Melexis Q3 results – 3rd quarter sales of 219.8 million EUR

Press release - Regulated Information

Intermediate declaration by the Board of Directors
Ieper, Belgium – October 26th, 2022, 07.00 hrs CET

Sales for the third quarter of 2022 were 219.8 million EUR, an increase of 35% compared to the same quarter of the previous year and an increase of 5% compared to the previous quarter. The EUR/USD exchange rate evolution had a positive impact of 7% on sales compared to the same quarter of last year and a positive impact of 2% compared to the previous quarter. The gross result was 98.3 million EUR or 44.7% of sales, an increase of 39% compared to the same quarter of last year and an increase of 5% compared to the previous quarter. R&D expenses were 10.1% of sales, G&A was at 4.8% of sales and Selling was at 1.9% of sales. The operating result was 61.5 million EUR or 28.0% of sales, an increase of 55% compared to the same quarter of last year and an increase of 7% compared to the previous quarter. The net result was 48.8 million EUR or 1.21 EUR per share, an increase of 33% compared to 36.5 million EUR or 0.90 EUR per share in the third quarter of 2021 and an increase of 3% compared to the previous quarter.

Sales for the first nine months of 2022 were 612.3 million EUR, an increase of 28% compared to the first nine months of 2021. The EUR/USD exchange rate evolution had a positive impact of 5% on sales compared to the first nine months of 2021. The gross result was 275.1 million EUR or 44.9% of sales, an increase of 36% compared to the same period last year. R&D expenses were 10.6% of sales, G&A was at 4.9% of sales and Selling was at 1.9% of sales. The operating result was 168.7 million EUR or 27.5% of sales, an increase of 52% compared to 110.6 million EUR in the same nine months of 2021. The net result was 145.0 million EUR or 3.59 EUR per share, an increase of 48% compared to 97.8 million EUR or 2.42 EUR per share in the first nine months of 2021.

Outlook

Melexis expects sales in the fourth quarter of 2022 in the range of 220 to 225 million EUR, resulting in a full year sales growth of around 29% to 30%, a gross profit margin of around 45% and an operating margin of around 27%, all taking into account a EUR/USD exchange rate of 1.00 for the remainder of the year.

Business comment – Marc Biron, CEO:

“Sales in the third quarter of 2022 came out at the high end of the guidance, triggering another full-year guidance increase. For an important part of our products, particularly future-oriented and innovative products addressing new car platforms, we are observing a continuous and strong growth, and demand still exceeds supply. For other products, increased capacity and an easing demand for some applications moved us towards a more balanced supply and demand over the last couple of months.

In the third quarter, the outperforming product lines were current sensors and drivers, steadily boosted by the high demand for applications used in electric vehicles. In addition, our ambient lighting products continue to thrive in automotive comfort applications. The adjacent share increased thanks to a temperature sensor integrated in wearables.

Sales to automotive customers represented 89% of total sales in the third quarter of 2022. The portion of standard product (ASSPs) sales represented 74% of total sales in the third quarter of 2022.”

Financial Calendar

• Publication FY 2022 Results: February 1, 2023 (at 7 hrs CET)
• Publication Q1 Results 2023: April 26, 2023 (at 7 hrs CET)
• Publication Q2 Results 2023: August 2, 2023 (at 7 hrs CET)
• Publication Q3 Results 2023: October 25, 2023 (at 7 hrs CET)
• Publication FY 2023 Results: February 7, 2024 (at 7 hrs CET)

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

Download press release (PDF - 722 kB)