Melexis Q3 2021 results – Third quarter sales of 162.8 million EUR

Press release - Regulated Information

Intermediate declaration by the Board of Directors
Ieper, Belgium – October 27th, 2021, 07.00 hrs CET

Sales for the third quarter of 2021 were 162.8 million EUR, an increase of 34% 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 on sales compared to the same quarter of last year and a positive impact of 1% compared to the previous quarter. The gross result was 70.6 million EUR or 43.4% of sales, an increase of 57% compared to the same quarter of last year and an increase of 5% compared to the previous quarter. R&D expenses were 12.0% of sales, G&A was at 4.8% of sales and Selling was at 2.2% of sales. The operating result was 39.7 million EUR or 24.4% of sales, an increase of 153% compared to the same quarter of last year and an increase of 9% compared to the previous quarter. The net result was 36.5 million EUR or 0.90 EUR per share, an increase of 145% compared to 14.9 million EUR or 0.37 EUR per share in the third quarter of 2020 and an increase of 9% compared to the previous quarter.

Sales for the first nine months of 2021 were 477.6 million EUR, an increase of 33% compared to the first nine months of 2020. The EUR/USD exchange rate evolution had no impact on sales compared to the first nine months of 2020. The gross result was 203.0 million EUR or 42.5% of sales, an increase of 45% compared to the same period last year. R&D expenses were 12.2% of sales, G&A was at 4.9% of sales and Selling was at 2.2% of sales. The operating result was 110.6 million EUR or 23.2% of sales, an increase of 122% compared to 49.8 million EUR in the same nine months of 2020. The net result was 97.8 million EUR or 2.42 EUR per share, an increase of 116% compared to 45.3 million EUR or 1.12 EUR per share in the first nine months of 2020.

Outlook

Melexis expects sales in the fourth quarter of 2021 in the range of 160 to 165 million EUR, resulting in a full year sales growth of around 26%, a gross profit margin of around 42% and an operating margin of around 23%, all taking into account a EUR/USD exchange rate of 1.16 for the remainder of the year.

Business comment – Marc Biron, CEO:

“With 162.8 million EUR in the third quarter, we posted record sales for the third time in a row this year. The ongoing mismatch between the demand and the supply is our main challenge today. Consequently, while we work with our partners to stabilize the supply chain and to increase its capacity, we continue to allocate the available materials across the customer base. We anticipate that this situation will continue further into 2022 given the current order behaviour of our customers.

In the third quarter of 2021, the outperforming product lines were embedded lighting, current sensors and magnetic position sensors, confirming our successful strategy in addressing novel automotive applications.

Sales to automotive customers represented 90% of total sales in the third quarter of 2021. The strong growth in automotive applications and some supply chain effects explain the slight increase of this percentage in comparison to the first half of 2021. The portion of standard product (ASSPs) sales represented 73% of total sales in the third quarter of 2021.”

Financial comment – Karen van Griensven, CFO:

“A beneficial product mix and currency effects contributed to a strong gross profit margin. As a result, we increased our guidance for the operating margin for the full year.”

Financial Calendar

• Publication FY 2021 Results: February 2, 2022 (at 7 hrs CET)
• Publication Q1 Results 2022: April 27, 2022 (at 7 hrs CET)
• Publication Q2 Results 2022: July 27, 2022 (at 7 hrs CET)
• Publication Q3 Results 2022: October 26, 2022 (at 7 hrs CET)
• Publication FY 2022 Results: February 1, 2023 (at 7 hrs CET)

For more information:
Investor Relations
Phone: +32 13 67 07 79
Email: investor@melexis.com

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