Melexis Q3 2016 results - Steadfast
Intermediate declaration by the Board of Directors
Ieper, Belgium - 26 October 2016, 07.00 am CET
Sales for the third quarter of 2016 were 114.5M EUR, an increase of 13% compared to the same quarter of the previous year and an increase of 2% compared to the previous quarter.
The EUR/USD exchange rate evolution had no impact, both compared to the same quarter of last year and the previous quarter.
Gross margin was 53.2M EUR, an increase of 11% compared to the same quarter of last year and an increase of 4% compared to the previous quarter.
R&D expenses were 13.9% of sales, G&A was at 4.5% of sales and Selling was at 2.0% of sales. The operating result was 29.7M EUR, an increase of 9% compared to the same quarter of last year and an increase of 7% compared to the previous quarter.
Net income was 25.2M EUR or 0.62 EUR per share, an increase of 1% compared to 25.0M EUR or 0.62 EUR per share in the third quarter of 2015 and an increase of 9% compared to 23.1M EUR or 0.57 EUR per share in the previous quarter.
Outlook
Melexis expects a full year sales growth around the level of 13-14%, 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:
"In the third quarter of 2016, Melexis continued its growth path with a year over year double-digit sales increase, outperforming market growth. We are happy to see continued growth in a number of Melexis core ASSP product lines such as position sensors, fan drivers and LIN (local interconnect networking). Geographically, EMEA was the main growth driver compared to the previous quarter.
Based on the current order book, Melexis confirms its full year outlook.
In the third quarter, sales to automotive customers represented 89% of total sales. The portion of standard product (ASSPs) sales represented 62% of total sales."
Financial calendar
- Dividend pay date: 27 October 27 2016 (ex coupon on 25 October 2016)
- Publication FY 2016 Results: 8 February 2017
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