The gross result was €63.1 million or 45.3% of sales, an increase of 11% compared to the same quarter of last year and an increase of 3% compared to the previous quarter.
The net result was €28.8 million or €0.71 per share, an increase of 13% compared to €25.4 million or €0.63 per share in the first quarter of 2017 and an increase of 8% compared to the previous quarter.
Melexis expects sales in the second quarter of 2018 to be around the same level as the first quarter. For the full year 2018, Melexis expects sales growth to be between 12% and 15%, a gross profit margin around 45% and an operating margin around 25%, all taking into account a EUR/USD exchange rate of 1.23.
“The first quarter of the year 2018 progressed according to expectations,” said CEO Françoise Chombar. “Year over year sales growth was at 13%. Excluding the negative currency impact of the EUR/USD exchange rate, sales growth year over year would have been above 20%. The main growth drivers in the first quarter were pressure sensors, temperature sensors, latch and switch sensors and our embedded lighting products. Also our magnetic position sensors continue to grow well.”
Sales to automotive customers represented 90% of total sales. The portion of standard product (ASSPs) sales represented 64% of total sales.”