SUSS MicroTec adjusts forecast for fiscal year 2023 based on preliminary Q3 results
Garching, October 25, 2023 – After reviewing the business development in the third quarter of 2023 and due to uncertainties regarding the revenue recognition in the fourth quarter of 2023, the Management Board of SÜSS MicroTec SE has concluded that the guidance for the full year, which was last updated on July 27, 2023, may not be achieved.
Based on preliminary figures, total sales in the third quarter of 2023 amounted to around € 75 million. Higher sales were prevented as the German customs and export control authorities have significantly intensified the documentation and verification efforts for deliveries to China since August 2023, although the legal basis for deliveries of SUSS MicroTec tools to China has not fundamentally changed in recent months. Finished goods worth around € 23.5 million, mostly high-margin equipment attributable to the Advanced Backend Solutions segment, could not be delivered as of September 30, 2023, and thus could not be recognized in sales. Management is in close exchange with the authorities and assumes that mainly the second half of 2023 will be affected by the delays. As it is not possible to foresee how many shipments to China can be completed and recognized in sales by the end of 2023, the Management Board is adjusting the sales forecast to an extended range of € 300 to € 340 million (previously: € 320 to € 340 million).
Based on preliminary figures, the gross profit margin of 27 % in the third quarter of 2023 fell short of the company's own expectations. The reasons were the lower than expected sales volume, which was caused by delivery delays, an unfavourable product mix and a negative gross profit margin in the MicroOptics segment. For the full year 2023, the company now expects a gross profit margin in a range of 32 to 34 % (previously: 35.5 to 37.5 %). The EBIT margin for the full year 2023 is expected to be between 4 and 8 % (previously: 9 to 11 %).
Order intake in the third quarter of 2023 amounted to around € 107 million and benefited in particular from orders for temporary bonders in connection with AI applications. The full quarterly statement for the first nine months of the fiscal year 2023 will be published on November 9, 2023, as planned.
Contact:
SÜSS MicroTec SE
Sven Köpsel
Vice President Investor Relations
Schleissheimer Strasse 90
85748 Garching, Deutschland
Tel.: +49 89 32007-151
Email: sven.koepsel@suss.com