Press release - Regulated Information

Intermediate declaration by the Board of Directors
Ieper, Belgium - April 24th, 2024, 07.00 hrs CET

Sales for the first quarter of 2024 were 241.8 million EUR, an increase of 6% compared to the same quarter of the previous year and a decrease of 3% compared to the previous quarter. The EUR/USD exchange rate evolution had no impact on sales compared to both the same quarter of last year and the previous quarter. The gross result was 106.8 million EUR or 44.2% of sales, an increase of 4% compared to the same quarter of last year and a decrease of 4% compared to the previous quarter. R&D expenses were 11.1% of sales, G&A was at 4.8% of sales and Selling was at 1.9% of sales. The operating result was 63.7 million EUR or 26.4% of sales, an increase of 4% compared to the same quarter of last year and an increase of 4% compared to the previous quarter. The net result was 52.9 million EUR or 1.31 EUR per share, an increase of 4% compared to 50.9 million EUR or 1.26 EUR per share in the first quarter of 2023 and an increase of 6% compared to the previous quarter.

Outlook

Melexis expects sales in the second quarter of 2024 to be in the range of 242 to 247 million EUR.

For the full year 2024, we expect sales to be around 1 billion euro, with a gross profit margin above 44% and an operating margin above 25%, all taking into account a EUR/USD exchange rate of 1.08. For the full year 2024, Melexis expects CAPEX to be around 70 million EUR.

Business update

Sales in the first quarter of 2024 landed in the middle of the guidance at 241.8 million euro.

The outperforming product lines were embedded motor drivers, smart motor drivers and temperature sensors. In line with our automotive focus areas, we launched two innovations in the first quarter of 2024. We revealed the groundbreaking Triphibian™ technology, revolutionizing thermal management in electric vehicles. Furthermore, our engineering teams have redefined end-position sensing with the contactless and magnetless Induxis®, an inductive switch for safety applications in electrification.

Sales to automotive customers represented 90% of total sales in the first quarter of 2024.

Quote from CEO Marc Biron

"The inventory corrections in some product lines that we saw throughout the past few quarters are now behind us. Our solid customer base and the ever-increasing demand for automotive semiconductors addressing electrification and the increasing need for comfort and safety applications resulted in a 6% year-on-year growth in the first quarter of 2024.

After the cost optimization measures taken in the fourth quarter of last year, the fundamentals of the new organizational structure were laid in the first quarter. This will ensure further growth in the future, in line with the two-pronged strategy of 'automotive' and 'beyond automotive'.

The recent launch of Triphibian™ and Induxis® exemplifies our dedication to serving our customers with new and unique products. Melexis is at the forefront of innovation. This mindset will allow us to maintain a competitive advantage in the markets that we serve."

Financial Calendar

  • Annual Shareholders Meeting: May 14, 2024
  • Dividend pay date: May 17, 2024 (ex coupon on May 15, 2024)
  • Publication Q2 Results 2024: July 31, 2024 (at 7 hrs CET)
  • Publication Q3 Results 2024: October 30, 2024 (at 7 hrs CET)
  • Publication FY 2024 Results: February 5, 2025 (at 7 hrs CET)

The company's results will be discussed in a conference call and an audiocast on Wednesday, April 24th, 2024 at 10:30 hrs CET.

To register for the conference call (possibility to ask questions)

The conference call will be in English. You have to register for this conference call in advance. You can register by clicking here and filling out the requested information. After registration, you will receive the conference call number, a participant user pin, conference pin and instructions on how to join the conference call. For security purposes, all participants must register individually if they wish to join the call.

To register for the audiocast (no possibility to ask questions)

To register for the audiocast, click here.

For more information:
Investor Relations
Email: investor@melexis.com

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Disclaimer

Melexis NV published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 04:59:04 UTC.