BE Semiconductor : Besi Reports Strong Q3-16 Results; Revenue and Net Income Up by 30.7% and 163.5%, Respectively, vs. Q3-15; YTD-2016 Net Income Up 23.7% vs. YTD-2015; New Share Repurchase Program Initiated
October 27, 2016 at 01:01 am EDT
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Duiven, the Netherlands, October 27, 2016 - BE Semiconductor Industries N.V. (the 'Company' or 'Besi') (Euronext Amsterdam: BESI; OTC: BESIY, Nasdaq International Designation), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the third quarter and nine months ended September 30, 2016.
Key Highlights Q3-16
Revenue of € 94.3 million, down 13.5% vs. Q2-16 but above guidance. Decrease primarily due to lower demand by Asian subcontractors after first half capacity build. Up 30.7% vs. Q3-15 primarily due to higher die attach demand for mobile applications
Orders of € 78.1 million, down 22.3% vs. Q2-16 due to lower demand for mobile, automotive and high end server applications and typical seasonal factors but up 4.2% vs. Q3-15
Gross margin of 50.5% vs. 50.9% in Q2-16 at upper end of guidance. Up 1.8% vs Q3-15 (48.7%)
Net income of € 16.6 million down € 7.4 million vs. Q2-16 but up € 10.3 million vs. Q3-15. Net margin of 17.6% vs. 8.7% in Q3-15 due to revenue growth and increased efficiency of business model
Net cash increased by € 22.9 million (+21.0%) vs. Q3-15
September 2015 buyback program completed. New 1.0 million share buy-back program initiated
Key Highlights YTD-16
Revenue of € 282.3 million, up 4.0% vs. YTD-15 primarily as a result of higher die attach system demand by Asian customers for new advanced packaging capacity
Orders up 4.2% primarily due to increased demand by Chinese and Taiwanese subcontractors and more favourable industry conditions
Gross margin rose to 50.3% vs. 48.5% principally as a result of market position and increased material and labor cost efficiencies
Net income of € 48.6 million up € 9.3 million vs. YTD-15. Net margins increased to 17.2% vs. 14.5% YTD-15. Adjusted net income up € 12.5 million vs. YTD-15
Outlook
Q4-16 revenue expected to decrease 10-15% vs. Q3-16 reflecting typical seasonal patterns
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BE Semiconductor Industries NV published this content on 27 October 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 October 2016 05:01:07 UTC.
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BE Semiconductor Industries N.V. (Besi) specializes in the design, manufacturing and marketing of semiconductor assembly equipment for the global semiconductor and electronics industries. The group develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile Internet, computer, automotive, industrial, RFID, LED and solar energy.
Net sales are distributed geographically as follows: Ireland (7.5%), Europe (8.2%), China (35.5%), Malaysia (8.4%), Korea (7.3%), Taiwan (6.5%), Thailand ( 3.6%), Asia/Pacific (11.8%), United States (8.8%) and other (2.4%).
BE Semiconductor : Besi Reports Strong Q3-16 Results; Revenue and Net Income Up by 30.7% and 163.5%, Respectively, vs. Q3-15; YTD-2016 Net Income Up 23.7% vs. YTD-2015; New Share Repurchase Program Initiated