In Q1 2019, Melexis recorded sales of 116.5 million euros, the Ieper-based automotive semiconductor company reports. This is a 16-percent decrease compared to the same period last year and an 18-percent decrease compared to the previous quarter. The net result was 13.9 million euros, a 52-percent decline year-over-year and a 51-percent decline quarter-over-quarter. The company expects its full-year 2019 sales level to remain below the previous year.
“Sales are impacted as anticipated by inventory corrections of customers, triggered by the continued uncertain economic and geopolitical situation caused by global trade tensions,” Melexis CEO Françoise Chombar comments. “Inventory corrections are ongoing and visibility remains low. With global car sales in the first quarter of 2019 below the 2018 level and trade tensions persisting, it’s uncertain at which moment a change in the order behavior of our customers will occur.”