Q3 2024 Melexis NV Earnings Call Transcript
Key Points
- Melexis NV (MLXSF) reported Q3 2024 sales of EUR247.9 million, marking a 1% increase from Q2 2024.
- The company experienced growth in its magnetic position sensors, pressure sensors, sensor interfaces, and current sensors.
- Melexis NV (MLXSF) introduced several innovations in Q3, including the expansion of its sensor portfolio and the launch of new products like the Triphibian presenter for electric cars.
- The company achieved significant design wins in APAC, particularly in China, for automotive motor drivers and HVAC applications.
- Melexis NV (MLXSF) anticipates a growth trajectory resumption in 2025, with global automotive sales and production forecasted to grow.
- Melexis NV (MLXSF) is facing an inventory correction with automotive customers in Europe and the US, leading to expected lower sales in Q4 2024.
- The gross result for Q3 2024 was EUR108.2 million, a decrease of 5% compared to the same quarter last year.
- The net result decreased by 10% compared to Q3 2023, with a net income of EUR51.2 million.
- The company expects Q4 2024 sales to be between EUR200 million and EUR210 million, lower than previous expectations.
- Melexis NV (MLXSF) is experiencing pricing pressures, particularly in China, which could affect margins in 2025.
Good day, and welcome to today's Melexis Q3 2024 Results Conference Call. (Operator Instructions)
And now, I would like to hand the call over to our host, Marc Biron, CEO. Please go ahead, sir.
Thank you. Dear audience, thank you for joining the Melexis third-quarter 2024 earnings call. In Q3, our sales reached EUR247.9 million, which is within -- it's in line with the Q3 of last year and it represents a 1% increase from Q2 to Q3 this year. This being said, next to the solid sales discussions with our automotive customer starting in September indicate that based on the current order book for the balance of 2024, they would end up with higher inventories than desired.
During the past couple of months, we have all read the announcement about the auto industry with global car production down by more than 5% in Q3 2024. Our current order book would result in sales for Q4, which is in line with our full year guidance on euro.
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