More Melexis malaise

The bad streak continues for Melexis, the Belgian automotive semiconductor experts. In Q3 2019, the Ypres-based company recorded sales of 123.3 million euros, a 16-percent decrease compared to the same period last year, but a 3-percent increase compared to the previous quarter. The net result was 15.4 million euros, a 49-percent decline year-on-year and a 1-percent decline, sequentially.

“Melexis sales in the third quarter of 2019 came out at the upper end of the guidance. In the context of a continuing downward trend in global car sales and the uncertain economic and geopolitical situation caused by global trade tensions, this is a solid performance,” Melexis CEO Françoise Chombar comments. “We can now state that the severe inventory corrections we have experienced in the last nine months are clearly ebbing away. As customer order behavior is also improving step by step, we expect a further sequential sales increase in the last quarter of 2019.”