BE Semiconductor Industries N.V. Announces Q3-21 Results
Revenue of € 208.3 Million and Net Income of € 84.2 Million Up 92.3% and 147.6%, Respectively, vs. Q3-20. Orders of € 209.2 Million Up 4.5% vs. Q2-21 and 120.4% vs. Q3-20. Strong YTD-21 Revenue, Orders and Net Income of € 577.6 Million, € 736.5 Million and € 215.3 Million, Respectively.
Duiven, the Netherlands, October 26, 2021 - 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 third quarter and nine months ended September 30, 2021.
Key Highlights Q3-21
Revenue of € 208.3 million declined 7.9% vs. Q2-21 and was in line with prior guidance. Decrease primarily due to lower shipments for mobile applications post H1-21 capacity build and supply chain constraints. Up 92.3% vs. Q3-20 due to increased demand for mobile and automotive applications and higher shipments to Asian subcontractors
Orders of € 209.2 million grew 4.5% vs. Q2-21 and 120.4% vs. Q3-20 primarily as a result of increased bookings for hybrid bonding, high performance computing and automotive applications
Gross margin of 60.4% declined by 1.7 points vs. Q2-21 principally due to a less favorable product mix. Down 0.4 points vs. Q3-20 primarily due to adverse forex influences
Net income of € 84.2 million decreased € 9.3 million (-9.9%) vs. Q2-21 principally as a result of lower revenue and gross margin levels realized. Up € 50.2 million, or 147.6%, vs. Q3-20
Net margin of 40.4% declined slightly vs. the 41.3% achieved in Q2-21 but increased by 9.1 points vs. Q3-20 highlighting the significant operating leverage in Besi’s business model
Key Highlights YTD-21
Revenue of € 577.6 million rose 78.3% vs. YTD-20 reflecting strong demand across Besi’s end-user markets, geographies and customers with particular strength in mobile applications
Orders of € 736.5 million grew € 421.7 million, or 134.0%, primarily due to significant growth in each of Besi’s principal end-user markets
Gross margin reached 60.5%, up 0.4 points vs. YTD-20 principally related to a more favorable product mix and increased labor efficiencies despite adverse forex influences and additional costs to scale Besi’s production capacity
Net income of € 215.3 million grew € 127.7 million, or 145.8%, vs. YTD-20. Net margin expanded to 37.3% vs. 27.1% in YTD-20
Net cash of € 287.8 million at end of Q3-21 increased by € 129.1 million (+81.3%) vs. Q3-20
Outlook
Q4-21 revenue to decrease approximately 5-15% vs. Q3-21 as new products are introduced, capacity added in 2021 is deployed and typical H2 seasonal trends. Revenue expected to rise 60-80% vs. Q4-20 highlighting ongoing market strength. Gross margin of 59-61% at similar levels as reported in Q3-21.