Melexis Q1 2015 results - Continued growth
Intermediate declaration by the Board of Directors
Ieper, Belgium - April 23rd, 2015, 07.00 hrs CET
Sales for the first quarter of 2015 were 94.4 million EUR, an increase of 25% compared to the same quarter of the previous year and an increase of 7% compared to the previous quarter.
The EUR/USD exchange rate evolution had a positive impact of 10% compared to the same quarter of last year and a positive impact of 5% compared to the previous quarter.
Gross margin was 47.2 million EUR, an increase of 34% compared to the same quarter of last year.
R&D expenses were 13.5% of sales, G&A was at 4.6% of sales and Selling was at 2.3% of sales.
The operating result was 28.0 million EUR, an increase of 50% compared to the same quarter of the previous year.
Net income was 27.1 million EUR or 0.67 EUR per share, an increase of 44% compared to 18.9 million EUR or 0.47 EUR per share in the first quarter of 2014.
Outlook
Melexis expects sales in the second quarter of 2015 to be around the level of 100 million EUR.
For FY 2015, Melexis expects sales growth to be between 20% and 25%, a gross profit margin above 47% and an operating margin above 26%, taking into account a EUR/USD exchange rate of 1.10.
Business comment - Françoise Chombar, CEO:
"A first quarter year-on-year structural growth of 15% excluding positive currency effects demonstrates that the Melexis products continue to gain market share. Despite typical first quarter effects such as the impact of the yearly price downs and the Chinese New Year slow, we were able to grow also quarter on quarter.
The main growth drivers in the first quarter were, as anticipated, the magnetic sensors portfolio and the sensor interfaces product line. Additionally, temperature and pressure sensors showed above average growth.
Sales to automotive customers represented 89% of total sales, equal to the previous quarter. The portion of standard product (ASSPs) sales represented 57% of sales.
Melexis adjusts sales guidance for FY 2015 as a result of the continued strengthening of the USD versus the EUR in the first quarter.''
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