Q4-22 Revenue and Net Income of € 137.7 Million and € 40.2 Million, Respectively
Orders of € 180.5 Million Up 44.1% vs. Q3-22
FY-22 Revenue and Net Income of € 722.9 Million and € 240.6 Million, Respectively
Proposed Dividend of € 2.85 per Share for Fiscal 2022. 93% Pay-Out Ratio
DUIVEN, the Netherlands, Feb. 22, 2023 (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 fourth quarter and year ended December 31, 2022.
Key Highlights Q4-22
- Revenue of € 137.7 million down 18.4% vs. Q3-22 and 19.8% vs. Q4-21 due primarily to lower shipments for high performance computing, mainstream electronics applications from Asian subcontractors and ongoing weakness in mobile end-user markets
- Orders of € 180.5 million up 44.1% vs. Q3-22 due primarily to increased bookings for high-end smartphone applications and hybrid bonding systems. Down 10.9% vs. Q4-21 principally from lower bookings for mainstream computing and automotive end-user markets
- Gross margin of 62.3% was equal to Q3-22 and above prior guidance. Up 5.6 points vs. Q4-21
- Net income of € 40.2 million declined 29.8% vs. Q3-22 primarily due to lower revenue and increased R&D spending for wafer level assembly activities. Similarly, down 40.1% vs. Q4-21 which included € 8.9 million deferred tax benefits
- Q4-22 net margin of 29.2% realized despite industry downturn vs. 34.0% in Q3-22 and 39.1% in Q4-21
- Net cash increased 1.2% vs. Q3-22 to reach € 346.5 million. Declined 6.5% vs. year-end 2021 due primarily to € 416.3 million capital allocation to shareholders
Key Highlights FY 2022
- Revenue of € 722.9 million decreased 3.5% primarily due to lower shipments for smartphone and Chinese end-user markets after two years of strong capacity growth. Partially offset by continued strength in automotive end-user markets and initial sales of hybrid bonding systems
- Orders of € 663.7 million declined 29.3% principally due to decreased demand for high-end smartphone applications post new product cycle in 2021 and reduced bookings from Chinese subcontractors for mobile and mainstream computing applications
- Gross margin rose to 61.3% vs. 59.6% in 2021 primarily as a result of lower temporary headcount levels, favorable forex influences and absence of inventory impairment charge recorded in 2021
- Net income of € 240.6 million decreased 14.8% primarily due to lower revenue, increased R&D spending and absence of € 15.0 million deferred tax benefits vs. 2021
- Net margin 33.3% vs. 37.7% in 2021.
- Proposed dividend of € 2.85 per share. Represents pay-out ratio of 93%
Outlook
- Q1-23 revenue anticipated to decrease 0-10% vs. Q4-22 as industry downturn continues. Gross margin expected to range between 61%-63%
| (€ millions, except EPS) | Q4-2022 | Q3-2022 | Δ | Q4-2021 |
Δ |
FY
2022 | FY
2021 |
Δ | ||||||||
| Revenue | 137.7 | 168.8 | -18.4 | % | 171.7 | -19.8 | % | 722.9 | 749.3 | -3.5 | % | |||||
| Orders | 180.5 | 125.3 | +44.1 | % | 202.6 | -10.9 | % | 663.7 | 939.1 | -29.3 | % | |||||
| Operating Income | 48.7 | 71.2 | -31.6 | % | 67.2 | -27.5 | % | 294.1 | 317.6 | -7.4 | % | |||||
| EBITDA | 54.8 | 77.1 | -28.9 | % | 72.0 | -23.9 | % | 317.1 | 335.1 | -5.4 | % | |||||
| Net Income | 40.2 | 57.3 | -29.8 | % | 67.1 | -40.1 | % | 240.6 | 282.4 | -14.8 | % | |||||
| Net Margin | 29.2 | % | 34.0 | % | -4.8 | 39.1 | % | -9.9 | 33.3 | % | 37.7 | % | -4.4 | |||
| EPS (basic) | 0.51 | 0.71 | -28.2 | % | 0.86 | -40.7 | % | 3.03 | 3.70 | -18.1 | % | |||||
| EPS (diluted) | 0.50 | 0.69 | -27.5 | % | 0.80 | -37.5 | % | 2.90 | 3.39 | -14.5 | % | |||||
| Net Cash and Deposits | 346.5 | 342.5 | +1.2 | % | 370.4 | -6.5 | % | 346.5 | 370.4 | -6.5 | % | |||||
