Melexis Q3 2017 results – Optimistic sentiment continues

Intermediate declaration by the Board of Directors
Ieper, Belgium – October 25th, 2017, 07.00 hrs CET

Sales for the third quarter of 2017 were 127.1 million EUR, an increase of 11% compared to the same quarter of the previous year and a decrease of 1% 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 4% compared to the previous quarter. Gross margin was 58.2 million EUR, an increase of 10% compared to the same quarter of last year and a decrease of 2% compared to the previous quarter. R&D expenses were 13.6% of sales, G&A was at 4.7% of sales and Selling was at 2.4% of sales. The operating result was 32.0 million EUR, an increase of 8% compared to the same quarter of last year and a decrease of 3% compared to the previous quarter. Net income was 28.1 million EUR or 0.70 EUR per share, an increase of 12% compared to 25.2 million EUR or 0.62 EUR per share in the third quarter of 2016 and a decrease of 9% compared to the previous quarter.

Outlook

For the full year 2017, Melexis expects sales growth to be around 12%, a gross profit margin around 45% and an operating margin around 25%, taking into account the current EUR/USD exchange rate.

Business comment – Françoise Chombar, CEO:

“Despite stronger than anticipated currency headwinds in the third quarter, Melexis posted a robust year over year sales growth of 11%. Excluding the negative impact of the EUR/USD, Melexis sales growth would have been 13%, fully in line with growth in the first half year. We continue to benefit from optimistic customer sentiment and order behavior in the second year half in all geographic regions. The main growth drivers in the third quarter were magnetic sensors, sensor interfaces and pressure sensors. Also our optical sensor product lines are performing above average. Sales growth beyond automotive for the first 9 months of 2017 is now at 24%. It demonstrates our success to bring innovative sensors and drivers to consumer and industrial markets. In the third quarter, sales to automotive customers represented 88% of total sales. The portion of standard product (ASSPs) sales represented 62% of total sales.”

Financial calendar
  • Dividend pay date: October 26th, 2017 (ex coupon on October 24th, 2017)
  • Publication FY 2017 Results: February 7, 2018

The company’s results will be discussed in a conference call on Wednesday, October 25th, 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=372857
Conference ID: 962984.

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: 962984.

Download press release (PDF - 366 KB)

 

Inspired Engineering

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