Intermediate declaration by the Board of Directors
Ieper, Belgium – July 31st, 2024, 07.00 hrs CET
Sales for the second quarter of 2024 were 245.7 million EUR, an increase of 4% compared to the same quarter of the previous year and an increase of 2% compared to the previous quarter. The EUR/USD exchange rate evolution had no impact on sales, both compared to the same quarter of last year and the previous quarter. The gross result was 108.8 million EUR or 44.3% of sales, a decrease of 2% compared to the same quarter of last year and an increase of 2% compared to the previous quarter. R&D expenses were 10.8% of sales, G&A was at 5.3% of sales and Selling was at 2.0% of sales. The operating result was 64.4 million EUR or 26.2% of sales, a decrease of 5% compared to the same quarter of last year and an increase of 1% compared to the previous quarter. The net result was 49.1 million EUR or 1.21 EUR per share, a decrease of 5% compared to 51.9 million EUR or 1.28 EUR per share in the second quarter of 2023 and a decrease of 7% compared to the previous quarter.
Sales for the first half year of 2024 were 487.5 million EUR, an increase of 5% compared to the first half year of 2023. The EUR/USD exchange rate evolution had no impact on sales compared to the first half year of 2023. The gross result was 215.6 million EUR or 44.2% of sales, an increase of 1% compared to the same period last year. R&D expenses were 11.0% of sales, G&A was at 5.0% of sales and Selling was at 1.9% of sales. The operating result was 128.1 million EUR or 26.3% of sales, flat compared to 128.6 million EUR in the same half year of 2023. The net result was 102.0 million EUR or 2.53 EUR per share, a decrease of 1% compared to 102.8 million EUR or 2.54 EUR per share in the first half year of 2023.
Dividend
The Board of Directors decided to pay out an interim dividend of 1.30 EUR gross per share. The Melexis shares will start trading ex coupon on October 15, 2024 (opening of the market). The record date is October 16, 2024 (closing of the market) and the dividend will be payable as from October 17, 2024.
Outlook
Melexis expects sales in the third quarter of 2024 to be in the range of 247 to 252 million EUR. For the full year 2024, Melexis expects 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 remainder of the year. For the full year 2024, Melexis expects CAPEX to be around 60 million EUR (previously around 70 million EUR).
Business update
v With 245.7 million EUR sales, Melexis achieved a year-over-year sales increase of 4% in the second quarter of 2024, landing at the higher end of the guidance. The outperforming product lines were magnetic position sensors and temperature sensors. In the second quarter of 2024, Melexis launched a new magnetic position sensor for applications requiring high functional safety levels, an extension of the LIN RGB family and a code-free 1-coil fan driver, highlighting our growth ambition in steer-by-wire, ambient lighting and beyond automotive markets. Sales to automotive customers represented 89% of total sales in the second quarter of 2024, as well as in the first half of 2024.
Quote from CEO Marc Biron
"During the first six months of 2024, our growth was mainly driven by applications outside the powertrain. This trend is set to continue as new applications in the premium segment are making their way faster into smaller vehicles, and content features like advanced climate control and ambient lighting are becoming more widespread. Melexis is resilient against recent fluctuations in global demand for electric vehicles, as our product portfolio addresses all types of powertrains. Despite the challenges our industry faces today, Melexis sales in the first half of 2024 continued to grow."
The statutory auditor, PwC Bedrijfsrevisoren BV / Reviseurs d’Entreprises SRL represented by Mieke Van Leeuwe, acting on behalf of Mieke Van Leeuwe BV, has confirmed that the review of the Condensed Consolidated interim Statement of Profit and Loss, the Condensed Consolidated interim Statement of Financial Position and the Condensed Consolidated interim Statements of Cash Flow as per June 30, 2024, is substantially completed and concluded that to date, based on the review, nothing has come to the attention that causes them to believe that the Condensed Consolidated interim Statement of Profit and Loss, the Condensed Consolidated interim Statement of Financial Position and the Condensed Consolidated interim Statements of Cash Flow are not prepared, in all materials respects, in accordance with IAS 34, as adopted by the European Union.
Download press release (PDF - 201 kB): https://media.melexis.com/-/media/files/documents/press-releases/2024/pr_eng_melexis_q2-2024.pdf?ts=20240730t1828425086
Ieper, Belgium – July 31st, 2024, 07.00 hrs CET
Sales for the second quarter of 2024 were 245.7 million EUR, an increase of 4% compared to the same quarter of the previous year and an increase of 2% compared to the previous quarter. The EUR/USD exchange rate evolution had no impact on sales, both compared to the same quarter of last year and the previous quarter. The gross result was 108.8 million EUR or 44.3% of sales, a decrease of 2% compared to the same quarter of last year and an increase of 2% compared to the previous quarter. R&D expenses were 10.8% of sales, G&A was at 5.3% of sales and Selling was at 2.0% of sales. The operating result was 64.4 million EUR or 26.2% of sales, a decrease of 5% compared to the same quarter of last year and an increase of 1% compared to the previous quarter. The net result was 49.1 million EUR or 1.21 EUR per share, a decrease of 5% compared to 51.9 million EUR or 1.28 EUR per share in the second quarter of 2023 and a decrease of 7% compared to the previous quarter.
Sales for the first half year of 2024 were 487.5 million EUR, an increase of 5% compared to the first half year of 2023. The EUR/USD exchange rate evolution had no impact on sales compared to the first half year of 2023. The gross result was 215.6 million EUR or 44.2% of sales, an increase of 1% compared to the same period last year. R&D expenses were 11.0% of sales, G&A was at 5.0% of sales and Selling was at 1.9% of sales. The operating result was 128.1 million EUR or 26.3% of sales, flat compared to 128.6 million EUR in the same half year of 2023. The net result was 102.0 million EUR or 2.53 EUR per share, a decrease of 1% compared to 102.8 million EUR or 2.54 EUR per share in the first half year of 2023.
Dividend
The Board of Directors decided to pay out an interim dividend of 1.30 EUR gross per share. The Melexis shares will start trading ex coupon on October 15, 2024 (opening of the market). The record date is October 16, 2024 (closing of the market) and the dividend will be payable as from October 17, 2024.
Outlook
Melexis expects sales in the third quarter of 2024 to be in the range of 247 to 252 million EUR. For the full year 2024, Melexis expects 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 remainder of the year. For the full year 2024, Melexis expects CAPEX to be around 60 million EUR (previously around 70 million EUR).
Business update
v With 245.7 million EUR sales, Melexis achieved a year-over-year sales increase of 4% in the second quarter of 2024, landing at the higher end of the guidance. The outperforming product lines were magnetic position sensors and temperature sensors. In the second quarter of 2024, Melexis launched a new magnetic position sensor for applications requiring high functional safety levels, an extension of the LIN RGB family and a code-free 1-coil fan driver, highlighting our growth ambition in steer-by-wire, ambient lighting and beyond automotive markets. Sales to automotive customers represented 89% of total sales in the second quarter of 2024, as well as in the first half of 2024.
Quote from CEO Marc Biron
"During the first six months of 2024, our growth was mainly driven by applications outside the powertrain. This trend is set to continue as new applications in the premium segment are making their way faster into smaller vehicles, and content features like advanced climate control and ambient lighting are becoming more widespread. Melexis is resilient against recent fluctuations in global demand for electric vehicles, as our product portfolio addresses all types of powertrains. Despite the challenges our industry faces today, Melexis sales in the first half of 2024 continued to grow."
The statutory auditor, PwC Bedrijfsrevisoren BV / Reviseurs d’Entreprises SRL represented by Mieke Van Leeuwe, acting on behalf of Mieke Van Leeuwe BV, has confirmed that the review of the Condensed Consolidated interim Statement of Profit and Loss, the Condensed Consolidated interim Statement of Financial Position and the Condensed Consolidated interim Statements of Cash Flow as per June 30, 2024, is substantially completed and concluded that to date, based on the review, nothing has come to the attention that causes them to believe that the Condensed Consolidated interim Statement of Profit and Loss, the Condensed Consolidated interim Statement of Financial Position and the Condensed Consolidated interim Statements of Cash Flow are not prepared, in all materials respects, in accordance with IAS 34, as adopted by the European Union.
Download press release (PDF - 201 kB): https://media.melexis.com/-/media/files/documents/press-releases/2024/pr_eng_melexis_q2-2024.pdf?ts=20240730t1828425086
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