BE Semiconductor Industries N.V. Announces Q2-18 and H1-18 Results

7/26/2018, 9:56 AM (Source: GlobeNewswire)

Q2-18 Revenue and Net Income Increase by 4.0% and 27.2%, Respectively, vs. Q1-18
Strong H1-18 with Revenue and Net Income Up 12.8% and 9.9%, Respectively
New € 75 Million Share Repurchase Program Initiated

DUIVEN, the Netherlands, July 26, 2018 (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 second quarter and first half year ended June 30, 2018.

Key Highlights Q2-18

  • Revenue of € 161.1 million up 4.0% vs. Q1-18 and in line with revised guidance due to higher shipments for mobile and automotive applications. Down 5.2% vs. Q2-17 due to lower die bonding shipments for high end mobile applications partially offset by growth in Besi’s automotive and computing end user markets
  • Orders of € 86.3 million, down 58.1% vs. Q1-18 and 33.7% vs. Q2-17 due primarily to reduced demand by customer supply chains for high end smart phone applications after the significant 2017 and Q1-18 capacity build
  • Gross margin of 56.5% equal to Q1-18 and down 0.8 points vs. Q2-17 due primarily to adverse forex influences. At high end of prior guidance
  • Operating expenses down 18.7% vs. Q1-18 due primarily to lower share based compensation and warranty expense. Down 6.7% vs. Q2-17. Better than prior guidance
  • Net income of € 47.2 million, up € 10.1 million vs. Q1-18 as strategic execution continues to generate high levels of profitability. Down € 5.2 million (-9.9%) vs. Q2-17
  • Similarly, net margin rose to 29.3% vs. 23.9% in Q1-18. Down by 1.5% vs. Q2-17 (30.8%)

Key Highlights H1-18

  • Revenue of € 316.0 million, up 12.8% vs. H1-17 reflecting broad based growth across all product groups and end user application markets
  • Orders decreased by 21.0% due primarily to lower die bonding bookings for high end smart phone and, to a lesser extent, high end server applications
  • Gross margin decreased slightly to 56.5% vs. 56.7% despite adverse forex influences from decline of USD vs. euro
  • Net income of € 84.3 million grew € 7.6 million vs. H1-17 (+9.9%). Net margin of 26.7% vs. 27.4% in H1-17


  • Q3-18 revenue estimated to decrease 25-30% vs. Q2-18 due primarily to lower die bonding revenue for mobile applications and typical H2 seasonal patterns
  • New € 75 million share repurchase program initiated through October 2019
(€ millions, except EPS)Q2-
Δ Q2-


Revenue161.1154.9+4.0% 170.0-5.2% 316.0280.2+12.8% 
Orders 86.3205.8-58.1% 130.1-33.7% 292.1369.9-21.0% 
Operating Income59.348.6+22.0% 63.3-6.3% 107.894.1+14.6% 
EBITDA62.852.0+20.8% 66.6-5.7% 114.8100.8+13.9% 
Net Income47.237.1+27.2% 52.4-9.9% 84.376.7+9.9% 
EPS (basic)0.630.50+26.0% 0.70-10.0% 1.131.03+9.7% 
EPS (diluted)0.580.46+26.1% 0.65-10.8% 1.030.94+9.6% 
Net Cash & Deposits110.2*290.1-62.0% 131.5*-16.2% 110.2*131.5*-16.2% 

*Reflects cash dividend payments of € 174.0 million and € 65.3 million in Q2-18 and Q2-17, respectively.

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
“Besi’s first half 2018 results showed continued year over year improvement in revenue and net income of 12.8% and 9.9%, respectively. The solid results reflected the extension of favorable industry trends from 2017, additions to advanced packaging capacity by customers and Besi’s ongoing execution of strategic initiatives. Revenue growth in H1-18 was broad based with contributions from each of our principal end user markets. First half net income of € 84.3 million combined with peer leading gross and net margins of 56.5% and 26.7% highlight the success of Besi’s products in the market place and the efficiency of our business model. Q2-18 financial metrics were also favorable with sequential revenue up 4.0% vs. Q1-18, gross margin at the high end of guidance, net income growing sequentially by 27.2% and a net margin of 29.3%.

During Q2-18, we experienced a sharp decline in orders for high end smart phone applications including a € 28 million order cancellation at quarter end from a single customer via its Asian subcontractors. This decline reflected both a digestion by customers of the substantial capacity added last year and in Q1-18 as well as a delay in the roll out of certain high end mobile features. Customer order patterns for assembly equipment can adjust quickly depending on economic conditions, capacity utilization rates and the timing and success of new product introductions, particularly for mobile applications.

Fluctuations in high-end smart phone orders overshadowed positive trends in H1-18 in some of Besi’s other end user applications such as automotive, computing and spares/service. They also overshadowed notable orders from Chinese subcontractors for mainstream electronics applications during Q2-18. Further, they obscured the significant opportunities ahead to leverage Besi’s technology for the demands of the new digital society such as AI, 5G connectivity, expanded data, computing and memory needs, block chain software deployment, increased automotive electronic content and the Internet of Things. As these needs are realized, the assembly equipment market will become an ever more critical step in the semiconductor value chain for which we believe Besi has the premier advanced packaging portfolio and market position.

Looking to Q3-18, we estimate that revenue will decline by 25-30% sequentially due to unfavorable conditions in the high end mobile market, typical second half seasonal patterns and weakness in the high performance computing area from Chinese and Taiwanese subcontractors. As a result, we started adjusting temporary production levels in Q2-18. In parallel, strategic plan execution continues apace to further reduce European personnel and other structural costs and enhance future profitability. 

We are initiating a new € 75 million share repurchase program through October 26, 2019. The new program will replace our current 2.0 million share program, under which approximately 1.5 million shares have been repurchased to date. It is intended for capital reduction purposes and to help offset dilution related to our Convertible Notes and share issuance under employee stock plans.”   

Second Quarter Results of Operations

 Q2-2018Q1-2018Δ Q2-2017Δ 
Revenue161.1154.9+4.0% 170.0-5.2% 
Orders86.3205.8-58.1% 130.1-33.7% 
Backlog140.4215.2-34.8% 166.0-15.4% 
Book to Bill Ratio0.5x1.3x-0.8 0.8x-0.3 

Besi’s Q2-18 revenue increased by 4.0% vs. Q1-18 primarily due to higher system shipments for mobile and automotive applications. Revenue decreased by 5.2% on a year over year basis reflecting lower die bonding shipments to Asian subcontractors for mobile applications partially offset by increased shipments for automotive and computing markets.   

Orders of € 86.3 million were down 58.1% vs. Q1-18 primarily due to reduced demand by Asian subcontractors for high end smart phone applications after the significant Q1-18 capacity build. In addition, the decrease included the cancellation by a single customer via its Asian subcontractors of € 28 million in orders at the end of Q2-18. Similarly, orders decreased by 33.7% as compared to Q2-17. Per customer type, IDM orders decreased sequentially by € 40.3 million, or 36.3%, while subcontractor orders decreased by € 79.2 million, or 83.6%. IDM and subcontractor orders represented 82% and 18%, respectively, of total Q2-18 bookings.

 Q2-2018 Q1-2018 Δ Q2-2017 Δ 
Gross Margin56.5% 56.5% - 57.3% -0.8 
Operating Expenses31.8 39.1 -18.7% 34.1 -6.7% 
Financial Expense/(Income), net5.1 4.3 +18.6% 2.6 +96.2% 
EBITDA62.8 52.0 +20.8% 66.6 -5.7% 

Besi’s gross margin of 56.5% in Q2-18 was equal to Q1-18 and at the high end of prior guidance (55-57%) despite adverse forex influences from the increase in the Malaysian ringgit vs. the euro. Gross margin decreased by 0.8 points vs. Q2-17 principally due to the significant decrease of the USD vs. the euro and, to a lesser extent, higher severance charges.

Q2-18 operating expenses decreased by € 7.3 million, or 18.7%, vs. Q1-18 and were better than prior guidance (-5-10%). The sequential decline was due to a € 5.9 million reduction in share based compensation expense and € 1.7 million of lower warranty costs. Operating expenses decreased by € 2.3 million, or 6.7%, vs. Q2-17 due primarily to lower warranty costs and higher R&D capitalization on new product development partially offset by higher Asian personnel costs from increased headcount levels in that region. Total headcount at June 30, 2018 decreased by 1.9% vs. March 31, 2018 due to a reduction in temporary production personnel.

Financial expense, net increased by € 0.8 million vs. Q1-18 due primarily to higher forex hedging costs related to higher revenue levels. As compared to Q2-17, such expenses increased by € 2.5 million inclusive of higher interest expense associated with Besi’s issuance of € 175 million of Convertible Notes in December 2017 as well as higher hedging costs.

Q2-2018Q1-2018Δ Q2-2017 Δ 
Net Income47.2 37.1 +27.2% 52.4 -9.9% 
Net Margin29.3% 23.9% +5.4 30.8% -1.5 
Tax Rate12.9% 16.3% -3.4 13.7% -0.8 

Besi’s net income grew to € 47.2 million in Q2-18, an increase of € 10.1 million, or 27.2%, vs. Q1-18. Similarly, net margins rose to 29.3% vs. 23.9% in Q1-18. Net income growth was principally due to higher revenue levels, lower operating expenses and a 3.4 point reduction in the effective tax rate related to lower non-deductible share based compensation expense. Net income decreased € 5.2 million, or 9.9%, vs. Q2-17 due to reduced revenue and gross margin levels partially offset by lower operating expenses and a 0.8 point reduction in the effective tax rate.

Half Year Results of Operations

 2018 2017 Δ 
Revenue316.0 280.2 +12.8% 
Orders292.1 369.9 -21.0% 
Gross Margin56.5% 56.7% -0.2 
Operating Income107.8 94.1 +14.6% 
Net Income84.3 76.7 +9.9% 
Net Margin26.7% 27.4% -0.7 
Tax Rate14.4% 14.4% - 

For the first half year, Besi’s revenue increased by 12.8% reflecting broad based growth across all product groups and end user application markets. However, H1-18 orders decreased by 21.0% vs. H1-17 primarily due principally to lower die bonding bookings for high end smart phone applications after a significant 2017 capacity build and, to a lesser extent, lower bookings for high end server applications. Orders by IDMs and subcontractors represented 62% and 38%, respectively, of Besi’s total H1-18 orders vs. 76% and 24%, respectively, in H1-17.

Similarly, Besi’s H1-18 net income of € 84.3 million increased by € 7.6 million, or 9.9% vs. H1-17 due primarily to its 12.8% year over year revenue increase partially offset by (i) € 6.1 million of increased operating expenses principally related to increased Asian personnel costs and higher share based compensation expense as well as (ii) a gross margin decrease of 0.2 points.

Financial Condition

Δ Q2
Δ H1
Net Cash and Deposits110.2290.1-62.0% 131.5-16.2% 110.2131.5-16.2% 
Cash flow from Ops.7.054.9-87.2% 29.5-76.3% 61.948.1+28.7% 

Besi Q2-18 cash flow from operations of € 7.0 million decreased by € 22.5 million vs. Q2-17. The decline was primarily due to increased working capital needed to support a € 34 million increase in receivables as well as € 8 million of higher inventory levels. In Q2-18, Besi used cash flow from operations, along with cash on hand, to fund (i) € 174.0 million of dividend payments, (ii) € 6.0 million of share repurchases, (iii) € 3.4 million of capitalized development spending and (iv) € 2.0 million of capital expenditures.

At the end of Q2-18, cash and deposits aggregated € 395.5 million and net cash was € 110.2 million. As compared to Q2-17, Besi’s net cash and deposits decreased by € 21.3 million due to (i) € 174.0 million of cash dividend payments, (ii) € 23.0 million of share repurchases, (iii) € 9.1 million of capitalized development spending, (iv) € 7.0 million of capital expenditures and (v) € 3.9 million of debt retirement which were partially offset by cash flow from operations of € 181.9 million.

Share Repurchase Activity and Initiation of New Share Repurchase Program
During Q2-18, Besi repurchased 179,958 of its ordinary shares at an average price of € 31.48 per share (as adjusted for the two-for-one stock split on May 4, 2018) for a total of € 5.7 million. Cumulatively as of June 30, 2018, a total of approximately 1.5 million shares have been purchased under the current 2.0 million share repurchase program at an average price of € 24.78 per share for a total of approximately € 38.1 million.

Besi has initiated a new € 75 million share repurchase program through October 26, 2019 (the “2018 Program”) which represents approximately 4.2% of shares outstanding, net of treasury purchases, at current market prices. The 2018 Program was initiated for capital reduction purposes and to help offset dilution related to Besi’s Convertible Notes and shares issued under employee stock plans. It will be funded using Besi’s available cash resources and replaces the current 2.0 million share repurchase program. At present, Besi has authority until October 26, 2019 to purchase up to 10% of its shares outstanding (approximately 8.0 million shares).

The 2018 Program will be implemented in accordance with industry best practices and in compliance with European buyback rules and regulations and may be suspended or discontinued at any time. Besi has engaged an independent broker for the program and all purchases will be executed through Euronext Amsterdam (the “Main Exchange”) and Multilateral Trading Facilities as defined by the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (each being referred to as “Exchanges”) and subject to the rules of the relevant Exchange. The timing and amount of any shares repurchased under this program will be determined by the independent broker independently of, and without influence by, Besi. The maximum purchase price to be paid per share under the program will not exceed the higher of the last independent trade price of the shares and the highest current independent bid price of the shares on the venue to which the purchase was carried out. Any repurchased shares will be available in the future for use in connection with Besi’s stock plans and other general corporate purposes, including acquisitions. The information included in this press release is made public under the Market Abuse Regulation (No. 596/2014/EU).

Based on its June 30, 2018 backlog of € 140.4 million and feedback from customers, Besi forecasts for Q3-18 that:

  • Revenue will decrease by 25-30% vs. the € 161.1 million reported in Q2-18.
  • Gross margin will range between 54-56% vs. the 56.5% realized in Q2-18.
  • Operating expenses will be approximately equal to the € 31.8 million reported in Q2-18.
Investor and media conference call
A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). The dial-in for the conference call is (31) 20 531 5853. To access the audio webcast and webinar slides, please visit

About Besi
Besi 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

Richard W. Blickman, President & CEO  CFF Communications
Cor te Hennepe, SVP Finance         Frank Jansen
Tel. (31) 26 319 4500                      Tel. (31) 20 575 4024                

Caution Concerning Forward Looking Statements
This 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, backlog, 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; 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; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2017 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 Ended
June 30,
Six Months Ended
June 30,
 2018 201720182017
Cost of sales70,04172,527137,368121,399
Gross profit91,05897,448178,668158,817
Selling, general and administrative expenses22,74225,45451,98447,665
Research and development expenses9,0248,67818,83617,013
Total operating expenses31,76634,13270,82064,678
Operating income59,29263,316107,84894,139
Financial expense, net5,1082,6049,3804,562
Income before taxes54,18460,71298,46889,577
Income tax expense7,0048,31614,20912,901
Net income47,18052,39684,25976,676
Net income per share – basic0.630.701.131.03
Net income per share – diluted0.580.651.030.94
Number of shares used in computing per share amounts1:    
- basic74,764,16874,779,71674,620,48974,631,214
- diluted  284,628,47781,278,75684,654,88181,439,200

Consolidated Balance Sheets
(euro in thousands)June 30,

March 31,

December 31,

Cash and cash equivalents215,457440,983527,806
Accounts receivable185,647159,624151,654
Income tax receivable325304370
Other current assets11,03311,89411,652
Total current assets670,877824,380762,429
Property, plant and equipment27,09826,91826,517
Other intangible assets36,88934,60434,140
Deferred tax assets4,8304,7074,660
Other non-current assets2,8182,7462,520
Total non-current assets116,572113,418112,524
Total assets787,449937,798874,953
Notes payable to banks4,1149691,742
Current portion of long-term debt
  and financial leases
 11,552 11,547 
Accounts payable62,60073,42862,721
Accrued liabilities66,67781,94270,595
Total current liabilities144,943167,886146,286
Other long-term debt and
  financial leases



Deferred tax liabilities13,87512,04510,050
Other non-current liabilities16,16217,12517,211
Total non-current liabilities299,585297,585294,535
Total equity342,921472,327434,132
Total liabilities and equity787,449937,798874,953

Consolidated Cash Flow Statements
(euro in thousands)

Three Months Ended
June 30,

 Six Months Ended
June 30,

 2018 2017 2018 2017 
Cash flows from operating activities:    
Operating income59,292 63,316 107,848 94,139 
Depreciation and amortization3,526 3,280 6,940 6,639 
Share based compensation expense1,298 2,070 8,459 4,630 
Other non-cash items- 430 - 857 
Changes in working capital(40,199) (37,503) (42,221) (55,688) 
Income tax received (paid)(14,746) (504) (16,623) (1,013) 
Interest received (paid)(2,215) (1,544) (2,524) (1,456) 
Net cash provided by (used in) operating activities 




Cash flows from investing activities:    
Capital expenditures(2,000) (843) (3,926) (1,964) 
Capitalized development expenses(3,448) (1,789) (6,088) (3,673) 
Deposits*(50,000) - (180,000) (25,000) 
Net cash used in investing activities(55,448) (2,632) (190,014) (30,637) 
Cash flows from financing activities:    
Proceeds from (payments of) bank lines of credit2,835 - 2,372 (3,855)
Proceeds from (payments of) debt and financial leases (6)  (2,240)  301  (2,166) 
Dividends paid to shareholders(174,018) (65,302) (174,018) (65,302) 
Reissuance (purchase) of treasury shares(6,000) (5,000) (12,000) (12,500) 
Net cash provided by (used in) financing activities(177,189) (72,542) (183,345) (83,823) 
Net increase (decrease) in cash and cash equivalents(225,681) (45,629) (311,480) (66,352) 
Effect of changes in exchange rates on cash and
  cash equivalents
155  (332) (869) (381) 
Cash and cash equivalents at beginning of the




Cash and cash equivalents at end of the period215,457 158,057 215,457 158,057 

* Reclassification from financing activities in Q1-17 to investing activities in Q2-17 

Supplemental Information (unaudited)
(euro in millions, unless stated otherwise)
Per geography:            
Asia Pacific89.4 81%112.4 66%103.5 65%111.8 73%120.5 78%88.6 55%
EU / USA20.9 19%57.6 34%55.8 35%41.4 27%34.4 22%72.5 45%
Total110.3 100%170.0 100%159.3 100%153.2 100%154.9 100%161.1 100%
ORDERS Q1-2017Q2-2017Q3-2017Q4-2017Q1-2018Q2-2018
Per geography:            
Asia Pacific153.5 64%109.8 84%114.3 71%116.5 78%120.8 59%47.5 55%
EU / USA86.3 36%20.3 16%47.3 29%32.9 22%85.0 41%38.8 45%
Total239.8 100%130.1 100%161.6 100%149.4 100%205.8 100%86.3 100%
Per customer type:            
IDM196.6 82%83.3 64%88.8 55%74.7 50%111.1 54%70.8 82%
Subcontractors43.2 18%46.8 36%72.7 45%74.7 50%94.7 46%15.5 18%
Total239.8 100%130.1 100%161.5 100%149.4 100%205.8 100%86.3 100%
BACKLOG  Mar 31, 2017 Jun 30, 2017 Sep 30, 2017 Dec 31, 2017 Mar 31, 2018 Jun 30, 2018
Backlog205.9 166.0 168.2 164.4 215.2 140.4 
HEADCOUNT Mar 31, 2017 Jun 30, 2017 Sep 30, 2017 Dec 31, 2017 Mar 31, 2018 Jun 30, 2018
Fixed staff (FTE)            
Asia Pacific1,112 69%1,164 70%1,199 70%1,222 71%1,254 71%1,259 72%
EU / USA505 31%505 30%502 30%502 29%500 29%495 28%
Total1,617 100%1,669 100%1,701 100%1,724 100%1,754 100%1,754 100%
Temporary staff (FTE)            
Asia Pacific211 79%269 80%247 74%229 72%290 76%257 75%
EU / USA55 21%67 20%85 26%87 28%93 24%86 25%
Total266 100%336 100%332 100%316 100%383 100%343 100%
Total fixed and temporary staff (FTE)1,883  2,005  2,033  2,040  2,137  2,097  
OTHER FINANCIAL DATAQ1-2017Q2-2017Q3-2017Q4-2017Q1-2018Q2-2018
Gross profit            
As reported  61.4 55.7%  97.4 57.3%  93.6 58.8%  86.2 56.3%  87.6 56.5%  91.1 56.5%
Restructuring charges / (gains)  0.0 0.0%  (0.0)-0.0%  -  -   -  -   -  -   0.4 0.2%
Gross profit as adjusted  61.4 55.7%  97.4 57.3%  93.6 58.8%  86.2 56.3%  87.6 56.5%  91.5 56.8%
Selling, general and admin expenses:            
As reported  22.2 20.1%  25.5 15.0%  21.0 13.2%  24.6 16.1%  29.2 18.8%  22.7 14.1%
Amortization of intangibles  (0.1)-0.1%  (0.1)-0.1%  (0.1)-0.1%  (0.1)-0.1%  (0.1)-0.1%  (0.1)-0.1%
Restructuring gains / (charges)  (0.0)0.0%  0.0 0.0%  (0.0)0.0%  0.0 0.0%  0.0 0.0%  (0.1)-0.1%
SG&A expenses as adjusted  22.1 20.1%  25.4 14.9%  20.9 13.1%  24.5 16.0%  29.1 18.8%  22.5 14.0%
Research and development expenses:            
As reported  8.3 7.5%  8.7 5.1%  9.3 5.8%  9.5 6.2%  9.8 6.3%  9.0 5.6%
Capitalization of R&D charges  1.9 1.7%  1.8 1.1%  1.1 0.7%  1.8 1.2%  2.6 1.7%  3.4 2.1%
Amortization of intangibles  (2.0)-1.8%  (2.0)-1.2%  (2.0)-1.3%  (2.1)-1.4%  (2.1)-1.4%  (2.1)-1.3%
R&D expenses as adjusted  8.2 7.4%  8.5 5.0%  8.4 5.3%  9.2 6.0%  10.3 6.6%  10.3 6.4%
Financial expense (income), net:            
Interest expense (income), net1.1  1.2  1.6  1.0  2.5  2.4  
Foreign exchange effects0.9  1.4  0.7  2.3  1.8  2.7  
Total2.0  2.6  2.3  3.3  4.3  5.1  
Operating income (loss)            
  as % of net sales30.8 27.9%63.3 37.2%63.2 39.7%52.1 34.0%48.6 31.4%59.3 36.8%
  as % of net sales34.2 31.0%66.6 39.2%66.5 41.7%55.5 36.2%52.0 33.6%62.8 39.0%
Net income (loss)            
  as % of net sales24.3 22.0%52.4 30.7%52.9 33.2%43.6 28.5%37.1 23.9%47.2 29.3%
Income per share            
Basic0.33  0.70  0.71  0.59  0.50  0.63  
Diluted0.30  0.65  0.65  0.55  0.46  0.58  


(1)  Share amounts in 2017 have been adjusted for the 2-for-1stock split effective May 4, 2018

(2)  The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of the Convertible Notes.

Primary Logo

Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.