Melexis Q1 2018 results – First quarter sales growth of 13%

Intermediate declaration by the Board of Directors
Ieper, Belgium - 20 April 2018, 07.00 am CET

Sales for the first quarter of 2018 were 139.3M EUR, an increase of 13% compared to the same quarter of the previous year and an increase of 5% compared to the previous quarter.
The EUR/USD exchange rate evolution had a negative impact of 7% compared to the same quarter of last year and a negative impact of 2% compared to the previous quarter.
The gross result was 63.1M EUR or 45.3% of sales, an increase of 11% compared to the same quarter of last year and an increase of 3% compared to the previous quarter.
R&D expenses were 13.3% of sales, G&A was at 4.9% of sales and Selling was at 2.4% of sales. The operating result was 34.3M EUR or 24.6% of sales, an increase of 9% compared to the same quarter of last year and a decrease of 5% compared to the previous quarter.
The net result was 28.8M EUR or 0.71 EUR per share, an increase of 13% compared to 25.4M EUR or 0.63 EUR per share in the first quarter of 2017 and an increase of 8% compared to the previous quarter.

Outlook
Melexis expects sales in the second quarter of 2018 to be around the same level as the first quarter. For the full year 2018, Melexis expects sales growth to be between 12% and 15%, a gross profit margin around 45% and an operating margin around 25%, all taking into account a EUR/USD exchange rate of 1.23.

Business comment - Françoise Chombar, CEO:
“The first quarter of the year 2018 progressed according to expectations. Year over year sales growth was at 13%. Excluding the negative currency impact of the EUR/USD exchange rate, sales growth year over year would have been above 20%. Customer sentiment continues to be positive. The main growth drivers in the first quarter were pressure sensors, temperature sensors, latch and switch sensors and our embedded lighting products. Also our magnetic position sensors continue to grow well. In March, Melexis launched a next-generation monolithic magnetic sensor family, which provides robust absolute position sensing for automotive applications including powertrain actuators, pedals, and gear shifters. A key feature is the robustness against stray fields that are increasingly present due to the electrification of modern vehicles, especially EV and HEV. It is a typical example of Melexis’ ability to continue to innovate, to address new and growing challenges of our customers and to offer performance enhancements.
Sales to automotive customers represented 90% of total sales. The portion of standard product (ASSPs) sales represented 64% of total sales.”

Financial calendar

Dividend pay date: 26 April 2018 (ex coupon on 24April 2018)
Publication Q2/HY1 2018 Results: 1 August 2018
Publication Q3 2018 Results: 24 October 2018
Publication FY 2018 Results: 6 February 2019 

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