Semiconductor supplier Melexis forecasts Q2 sales above estimates (updated)
24/04/2024 07:01
(Adds analyst estimates in paragraph 1, company statement in
paragraphs 3 and 4, details in paragraph 5)
By Nathan Vifflin
April 24 (Reuters) - Melexis MLXS.BR , Belgium's
largest semiconductor supplier expects second-quarter sales
between 242 million and 247 million euros ($259 million and $264
million), it said on Wednesday, while analysts previously
estimated 242.6 million, according to a company-provided poll.
The company posted first-quarter results in line with
expectations, with sales reaching 241.8 million euros.
Company-provided analyst poll had expected sales of 242.3
million euros.
Inventory corrections in some product lines spread across
the past few quarters are now behind us, the company said in a
statement.
It attributed its 6% year-on-year sales growth to its "solid
customer base, the ever-increasing demand for automotive
semiconductors addressing electrification, and the increasing
need for comfort and safety applications".
Melexis said sales to automotive customers accounted for 90%
of total sales in the first quarter and added that embedded
motor drivers, smart motor drivers and temperature sensors
outperformed during the period.
($1 = 0.9342 euros)
(Reporting by Nathan Vifflin in Gdansk; Editing by Tom Hogue
and Janane Venkatraman)
((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))