BE Semiconductor Industries N.V. Announces Q2-24 Results

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.

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