Melexis Q2 2015 results - Melexis first time exceeds 100 million euro quarterly sales
Intermediate declaration by the Board of Directors
Ieper, Belgium - July 29th, 2015, 07.00 hrs CET
Sales for the second quarter of 2015 were 101.8 million EUR, an increase of 24% compared to the same quarter of the previous year and an increase of 8% compared to the previous quarter.
The EUR/USD exchange rate evolution had a positive impact of 14% compared to the same quarter of last year and a positive impact of 4% compared to the previous quarter.
Gross margin was 49.6 million EUR, an increase of 26% compared to the same quarter of last year.
R&D expenses were 13.9% of sales, G&A was at 4.8% of sales and Selling was at 2.1% of sales.
The operating result was 28.5 million EUR, an increase of 27% compared to the same quarter of the previous year.
Net income was 24.9 million EUR or 0.62 EUR per share, an increase of 17% compared to 21.2 million EUR or 0.52 EUR per share compared to same quarter of the previous year.
Sales for the first half year of 2015 were 196.2 million EUR, an increase of 24% compared to the first half year of 2014.
The EUR/USD exchange rate evolution had a positive impact of 12% compared to the same period last year.
Gross margin was 96.8 million EUR, an increase of 30% compared to the same period last year. The operating result was 56.5 million EUR, compared to 41.0 million EUR in the same half year of 2014, an increase of 38%.
Net income was 52.0 million EUR or 1.29 EUR per share, an increase of 30% compared to 40.1 million EUR or 0.99 EUR per share in the first half year of 2014.
Dividend
The Board of Directors decided to pay out an interim dividend of 1.30 EUR gross per share, an increase of 30% compared with last year. The Melexis shares will start trading ex coupon on October 20, 2015 (opening of the market). The record date is October 21, 2015 (closing of the market) and the dividend will be payable as from October 22, 2015.
Outlook
Melexis expects sales in the third quarter of 2015 to be around the same level as the second quarter.
For FY 2015, Melexis continues to expect sales growth to be between 20% and 25%, a gross profit margin above 47% and an operating margin above 26%, taking into account a EUR/USD exchange rate of 1.10.
Business comment - Françoise Chombar, CEO:
"The first half of 2015 is on track with a year-on-year structural growth of 12% excluding positive currency effects. Melexis herewith once again outperforms amidst mixed car market trends.
The main growth drivers in the second quarter were the magnetic sensors portfolio and the sensor interfaces product line. Additionally, temperature sensors again showed above average growth.
Sales to automotive customers represented 88% of total sales. The portion of standard product (ASSPs) sales increased from 57 to 59% of 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.
Download press release (PDF - 325KB)