Q2 2024 BE Semiconductor Industries NV Earnings Call Transcript
Key Points
- BE Semiconductor Industries NV (BESIY) reported second-quarter revenue of EUR 151.2 million and net income of EUR 41.9 million, representing increases of 3.3% and 23.2%, respectively, compared to the first quarter of 2024.
- Bookings for the second quarter were EUR 185.2 million, a 64.5% increase compared to the prior year period, indicating strong demand.
- Gross margins improved to 66.1% for the first half of 2024, up from 65% in the first half of 2023.
- The company has a healthy financial position with net cash of EUR 74.4 million at the end of the quarter.
- Significant order growth was realized for hybrid bonding and other AI-related applications, with approximately 50% of orders over the past 12 months being AI-related.
- The recovery of the assembly equipment market in 2024 is progressing slowly due to pockets of excess capacity in certain consumer markets, including automotive, industrial, and smartphones.
- Mainstream assembly markets in China, particularly for high-end smartphones, automotive, and industrial applications, are experiencing a slower recovery.
- Despite increased utilization rates, post-pandemic inventory levels at semiconductor producers remain elevated.
- Net margin for the first half of 2024 decreased to 25.5%, primarily due to a 24% increase in development spending and increased share-based compensation.
- Tech Insights has reduced its assembly market growth estimates for 2024 to 9% from 16% in March and 31% at the start of the year, indicating a more challenging market environment.
Good morning. Good afternoon, ladies and gentlemen, and welcome to BE Semiconductor Industry's quarterly conference call and audio webcast to discuss the company's 2024 second quarter results. You can register for the conference call or login to the audio webcast via Besi's website, www.besi.com.
Joining us today are Mr. Richard Blickman, CEO; and Mr. Leon Verweijen, Senior Vice President, Finance. (Operator Instructions) As a reminder, ladies and gentlemen, this conference is being recorded and cannot be reproduced in whole or in part without written permission from the company. I would like to remind everyone that on today's call, management will be making forward-looking statements. All statements other than statements of historical fact may be forward-looking statements.
Forward-looking statements reflect basis current views and assumptions regarding future events, many of which are by nature inherently uncertain and beyond basis control. Actual results may differ materially from those in the forward-looking statements due
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