications
  • Gross margin reached 59.7%, up 3.8 points vs. H1-19 primarily due to Besi’s strong advanced packaging market position, more favorable product mix and increased labor efficiencies
  • Net income of € 53.7 million increased € 25.3 million (+89.1%) vs. H1-19. Net margin grew strongly to 24.9% vs. 16.3% in H1-19
  • Net cash of € 93.6 million rose € 7.5 million (+8.7%) vs. June 30, 2019

 

Outlook  

  • Q3-20 revenue estimated to decrease by approximately 10-25% vs. Q2-20 due to typical seasonal influences, lower demand for mobile applications post H1-20 build and ongoing uncertainty as to the development of the COVID-19 pandemic. Gross margin anticipated to range between 58%-60%


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

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Investor Relations Besi

Tel: +31 26 319 4500

investor.relations@remove-mebesi.com

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