Q2-24 Revenue of € 151.2 Million and Net Income of € 41.9 Million
Orders of € 185.2 Million Up
64.5%
vs. Q2-23
H1-24 Revenue and Net Income of € 297.5 million and € 75.9 Million, Respectively
Orders of € 313.0 Million Up 22.9% vs. H1-23
DUIVEN, the Netherlands, July 25, 2024 (GLOBE NEWSWIRE) -- 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, 2024.
Key Highlights Q2-24
- Revenue of € 151.2 million up 3.3% vs. Q1-24 due primarily to higher shipments for photonics and 2.5D assembly applications. Down 7.0% vs. Q2-23 principally due to continued weakness in smartphone end markets partially offset by growth in hybrid bonding and other advanced packaging applications
- Orders of € 185.2 million up 45.0% vs. Q1-24 and 64.5% versus Q2-23 principally due to significant growth in hybrid bonding, photonics and 2.5D assembly solutions for AI applications partially offset by ongoing weakness in automotive end markets
- Gross margin of 65.0% decreased by 2.2 points vs. Q1-24 and by 0.6 points vs. Q2-23 due primarily to product mix
- Net income of € 41.9 million increased 23.2% vs. Q1-24 primarily due to a € 10.0 million decrease in share-based compensation. Vs. Q2-23, net income decreased 20.3% due principally to lower revenue and increased R&D spending in support of wafer level assembly activities. Q2-24 net margin rose to 27.7% vs. 23.2% in Q1-24 but declined versus the 32.4% reported in Q2-23
- Net cash of € 74.4 million at quarter end was flat compared to Q2-23 and reflected the payment of € 171.5 million in dividends and the conversion into equity of € 89.9 million of Convertible Notes in Q2-24
Key Highlights H1-24
- Revenue of € 297.5 million increased 0.5% vs. H1-23 principally due to higher demand for hybrid bonding and other AI-related advanced packaging systems offset by lower revenue for high-end mobile applications
- Orders of € 313.0 million up 22.9% vs. H1-23 due to increased demand for hybrid bonding, photonics and 2.5D assembly solutions partially offset by lower bookings for automotive and mobile applications
- Gross margin of 66.1% increased by 1.1 point versus H1-23
- Net income of € 75.9 million decreased € 11.2 million, or 12.9%, vs. H1-23 primarily due to € 9.1 million higher share-based compensation and € 7.1 million higher R&D spending. Similarly, net margin decreased to 25.5% versus 29.5% in H1-23
Q3-24 Outlook
- Revenue expected to be flat (plus or minus 5%) vs. € 151.2 million reported in Q2-24
- Gross margin expected to range between 64-66% vs. 65.0% realized in Q2-24
- Operating expenses expected to decrease 0-5% vs. € 49.0 million in Q2-24
| (€ millions, except EPS) | Q2-2024 | Q1-2024 | Δ | Q2-2023 |
Δ | HY1-2024 | HY1-2023 | Δ |
| Revenue | 151.2 | 146.3 | +3.3% | 162.5 | -7.0% | 297.5 | 295.9 | +0.5% |
| Orders | 185.2 | 127.7 | +45.0% | 112.6 | +64.5% | 313.0 | 254.6 | +22.9% |
| Gross Margin | 65.0 % | 67.2% | -2.2% | 65.6% | -0.6 | 66.1 % | 65.0% | +1.1 |
| Operating Income | 49.3 | 40.7 | +21.1% | 62.9 | -21.6% | 90.0 | 104.6 | -14.0% |
| Net Income | 41.9 | 34.0 | +23.2% | 52.6 | -20.3% | 75.9 | 87.1 | -12.9% |
| Net Margin | 27.7 % | 23.2% | +4.5 | 32.4% | -4.7 | 25.5 % | 29.5% | -4.0 |
| EPS (basic) | 0.53 | 0.44 | +20.5% | 0.68 | -22.1% | 0.97 | 1.12 | -13.4% |
| EPS (diluted) | 0.53 | 0.44 | +20.5% | 0.66 | -19.7% | 0.97 | 1.09 | -11.0% |
| Net Cash and Deposits | 74.4* | 180.9 | -58.9% | 74.0* | +0.5% | 74.4* | 74.0* | +0.5% |
* Reflects cash dividend payments of € 171.5 million and € 222.1 million in Q2-24 and Q2-23, respectively.
