In This Article:
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Revenue (Q3 2024): EUR156.6 million, up 27% year-over-year.
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Orders (Q3 2024): EUR151.8 million, up 19.2% year-over-year.
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Net Income (Q3 2024): EUR46.8 million, an increase of 33.7% year-over-year.
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Revenue (First 9 Months 2024): EUR454.1 million, up 8.3% year-over-year.
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Orders (First 9 Months 2024): EUR464.8 million, up 21.7% year-over-year.
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Net Income (First 9 Months 2024): EUR122.7 million, approximately equal to the same period in 2023.
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Net Cash (End of Q3 2024): EUR110.7 million, an increase of EUR36.3 million from Q2 2024.
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Total Cash and Deposits (End of Q3 2024): EUR637.4 million.
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Gross Margin (Q4 2024 Forecast): Expected to range between 63% and 65%.
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Operating Expenses (Q4 2024 Forecast): Expected to be flat to up 5% versus Q3 2024.
Release Date: October 24, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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BE Semiconductor Industries NV (BESIY) reported significant growth in revenue, orders, and net income in Q3 2024 compared to the same period last year, driven by strength in advanced packaging for AI applications.
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Revenue for Q3 2024 was EUR 156.6 million, a 27% increase from the previous year, primarily due to strong growth in computing end-user markets.
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Net income for Q3 2024 increased by 33.7% to EUR 46.8 million, supported by increased advanced packaging systems revenue and better-than-expected operating expense levels.
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The company's financial position improved with net cash increasing to EUR 110.7 million at the end of Q3 2024, despite increased share buyback activity.
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BESIY received substantial orders for hybrid bonding systems in Q3 2024 and anticipates additional orders in Q4, indicating strong market adoption and growth potential.
Negative Points
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BESIY continues to face headwinds in mainstream and Chinese assembly equipment markets, which partially offset growth in other areas.
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Weakness in automotive and Chinese end-user markets persisted, affecting overall performance.
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TechInsights reduced its 2024 growth forecast for the assembly equipment market to 2.9%, indicating a challenging market environment.
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Shipment delays for certain hybrid bonding systems are expected to impact Q4 2024 revenue, which is forecasted to be flat, plus or minus 10%, compared to Q3.
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Higher R&D spending and share-based compensation expenses offset the benefits of higher revenue and gross margins for the first nine months of 2024.
Q & A Highlights
Q: Could you provide more details on the hybrid bonding orders received in Q3? Were there new accounts, and how many units have been shipped this year? A: In Q3, we received continued orders for hybrid bonders, primarily for volume production at a major customer. We added new customers to the hybrid bonding technology development. We have received over 100 orders for hybrid bonding systems, with a backlog affecting our revenue guidance for Q4. We expect continued orders in Q4, but do not disclose detailed customer specifics or machine numbers. - Richard Blickman, CEO