Melexis Q1 2017 results – First quarter sales growth of 13%

Intermediate declaration by the Board of Directors
Ieper, Belgium - April 20th, 2017, 07.00 hrs CET

Sales for the first quarter of 2017 were 123.6 million EUR, an increase of 13% 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 positive impact of 2%, both compared to the same quarter of last year and the previous quarter.
Gross margin was 56.6 million EUR, an increase of 15% compared to the same quarter of last year and an increase of 3% compared to the previous quarter.
R&D expenses were 13.7% of sales, G&A was at 4.5% of sales and Selling was at 2.1% of sales. The operating result was 31.5 million EUR, an increase of 14% compared to the same quarter of last year and an increase of 7% compared to the previous quarter.
Net income was 25.4 million EUR or 0.63 EUR per share, an increase of 11% compared to 22.8 million EUR or 0.57 EUR per share in the first quarter of 2016 and an increase of 1% compared to the previous quarter.

Outlook
Melexis expects sales in the second quarter of 2017 to be around the level of 127 million EUR.
For the full year 2017, Melexis expects sales growth to be between 11% and 15%, a gross profit margin around 45% and an operating margin around 25%, all taking into account a EUR/USD exchange rate of 1.07.

Business comment - Françoise Chombar, CEO:
"Melexis started the year on the right track with a year over year sales growth of 13%. A growing order book provides confidence in our guidance for the full year. Our sensor interfaces and magnetic sensors were the main growth drivers for the quarter. I am especially pleased with the performance of current sensors both in our main automotive and also our industrial markets. This strong growth confirms we are ready for the accelerating automotive trend towards more electrification and are well-positioned to meet existing and future customer needs. In addition this demonstrates our increased diversification towards other markets.
Other outperforming product lines percentage-wise were fan drivers, pressure sensors, rain-light sensors and 3D time-of-flight sensors.
Sales to automotive customers represented 89% of total sales. The portion of standard product (ASSPs) sales represented 60% of total sales.''

Financial calendar

Dividend pay date: April 27, 2017 (ex coupon on April 25, 2017)
Analyst Day: May 3, 2017
Publication Q2/HY1 2017 Results: August 2, 2017
Publication Q3 2017 Results: October 25, 2017
Publication FY 2017 Results: February 7, 2018

The company’s results will be discussed in a conference call on Thursday, April 20th, 2017 at 17 hrs CET. The conference call will be in English. You have to register for this conference call in advance. You can register by clicking on the following link and filling out the requested information:
https://eventreg3.conferencing.com/inv/reg.html?Acc=034060&Conf=370408
Conference ID: 961686

After registration, you will receive the conference call number, a participant user pin, conference pin and instructions on how to join the conference call. For security purposes all participants must register individually if they wish to join the call.

A replay number for this call is available for 7 days after the end of the conference call. The replay number for this call is +32 2 290 17 05, access code: 961686.

Download press release (PDF - 365 KB)

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