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BE Semiconductor Industries N.V. (BESIY)

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78.600.00 (0.00%)
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Previous close78.60
Open78.60
Bid0.00 x 0
Ask0.00 x 0
Day's range78.60 - 78.60
52-week range41.09 - 96.05
Volume12
Avg. volume210
Market cap6.409B
Beta (5Y monthly)1.46
PE ratio (TTM)26.43
EPS (TTM)2.97
Earnings dateN/A
Forward dividend & yield2.05 (2.61%)
Ex-dividend date04 May 2021
1y target estN/A
  • Globe Newswire

    BE Semiconductor Industries N.V. Announces Q2-21 and H1-21 Results

    Q2-21 Revenue of € 226.1 Million and Net Income of € 93.5 Million Up 57.9% and 148.7%, Respectively, vs. Q1-21. Results Exceed Expectations H1-21 Revenue and Net Income Reach € 369.3 Million and € 131.1 Million, RespectivelyShare Buyback Program Increased € 60.0 Million DUIVEN, The Netherlands, July 27, 2021 (GLOBE NEWSWIRE) -- BE Semiconductor Industries N.V. (the “Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY, Nasdaq International Designation), a leading manufacturer of ass

  • Reuters

    BE Semiconductor beats second-quarter revenue forecasts on higher shipments

    Soaring demand from major chip manufacturers like TSMC and Intel, which are expanding production capacity to mitigate a global chip shortage, has largely benefited suppliers to the industry. "Revenue was significantly above guidance due to higher than anticipated shipments from backlog as Besi managed supply chain issues and pandemic restrictions in various countries", Chief Executive Richard Blickman said in a statement.

  • Globe Newswire

    BE Semiconductor Industries N.V. Announces Q1-21 Results

    Revenue of € 143.2 Million and Net Income of € 37.6 Million Up 56.8% and 170.5%, Respectively, vs. Q1-20 Orders of € 327.1 Million, Up 107.9% vs. Q4-20 and 175.8% vs. Q1-20 DUIVEN, The Netherlands, April 30, 2021 (GLOBE NEWSWIRE) -- BE Semiconductor Industries N.V. (the “Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY, Nasdaq International Designation), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the first quarter ended March 31, 2021. Key Highlights Revenue of € 143.2 million, up 30.5% versus Q4-20 primarily due to higher shipments for high end mobile applications with 5G features and functionality. At lower end of prior guidance as some scheduled Q1-21 shipments were delivered in Q2-21 due to certain supply chain constraints. Up 56.8% versus Q1-20Orders of € 327.1 million, up 107.9% and 175.8% versus Q4-20 and Q1-20, respectively, due primarily to higher bookings for mobile, automotive and high-performance computing applicationsGross margin of 58.2% roughly equal to Q4-20 (58.3%) and up 1.5 points versus Q1-20 due to more favorable product mix and increased production efficienciesOperating income rose 18.9% and 157.4% versus Q4-20 and Q1-20, respectively, due primarily to significantly higher revenue levels and ongoing initiatives to limit overhead growthNet income of € 37.6 million versus € 44.6 million in Q4-20, down € 7.0 million versus Q4-20 due to absence of € 11.2 million tax benefit recorded in Q4-20 and higher share-based compensation. Up € 23.7 million (+170.5%) versus Q1-20Cash and deposits of € 605.8 million rose 41.7% versus Q1-20. Similarly, net cash of € 216.2 million increased 45.8% versus Q1-20 Outlook Q2-21 revenue expected to grow approximately 30-40% versus Q1-21. Gross margin anticipated to range between 58-60% (€ millions, except EPS)Q1-2021Q4-2020ΔQ1-2020ΔRevenue143.2109.7+30.5%91.3+56.8%Orders 327.1157.3+107.9%118.6+175.8%Operating Income48.440.7+18.9%18.8+157.4%EBITDA52.645.5+15.6%24.0+119.2%Net Income*37.644.6-15.7%13.9+170.5%EPS (basic)0.510.62-17.7%0.19+168.4%EPS (diluted)0.470.55-14.5%0.19+147.4%Net Cash & Deposits216.2198.7+8.8%148.3+45.8% * Includes € 11.2 million deferred tax benefits in Q4-20 and share-based compensation expense of € 9.8 million, € 1.5 million and € 5.8 million in Q1-21, Q4-20 and Q1-20, respectively. Richard W. Blickman, President and Chief Executive Officer of Besi, commented: “Besi’s Q1-21 results highlighted the strength and resilience of our business as we scale production to meet strong demand for our advanced packaging equipment in a challenging environment. Revenue increased by 30.5% versus Q4-20 and by 56.8% versus Q1-20 due primarily to a new smart phone cycle featuring enhanced 5G features and functionality as well as a recovery in sales for automotive applications. Revenue was at the lower end of guidance as some shipments scheduled for Q1-21 were delivered in Q2-21 due to certain supply chain constraints. Net income for the quarter was € 37.6 million, an increase of € 23.7 million, or 170.5% versus Q1-20. Adjusted to exclude deferred tax benefits recognized in Q4-20 and share-based compensation expense, net income reached € 47.4 million in Q1-21, an increase of 35.8% versus Q4-20 and 140.6% versus Q1-20. On such basis, net margins grew to 33.1% in Q1-21 versus 31.8% in Q4-20 and 21.6% in Q1-20. Strong profit growth was due primarily to significantly higher revenue levels combined with disciplined overhead management which has limited baseline operating expenses to a narrow range of between approximately € 23-26 million in each of the past eleven quarters. Further, baseline operating expenses as a percentage of revenue declined from 27.8% in Q1-20 to 18.2% in Q1-21, highlighting the significant operating leverage in our business model. Upward gross margin development in Q1-21 was limited by adverse forex influences from a weaker dollar versus the euro and additional costs incurred to rapidly scale production capacity. Our liquidity position continued to expand in Q1-21 with cash and deposits of € 605.8 million growing 41.7% versus Q1-20 despite a working capital investment of € 35.6 million necessary to finance the rapid expansion of our order book. Similarly, net cash of € 216.2 million increased by 45.8% versus Q1-20. The industry upturn which started in Q4-20 accelerated in Q1-21. Orders reached a record € 327.1 million, an increase of € 208.5 million, or 175.8%, versus Q1-20 and € 169.8 million, or 107.9%, versus the € 157.3 million recorded in Q4-20. For the six-month period ending March 31, 2021, orders were € 484.4 million, more than double the comparable six-month period comprising Q4-19 and Q1-20. Order strength in Q1-21 reflected a surge in demand across all Besi’s product groups and end user markets with particular strength in demand for high end smart phones. In addition, there was significant order growth for automotive applications versus Q4-20 and increased demand for high end logic devices used in high performance computing applications such as AI and data centers. Bookings during the quarter also included initial orders for Besi’s hybrid bonding systems from industry leading customers. At present, our strategic priorities focus primarily on ramping production to meet customer delivery dates and expanding development activities for Besi’s wafer level assembly efforts. The industry faces unique production challenges currently as demand accelerates and supply chains are adversely affected by shortages of a variety of essential and non-essential components and transportation and logistics issues amidst the ongoing global pandemic. We have navigated these challenges well via our dual sourcing strategy and inventory stocking of critical parts in order to minimize potential bottlenecks. In addition, we successfully added 264 temporary Asian production personnel between year-end and the end of the quarter to help meet the order surge. Similarly, we are expanding development activities for both our hybrid bonding efforts with Applied Materials, Inc. and our <10 nanometer advanced packaging portfolio as customers seek to build leading edge capacity for next generation applications. Further, we are developing plans to expand our US and Taiwanese development and service footprint in connection with the capex expansion plans announced by a number of our customers. For Q2-21, we estimate that revenue will increase by 30-40% versus Q1-21 with gross margin levels between 58% and 60%. Operating expenses are anticipated to decrease by 0-5% versus the € 34.9 million realized in Q1-21. Industry analysts continue their positive outlook for assembly equipment sales in 2021 based on the recently announced capex plans of leading industry customers. Besi’s incoming order trends to date in Q2-21 remain favorable including incremental orders for hybrid bonding systems which supports our constructive outlook for this emerging process technology.” First Quarter Results of Operations € millionsQ1-2021Q4-2020ΔQ1-2020ΔRevenue143.2109.7+30.5%91.3+56.8%Orders327.1157.3+107.9%118.6+175.8%Book to Bill Ratio2.31.4+0.91.3+1.0 Q1-21 revenue of € 143.2 million increased by 30.5% versus Q4-20 due primarily to increased shipments for high-end smartphone applications with enhanced 5G features and functionality and by 56.8% versus Q1-20 primarily as a result of increased shipments for mobile and, to a lesser extent, automotive applications. Orders for Q1-21 were € 327.1 million, an increase of € 169.8 million, or 107.9%, versus the € 157.3 million recorded in Q4-20 and an increase of € 208.5 million, or 175.8%, versus Q1-20. Order strength in Q1-21 reflected a surge in demand across all Besi’s product groups and end user markets. By customer type, subcontractor orders increased sequentially by € 116.6 million, or 146.3%, versus Q4-20 and represented approximately 60% of total orders during the quarter. IDM orders increased by € 53.2 million, or 68.6%, and represented approximately 40% of total orders. Q1-2021Q4-2020ΔQ1-2020ΔGross Margin58.2%58.3%-0.156.7%+1.5Operating Expenses*34.923.3+49.8%33.0+5.8%Financial Expense, net4.53.8+18.4%2.6+73.1%EBITDA52.645.5+15.6%24.0+119.2% * Includes € 9.8 million, € 1.5 million and € 5.8 million of share-based compensation expense in Q1-21, Q4-20 and Q1-20, respectively. Besi’s gross margin reached 58.2% in Q1-21, roughly equal to Q4-20 (58.3%). The Q1-21 gross margin was adversely influenced by forex effects from the decrease of the US dollar versus the euro and additional costs incurred to align Besi’s production levels with significantly increased order volume. Versus Q1-20, Besi’s gross margin increased by 1.5 points due primarily to a more favorable product mix and improved capacity utilization despite adverse forex effects from the decrease of the US dollar versus the euro. Q1-21 operating expenses increased by € 11.6 million (+49.8%) versus Q4-20 due primarily to € 8.3 million of higher share-based compensation expense and, to a lesser extent, increased sales related expenses associated with Besi’s 30.5% sequential revenue growth. Operating expenses grew by € 1.9 million, or 5.8%, versus Q1-20 primarily due to € 4.0 million higher share-based compensation expense. Financial expense, net, increased by € 0.7 million versus Q4-20 primarily due to increased hedging costs associated with increased bookings. Versus Q1-20, financial expense, net increased by € 1.9 million due primarily to the issuance of the 0.75% Convertible Notes issued in August 2020. Q1-2021Q4-2020ΔQ1-2020ΔNet Income37.644.6-15.7%13.9+170.5%Net Margin26.3%40.7%-14.415.2%+11.1Tax Rate14.3%-21.2%+35.514.4%-0.1As adjusted*: Net Income 47.434.9+35.8%19.7+140.6%Net Margin33.1%31.8%+1.321.6%+11.5Tax Rate11.7%8.8%+2.910.6%+1.1 * As adjusted to exclude € 11.2 million deferred tax benefits in Q4-20 and share-based compensation expense of € 9.8 million, € 1.5 million and € 5.8 million in Q1-21, Q4-20 and Q1-20, respectively. Besi’s Q1-21 net income decreased by € 7.0 million versus Q4-20 due to the absence of € 11.2 million of deferred tax assets recognized in Q4-20 and € 8.3 million of increased share-based compensation expense. Excluding such items, adjusted Q1-21 net income increased by 35.8% to reach € 47.4 million. As compared to Q1-20, net income increased by € 23.7 million (+170.5%) due primarily to a 56.8% year over year revenue increase and increased gross margins partially offset by € 1.9 million, or 5.8%, operating expense growth. Financial Condition Q1-2021Q4-2020ΔQ1-2020ΔTotal Cash and Deposits605.8598.7+1.2%427.6+41.7%Net Cash and Deposits216.2198.7+8.8%148.3+45.8%Cash flow from Operations26.251.7-49.3%26.6-1.5% Total cash and deposits of € 605.8 million at the end of Q1-21 grew by 1.2% versus Q4-20 and 41.7% versus Q1-20, due to the issuance of the Convertible Notes in August 2020 and increased cash flow from operations. Besi’s net cash of € 216.2 million at the end of Q1-21 increased by € 17.5 million (+8.8%) versus year end and by € 67.9 million (+45.8%) versus Q1-20. During the quarter, Besi generated cash flow from operations of € 26.2 million which was used to fund (i) € 10.1 million of share repurchases, € 5.9 million of capitalized development spending and (iii) € 1.4 million of capital expenditures. Favourable net cash development in Q1-21 was also positively influenced by the conversion of € 13.3 million principal amount of Besi’s Convertible Notes due 2023. An additional € 49.1 million of Convertible Notes were converted in April 2021, resulting in a principal balance outstanding of € 47.6 million. As such, Besi’s shares outstanding have increased from 72.9 million at December 31, 2020 to 75.5 million at April 30, 2021. Share Repurchase ActivityBesi repurchased 169,545 of its ordinary shares during Q1-21 at an average price of € 59.45 per share for a total of € 10.1 million. Cumulatively, as of March 31, 2021, a total of 3.7 million shares have been purchased under the current € 125 million share repurchase plan at an average price of € 25.67 per share for a total of € 94.9 million. As of March 31, 2021, Besi held approximately 5.2 million shares in treasury at an average cost of € 17.78, equal to 6.6% of its shares outstanding. Outlook Based on its current outlook and feedback from customers and suppliers, Besi estimates for Q2-21 that: Revenue will increase by approximately 30-40% versus the € 143.2 million reported in Q1-21Gross margin will range between 58%-60% versus the 58.2% realized in Q1-21Operating expenses will decrease by approximately 0-5% versus the € 34.9 million reported in Q1-21 Investor and media conference callA conference call and webcast for investors and media will be held today at 4:00 pm CEST (10:00 am EDT). The dial-in for the conference call is (31) 20 531 5851. To access the audio webcast and webinar slides, please visit www.besi.com. Important Dates 2021• Besi AGM*April 30, 2021• Analyst MeetingJune 10, 2021• Publication Q2/semi-annual resultsJuly 27, 2021• Publication Q3/nine-month resultsOctober 26, 2021• Publication Q4/full year resultsFebruary 2022 Dividend Information**• Proposed ex-dividend dateMay 4, 2021• Proposed record dateMay 5, 2021• Proposed payment of 2020 dividendStarting May 7, 2021 * Virtual AGM meeting commencing at 10:00 am CET** Subject to approval at Besi’s AGM Basis of presentationThe condensed financial statements included in this press release have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2020 Annual Report which is available on www.besi.com. About BesiBesi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY Nasdaq International Designation) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com. Contacts: Richard W. Blickman, President & CEOCFF CommunicationsHetwig van Kerkhof, SVP FinanceFrank JansenTel. (31) 26 319 4500Tel. (31) 20 575 4024investor.relations@besi.combesi@cffcommunications.nl Caution Concerning Forward Looking StatementsThis press release contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward looking statements. While these forward looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 pandemic and measures taken to contain the outbreak, and the associated adverse impacts on the global economy, financial markets, and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers as a result of the COVID-19 pandemic; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2020 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise. Consolidated Statements of Operations (euro in thousands, except share and per share data)Three Months EndedMarch 31,(unaudited) 20212020 Revenue143,20391,339Cost of sales59,92439,591 Gross profit83,27951,748 Selling, general and administrative expenses26,66623,522Research and development expenses8,2589,431 Total operating expenses34,92432,953 Operating income48,35518,795 Financial expense, net4,4772,612 Income before income tax43,87816,183 Income tax expense6,2712,331 Net income37,60713,852 Net income per share – basic0.510.19Net income per share – diluted0.470.19 Number of shares used in computing per share amounts: - basic73,264,73372,169,423- diluted 185,435,03382,700,840 Consolidated Balance Sheets (euro in thousands)March 31,2021(unaudited)December31, 2020(audited)ASSETS Cash and cash equivalents347,979375,406Deposits257,847223,299Trade receivables147,73793,218Inventories61,70951,645Other current assets17,65511,964 Total current assets832,927755,532 Property, plant and equipment27,73927,840Right of use assets8,9589,873Goodwill44,85144,484Other intangible assets54,07850,660Deferred tax assets21,17721,924Other non-current assets1,0781,043 Total non-current assets157,881155,824 Total assets990,808911,356 Trade payables65,35144,017Other current liabilities83,15557,469 Total current liabilities148,506101,486 Long-term debt389,614399,956Lease liabilities6,3486,952Deferred tax liabilities12,90512,840Other non-current liabilities18,88718,895 Total non-current liabilities427,754438,643 Total equity414,548371,227 Total liabilities and equity990,808911,356 Consolidated Cash Flow Statements (euro in thousands)Three Months EndedMarch 31,(unaudited) 2021 2020 Cash flows from operating activities: Income before income tax43,878 16,183 Depreciation and amortization4,209 5,175 Share-based payment expense9,794 5,844 Financial expense, net4,477 2,612 Changes in working capital(35,567)(2,875)Income tax paid(301)(106)Interest paid(262)(274) Net cash provided by operating activities26,228 26,559 Cash flows from investing activities: Capital expenditures(1,388)(872)Proceeds from sale of property54 - Capitalized development expenditures(5,905)(3,697)Repayments of (investments in) deposits(35,770)50,000 Net cash provided by (used in) investing activities(43,009)45,431 Cash flows from financing activities: Proceeds from bank lines of credit- 32 Proceeds from (payments on) debts527 (11)Payments on lease liabilities(890)(873)Purchase of treasury shares(10,097)(3,145) Net cash used in financing activities(10,460)(3,997) Net change in cash and cash equivalents(27,241)67,993 Effect of changes in exchange rates on cash and cash equivalents(186)1,248 Cash and cash equivalents at beginning of the period375,406 278,398 Cash and cash equivalents at end of the period347,979 347,639 Supplemental Information (unaudited) (euro in millions, unless stated otherwise) REVENUEQ1-2020Q2-2020Q3-2020Q4-2020Q1-2021 Per geography: Asia Pacific77.6 85%105.7 85%86.6 80%91.1 83%113.4 79% EU / USA13.7 15%18.6 15%21.7 20%18.6 17%29.8 21% Total91.3 100%124.3 100%108.3 100%109.7 100%143.2 100% ORDERS Q1-2020Q2-2020Q3-2020Q4-2020Q1-2021 Per geography: Asia Pacific102.0 86%88.1 87%75.9 80%122.7 78%253.2 77% EU / USA16.6 14%13.2 13%19.0 20%34.6 22%73.9 23% Total118.6 100%101.3 100%94.9 100%157.3 100%327.1 100% Per customer type: IDM47.4 40%44.6 44%43.7 46%77.6 49%130.8 40% Subcontractors71.2 60%56.7 56%51.2 54%79.7 51%196.3 60% Total118.6 100%101.3 100%94.9 100%157.3 100%327.1 100% HEADCOUNTMar 31, 2020Jun 30, 2020Sep 30, 2020Dec 31, 2020Mar 31, 2021 Fixed staff (FTE) Asia Pacific1,071 70%1,067 70%1,054 70%1,060 70%1,070 70% EU / USA458 30%455 30%459 30%463 30%468 30% Total1,529 100%1,522 100%1,513 100%1,523 100%1,538 100% Temporary staff (FTE) Asia Pacific42 46%121 72%95 63%35 37%299 82% EU / USA50 54%48 28%57 37%60 63%64 18% Total92 100%169 100%152 100%95 100%363 100% Total fixed and temporary staff (FTE)1,621 1,691 1,665 1,618 1,901 OTHER FINANCIAL DATAQ1-2020Q2-2020Q3-2020Q4-2020Q1-2021 Gross profit51.7 56.7%77.0 62.0%65.9 60.8%64.0 58.3%83.3 58.2% Selling, general and admin expenses: As reported23.5 25.7%20.1 16.2%16.3 15.1%15.8 14.4%26.7 18.6% Share-based compensation expense(5.8)-6.3%(2.2)-1.8%(1.0)-1.0%(1.5)-1.4%(9.8)-6.8% SG&A expenses as adjusted17.7 19.4%17.9 14.4%15.3 14.1%14.3 13.0%16.9 11.8% Research and development expenses:: As reported9.4 10.3%8.4 6.8%7.6 7.0%7.4 6.8%8.3 5.8% Capitalization of R&D charges3.7 4.1%4.3 3.5%4.3 4.0%5.4 4.9%5.9 4.1% Amortization of intangibles(2.6)-2.8%(2.1)-1.7%(2.1)-2.0%(2.2)-2.0%(1.7)-1.2% R&D expenses as adjusted10.5 11.5%10.6 8.5%9.8 9.0%10.6 9.7%12.5 8.7% Financial expense (income), net: Interest expense (income), net2.6 2.5 3.1 3.6 3.4 Hedging results0.7 0.5 0.3 0.3 0.7 Foreign exchange effects, net(0.7) (0.3) (0.2) (0.1) 0.4 Total2.6 2.7 3.2 3.8 4.5 Operating income (loss) as % of net sales18.8 20.6%48.4 39.0%42.0 38.8%40.7 37.1%48.4 33.8% EBITDA as % of net sales24.0 26.3%53.1 42.7%46.5 42.9%45.5 41.5%52.6 36.7% Net income (loss) as % of net sales13.9 15.2%39.8 32.0%34.0 31.3%44.6 40.7%37.6 26.3% Income per share Basic0.19 0.55 0.47 0.62 0.51 Diluted0.19 0.50 0.43 0.55 0.47 ______________________ (1) The calculation of diluted income per share assumes the exercise of equity-settled share-based payments and the conversion of all Convertible Notes