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Besi steers a steady ship during the current crisis
BE Semiconductor (Besi), managed to maintain profitability during these uncertain times, thanks to the company’s flexible Asian supply chain and assembly capacity, Besi were able to shift production and final assembly sufficiently between its Malaysian, Chinese and Singapore facilities.
During the company’s first quarter of 2020, Besi recorded revenues of EUR 91.3 million, at the midpoint of its guidance and down 1.2% compared to the forth quarter 2019. However, looking at a year-over-year comparison, the companies revenues were up 12.2% compared to 1Q19, something the company credits to higher shipments for mobile and logic applications. Orders for the quarter were EUR 118.6 million, up 42.2% compared with the same quarter last year. Net income for the first quarter of 2020 ended up at EUR 13.9 million, up EUR 4.4 million compared to 1Q19. “Besi performed well in Q1-20 in an environment which began with a promising industry recovery and ended with great social and economic uncertainty associated with the COVID-19 pandemic. Since its outbreak, we have taken precautionary measures to protect the safety and health of our employees, customers and suppliers which is of the utmost concern,” says president and CEO Richard W. Blickman, in a press release. “Besi maintained attractive levels of profitability amidst unprecedented global economic conditions. Due to our flexible Asian supply chain, labor force and assembly capacity, we were able to shift production and final assembly sufficiently between our Malaysian, Chinese and Singapore facilities to satisfy customer demand,” Blickman continues. At present, Besi is operating with varying restrictions on its production capacity and supply chain activities depending on location. At the end of 1Q20, nearly 70% of the company’s employees and virtually all production was based in Asia. Besi’s Malaysian operations have been deemed an essential industry and were recently permitted to resume full operation. The Leshan, China facility has been fully functional since early March. Besi Singapore has also been classified a key economic sector and permitted to remain open, with certain restrictions, under regulations implemented on April 7, 2020 and scheduled to end on June 1, 2020. In Europe and North America, more or less all Besi personnel are working remotely with adherence to local regulations. “Our supply chain network is based primarily in Asia and has functioned reasonably well considering the circumstances. So far, we have benefited from our dual source supplier strategy and advance purchases of components deemed critical to Besi’s operations. Issues to date have related primarily to non-critical items,” Blickman explains in the press release. The company is forecasting that its 2Q20 revenue will increase by approximately 5-25%.
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