Melexis jumps on Q2 beat, outlook upgrade

Melexis NV

02/08/2023 08:20

** Shares in Melexis  MLXS.BR  rise around 2% after the
Belgian chipmaker posted Q2 beat and raised its outlook
    ** It reports Q2 sales of 236.7 million euros ($260.2
million), above consensus of 235.5 million, and EBIT margin of
27.5% vs consensus of 26.4%
    ** The company expects 2023 sales to increase by 14-16% vs
11-16% previously, with gross profit margin of above 45%
(previously about 45%) and operating margin of around 27%
(previously about 26%) at midpoint of sales guidance
    ** It sees Q3 revenue in a 245-250 million euro range, which
Jefferies says is above the broker's forecast and consensus
    ** The broker adds the strong set Q2 results will likely be
taken well by investors
    ** KBC Securities also notes the Q2 beat across the board
    ** The stock is the only gainer on Belgium's BEL 20 Index
 .BFX , which is down around 1%
($1 = 0.9097 euros)

 (Reporting by Michal Aleksandrowicz)
 ((michal.aleksandrowicz@tr.com))