Melexis Q2 2016 results - Sales guidance increased
Intermediate declaration by the Board of Directors
Ieper, Belgium – July 27th, 2016, 07.00 hrs CET
Sales for the second quarter of 2016 were 112.3 million EUR, an increase of 10% compared to the same quarter of the previous year and an increase of 3% compared to the previous quarter.
The EUR/USD exchange rate evolution had a negative impact of 2% compared to the same quarter of last year and a negative impact of 2% compared to the previous quarter.
Gross margin was 50.9 million EUR, an increase of 3% compared to the same quarter of last year. R&D expenses were 14.4% of sales, G&A was at 4.6% of sales and Selling was at 1.9% of sales.The operating result was 27.7 million EUR, a decrease of 3% compared to the same quarter of last year and an increase of 1% compared to the previous quarter.
Net income was 23.1 million EUR or 0.57 EUR per share, a decrease of 7% compared to 24.9 million EUR or 0.62 EUR per share in the second quarter of 2015 and an increase of 1% compared to 22.8 million EUR or 0.57 EUR per share in the previous quarter.
Sales for the first half year of 2016 were 221.7 million EUR, an increase of 13% compared to the first half year of 2015.
The EUR/USD exchange rate evolution had a positive impact of 1% compared to the same period last year.
Gross margin was 100.2 million EUR, an increase of 3% compared to the same period last year.
The operating result was 55.2 million EUR, compared to 56.5 million EUR in the same half year of 2015, a decrease of 2%.
Net income was 46.0 million EUR or 1.14 EUR per share, a decrease of 12% compared to 52.0 million EUR or 1.29 EUR per share in the first half year of 2015.
The Board of Directors decided to pay out an interim dividend of 1.30 EUR gross per share. The Melexis shares will start trading ex coupon on October 25, 2016 (opening of the market). The record date is October 26, 2016 (closing of the market) and the dividend will be payable as from October 27, 2016.
After year end, the Board of Directors will decide if a final dividend is desirable.
Melexis expects sales in the third quarter of 2016 to be around the level of 116 million EUR. For full year 2016, Melexis expects sales growth to be around the level of 13-14%, instead of the 8 to 12% guidance so far. Melexis further expects a gross profit margin around 45% and an operating margin around 25%, all taking into account a EUR/USD exchange rate of 1.10.Business comment – Françoise Chombar, CEO:
"Following a good start of the year, Melexis produces again a solid performance in the second quarter. Sales in the first half year increased 13% versus 1H2015, enabling us to increase our sales guidance for the full year. Our gross profit margin is expected to stay around 45% for the remainder of the year, as the strong demand for our products requires an increased focus on execution. Since Melexis grows significantly stronger than the market, our strategy to accelerate our investments in R&D remains steadfast. In June, Melexis founded a new R&D center in Dresden, Germany, to support the execution of the Melexis innovation roadmap.
The main growth drivers in the second quarter were sensor interfaces and our magnetic sensor product lines. In the second quarter, sales to automotive customers represented 89% of total sales. The portion of standard product (ASSPs) sales represented 60% of total sales.”
The statutory auditors BDO Bedrijfsrevisoren Burg. Ven. CVBA, have confirmed that their review procedures, which have been substantially completed, have not revealed material adjustments which would have to be made to the accounting information included in this press release.
- Publication Q3 2016 Results: October 26, 2016
- Dividend pay date: October 27, 2016 (ex coupon on October 25, 2016)
- Publication FY 2016 Results: February 8, 2017
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