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Investing.com -- Belgian semiconductor supplier Melexis (EBR:MLXS) NV (BR:MELE) on Wednesday reported second-quarter revenue that exceeded analyst expectations, despite currency headwinds affecting profitability.
The company posted Q2 revenue of €211.6 million, surpassing consensus estimates of €202 million, with particular strength coming from China and EMEA regions.
However, gross margin came in at 39.0%, below analyst expectations of 39.8%, while earnings per share reached €0.94, significantly higher than the €0.65 consensus forecast due to finance income that likely included hedging gains.
For the third quarter, Melexis expects revenue between €210-215 million, broadly in line with market expectations. The company raised its full-year revenue guidance to €835-845 million, above the consensus estimate of €830 million.
The automotive semiconductor specialist noted that its customers continued to deplete their inventories during the second quarter, suggesting the beginning of a cyclical improvement in the underlying business.
Beyond its core automotive segment, which accounts for nearly 90% of revenue, Melexis is seeing growth in data centers, consumer appliances, and new design wins in robotics.
Melexis lowered its full-year capital expenditure target to approximately €40 million from the previous €50 million. The company’s updated guidance factors in a EUR/USD exchange rate of 1.17 for the remainder of the year, which is impacting both sales and profitability forecasts.
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