SÜSS MicroTec (SMHN) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 sales of €102.5m, up 46.4% YoY, with the highest EBIT margin of the year at 16.9% and best quarterly performance.

• Order book reached €430.8m, up 3.9% YoY, ensuring high capacity utilization and visibility into 2025.

• Sale of SUSS MicroOptics S.A. completed, resulting in €75m cash inflow and €58.3m gain, boosting net profit and cash.

• Both Advanced Backend Solutions and Photomask Solutions segments contributed to strong sales and margin growth.

Financial highlights

• 9M 2024 sales rose 46.0% YoY to €295.3m; gross profit margin improved by 6.1pp to 39.6%; EBIT margin up 9.8pp to 16.1%.

• Net profit reached €93.8m, including €58.3m from discontinued MicroOptics operations; EPS (basic, continuing) at €1.85, up 262.7% YoY.

• Free cash flow from continuing operations at €24.2m; total free cash flow including discontinued operations at €95.0m.

• Equity ratio improved to 55.2% as of September 30, 2024; cash and cash equivalents at €136.1m.

• Net cash increased to €122.3m (+274.0% YoY).

Outlook and guidance

• On track to achieve the upper half of raised 2024 guidance: sales €380–410m, gross profit margin 38–40%, EBIT margin 14–16%.

• Strong order book and margin momentum support positive outlook into 2025.

• Further production capacity expansion underway, including a new site in Zhubei, Taiwan, expected to double cleanroom space by H2 2025, with €15–20m capex planned.