Melexis Reports Q4, FY 2017 Results

Melexis reported its fourth quarter and fiscal year 2017 results. For the full year, sales were €511.7 million, an increase of 12% compared to the previous year. Gross margin was €235.4 million, an increase of 13% compared to 2016.
 
The operating result was €132.6 million, an increase of 16% compared to last year. Net income was €111.0 million, €2.75 per share, an increase of 15% compared to €96.3 million or €2.38 per share in 2016.
 
Sales for the fourth quarter of 2017 were €132.7 million, an increase of 11% compared to the same quarter of the previous year and an increase of 4% compared to the previous quarter. Gross margin was €61.1 million, an increase of 11% compared to the same quarter of last year and an increase of 5% compared to the previous quarter.
 
The operating result was €36.0 million, an increase of 22% compared to the same quarter of last year and an increase of 12% compared to the previous quarter. Net income was €26.6 million or €0.66 per share, an increase of 6% compared to €25.1 million or €0.62 per share in the fourth quarter of 2016 and a decrease of 5% compared to the previous quarter.
 
Melexis expects sales in the first quarter of 2018 to be around the level of €140 million. For the full year 2018, Melexis expects sales growth to be between 12% and 15%, a gross profit margin around 45% and an operating margin around 25%, all taking into account a EUR/USD exchange rate of 1.23.
 
“Melexis is pleased to announce a great set of 2017 results, in line with our earlier guidance and despite more than anticipated currency headwinds at the end of the year,” said CEO Françoise Chombar. “According to the latest market data, Melexis 2017 sales growth, like in 2016, doubles market growth. The steady and strong growth of Melexis is also reflected in another milestone: we are very proud to announce that every new car in the world now carries on average 10 chips of Melexis.”
 
“Despite currency headwinds in 2018, we expect sales growth to be between 12% and 15%, while profit margin guidance remains in line with previous year,” CFO Karen Van Griensven added. “At constant currency rates versus 2017, sales growth guidance would have been between 16% and 19%.”