Melexis Q3 2015 results - Results in line with guidance
Intermediate declaration by the Board of Directors
Ieper, Belgium - October 21st, 2015, 07.00 hrs CET
Sales for the third quarter of 2015 were 101.6 million EUR, an increase of 17% compared to the same quarter of the previous year and flat compared to the previous quarter.
The EUR/USD exchange rate evolution had a positive impact of 12% compared to the same quarter of last year and a negative impact of 1% compared to the previous quarter.
Gross margin was 47.8 million EUR, an increase of 11% compared to the same quarter of last year.
R&D expenses were 13.6% of sales, G&A was at 4.6% of sales and Selling was at 2.1% of sales.
The operating result was 27.2 million EUR, an increase of 4% compared to the same quarter of the previous year.
Net income was 25.0 million EUR or 0.62 EUR per share, an increase of 1% compared to 24.7 million EUR or 0.61 EUR per share in the third quarter of 2014.
Outlook
Melexis expects in the fourth quarter of 2015 a low single digit sales decrease versus the third quarter of 2015, resulting in a full year sales growth close to 20%, a gross profit margin above 47% and an operating margin above 26%, taking into account the current EUR/USD exchange rate.
Business comment - Françoise Chombar, CEO
"The results of the third quarter of 2015 are in line with our earlier guidance. We noticed some unusual combinations of ups and downs in our product lines: LIN RGB and some ASICs picking up very well, while in some areas we saw a number of inventory corrections. We interpret this mixed product line behaviour as a consequence of a mixed picture on the global markets. Customer sentiment remains short term unclear, though we observe the first signs of improvement beginning 2016. The long term growth still stands out strong, as Melexis innovative products are extremely suitable to address the challenges of the car of the future: a smart, safe, sustainable and stylish car.
Sales to automotive customers represented 89% of total sales. The portion of standard product (ASSPs) sales represented 57% of total sales.''
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