BE Semiconductor Industries N : Announces Q4-21 and Full Year 2021 Results
February 18, 2022 at 06:11 am
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Q4-21 Revenue of € 171.7 Million and Net Income of € 67.1 Million Up 56.5% and 50.4%, Respectively, vs. Q4-20. Orders of € 202.6 Million Exceed Expectations. Up 28.8% vs. Q4-20. FY-21 Revenue, Orders and Net Income Rise 72.8%, 98.9% and 113.5%, Respectively. Proposed Dividend of € 3.33 per Share, Up 95.9% Versus 2020.
Duiven, the Netherlands, February 18, 2022 - 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, 2021.
Key Highlights Q4-21
Revenue of € 171.7 million down 17.6% vs. Q3-21 primarily due to deferral of shipments caused by flood at one of Besi's Malaysian production facilities and lower revenue from mobile applications as per typical Q4 seasonal patterns. Up 56.5% vs. Q4-20 primarily related to significantly increased demand for automotive and computing applications
Orders of € 202.6 million down 3.2% vs. Q3-21 but above December guidance. Up 28.8% vs. Q4-20 due to broad based demand by IDM customers, particularly for mobile and automotive applications
Gross margin of 56.7% declined 3.7 points vs. Q3-21 due to one-time, € 7.4 million inventory impairment charge related to the flood. Excluding such charge, gross margin rose to 61.0%, up 0.6 points vs. Q3-21 and up 2.7 points vs. Q4-20
Net income of € 67.1 million declined 20.3% vs. Q3-21 principally due to adverse impact of flood. Net margins remained elevated at 39.1% vs. 40.4% in Q3-21. Net income up 50.4% vs. Q4-20
Net cash continued to expand, rising +28.7% vs. Q3-21 and 86.4% vs. Q4-20 to reach € 370.4 million
Key Highlgihts FY 2021
Revenue of € 749.3 million increased by € 315.7 million, or 72.8%, primarily due to increased demand for mobile applications from new 5G smartphone cycle, recovering automotive and computing end-user markets and increased investment by Chinese customers
Orders of € 939.1 million grew € 467.0 million (+98.9%) as a result of broad-based demand across Besi's principal end-user markets, customers and geographies
Gross margin reached 59.6%, equal to 2020. Upward growth limited by inventory impairment charge and adverse forex movements of USD and Chinese yuan vs. euro
Net income of € 282.4 million grew € 150.1 million (+113.5%). Net margin also rose to 37.7% vs. 30.5%
Proposed dividend of € 3.33 per share, up 95.9% vs. 2020. Represents pay-out ratio of 92%
Outlook
Q1-22 revenue estimated to rise 15% (+/- 5%) vs. Q4-21 and 38% vs. Q1-21 (at midpoint of guidance). Timing of Q1-22 quarterly shipments influenced by supply chain issues affecting production at Besi and customer manufacturing sites. Gross margin anticipated to range between 59%-61%
To read the full version of our press release, please download the PDF file.
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BE Semiconductor Industries NV published this content on 18 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 February 2022 06:10:03 UTC.
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%).