Melexis sharply hikes full-year sales outlook on strong dollar
(Reuters) – Belgian specialist semiconductor group Melexis sharply hiked its full-year sales outlook on Thursday as a further strengthening of the dollar against the euro added to growth in demand for its automotive sensors.
The company, which specialises in designing chips for the automotive industry, said it now expected its revenue to grow by between 20 and 25 percent this year.
In early February, when it factored in the euro at $1.15, it had given a range of 8-14 percent. The new outlook is based on a euro of $1.10.
The company also reported a first-quarter revenue of 94.4 million euros, an increase of 25 percent or 15 percent excluding currency effects, in line with its previous guidance and said the figure in the second quarter should be some 100 million euros.
Melexis said the main drivers of growth in the first three months had been its magnetic sensors portfolio and sensor interfaces product line. Temperature and pressure sensors had also shown above average growth. (Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek)