Melexis Q3 2024 results – Third quarter sales of 247.9 million EUR
Press release - Regulated Information
Intermediate declaration by the Board of Directors
Ieper, Belgium – October 30th, 2024, 07.00 hrs CET
Sales for the third quarter of 2024 were 247.9 million EUR, stable compared to the same quarter of the previous year and an increase of 1% compared to the previous quarter. The EUR/USD exchange rate evolution had no impact on sales compared to the same quarter of last year and a negative impact of 1% on sales compared to the previous quarter. The gross result was 108.2 million EUR or 43.7% of sales, a decrease of 5% compared to the same quarter of last year and stable compared to the previous quarter. R&D expenses were 10.7% of sales, G&A was at 5.1% of sales and Selling was at 1.9% of sales. The operating result was 64.2 million EUR or 25.9% of sales, a decrease of 10% compared to the same quarter of last year and stable compared to the previous quarter. The net result was 51.2 million EUR or 1.27 EUR per share, a decrease of 10% compared to 56.8 million EUR or 1.41 EUR per share in the third quarter of 2023 and an increase of 4% compared to the previous quarter.
Sales for the first nine months of 2024 were 735.4 million EUR, an increase of 3% compared to the first nine months of 2023. The EUR/USD exchange rate evolution had no impact on sales compared to the first nine months of 2023. The gross result was 323.8 million EUR or 44.0% of sales, a decrease of 1% compared to the same period last year. R&D expenses were 10.9% of sales, G&A was at 5.1% of sales and Selling was at 1.9% of sales. The operating result was 192.3 million EUR or 26.1% of sales, a a decrease of 4% compared to 199.7 million EUR in the same nine months of 2023. The net result was 153.2 million EUR or 3.79 EUR per share, a decrease of 4% compared to 159.6 million EUR or 3.95 EUR per share in the first nine months of 2023.
Outlook
Melexis expects sales in the fourth quarter of 2024 to be in the range of 200 to 210 million EUR. For the full year 2024, Melexis expects sales to be around 935 to 945 million euro (previously around 1 billion euro), with a gross profit margin above 43% (previously above 44%) and an operating margin above 24% (previously 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.
Business update
With 247.9 million EUR sales, Melexis achieved Q3 2024 sales in line with the third quarter of 2023 and 1% higher than the second quarter of 2024, landing at the lower end of the guidance. The outperforming product lines were magnetic position sensors and pressure sensors.
Melexis expanded its sensor portfolio in Q3 2024, with a focus on automotive and industrial applications. Enhancements were made to the Triaxis® magnetic sensing ICs for improved functional safety in steering and pedal position sensing. A Dual Latch IC was added for use in a wide range of embedded applications, including automotive, alternative mobility, consumer and industrial. The company also launched the Triphibian™ pressure sensor IC with a digital output, designed for EV thermal management. Additionally, Melexis enhanced its current sensor ICs, improving both isolation capabilities and functional safety compliance for demanding automotive applications.
Sales to automotive customers represented 90% of total sales in the third quarter of 2024, and 89% of total sales for the first nine months of 2024.
Quote from CEO Marc Biron
“Melexis has performed well over the first nine months of 2024, including 3% sales growth versus the record sales for the first nine months of 2023, despite more challenging end-market circumstances. Recent discussions with customers indicate that they wish to reduce significantly their inventories by year-end, which we have decided to assume. While the inventory correction at our automotive customers is temporary and global car production is projected to grow in 2025, visibility on next year is limited today.
Our growth trajectory and leadership position in sensors and drivers for the automotive market are intact. Melexis products are well-positioned to benefit from continuous automotive content growth, and our diversified product portfolio addresses all types of powertrains. Year to date, we have strong traction with design wins, in particular in China. At the same time we continue to record solid results in Beyond Automotive, which confirms our strategy to diversify our portfolio in robotics, digital health, alternative mobility and sustainable world.”
Financial Calendar
- Publication FY 2024 Results: February 5, 2025 (at 7 hrs CET)
- Publication Q1 Results 2025: April 30, 2025 (at 7 hrs CET)
- Publication Q2 Results 2025: July 30, 2025 (at 7 hrs CET)
- Publication Q3 Results 2025: October 29, 2025 (at 7 hrs CET)
- Publication FY 2025 Results: February 4, 2026 (at 7 hrs CET)
For more information:
Investors
Investor Relations
Email: investor@melexis.com
Journalists
Brand & Communications
Email: brandcomms@melexis.com
Download press release (PDF - 205 kB)