Melexis Q1 2022 results – First quarter sales of 184.1 million EUR

Press release - Regulated Information

Intermediate declaration by the Board of Directors
Ieper, Belgium – April 27th, 2022, 07.00 hrs CET

Sales for the first quarter of 2022 were 184.1 million EUR, +18% compared to the same quarter of the previous year and +11% compared to the previous quarter. The EUR/USD exchange rate evolution had a positive impact on sales of 3% compared to the same quarter of last year and a positive impact on sales of 1% compared to the previous quarter. The gross result was 83.1 million EUR or 45.2% of sales, +27% compared to the same quarter of last year and +18% compared to the previous quarter. R&D expenses were 11.1% of sales, G&A was at 5.0% of sales and Selling was at 2.0% of sales. The operating result was 49.9 million EUR or 27.1% of sales, +44% compared to the same quarter of last year and +32% compared to the previous quarter. The net result was 48.6 million EUR or 1.20 EUR per share, +75% compared to 27.8 million EUR or 0.69 EUR per share in the first quarter of 2021 and +46% compared to the previous quarter.

Outlook

Melexis expects sales in the second quarter of 2022 to be around 200 million EUR. For the full year 2022, Melexis expects a sales growth between 18% and 23%, with a gross profit margin of around 45% and an operating margin of around 25% at the midpoint of the sales guidance, all taking into account a EUR/USD exchange rate of 1.09.

Business comment – Marc Biron, CEO:

“In the context of a continuously high demand and strong order behavior, our sales are still largely driven by the available supply. The first quarter results were positively influenced by content growth, product mix, pricing and currency effects. These strong results need to be interpreted with caution. Beneficial pricing effects are expected to be compensated by inflationary cost pressure and future additional R&D spending.

In the second quarter, Melexis will benefit from higher-than-anticipated capacity throughout the supply chain. In that context, we are now able to increase our full-year guidance. Despite the confidence for the second quarter, we remain vigilant for the rest of the year as we are confronted with many uncertainties related to supply and demand, such as geopolitical tensions, inflationary pressures, and lingering COVID-19 and China lockdown consequences.

In the first quarter of 2022, the outperforming product lines were current sensors, magnetic position sensors and pressure sensors, confirming our strategy in addressing novel automotive applications. The growth of pressure sensors is related to the significant ramp-up of our tire pressure monitoring system (TPMS) product. The growth of the current sensor family demonstrates the success of our products used in the inverters of plug-in hybrid and full electric cars as well as in solar panel applications. We also see good traction for our current sensor product portfolio in new applications such as on-board chargers and DC/DC applications. We expect that the driver ICs will contribute significantly to our growth, thanks to numerous new automotive thermal management applications. The temperature sensor product line will also bring new business in 2022 in automotive and in adjacent markets.

Sales to automotive customers represented 90% of total sales, enabled by the strong growth in automotive applications and allocation decisions. The portion of standard product (ASSPs) sales represented 74% of total sales in the first quarter of 2022.”

Financial Calendar

• Annual Shareholders Meeting: May 10, 2022
• Dividend pay date: May 13, 2022 (ex coupon on May 11, 2022)
• 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

Download press release (PDF - 723 kB)