Demand for automotive sensors buoys Melexis Q3 profits
BRUSSELS Oct 16 (Reuters) - Belgian semiconductor specialist Melexis reported better-than-forecast operating profits on Wednesday, driven by strong demand for its sensors used in the automotive industry.
Operating profit for the third quarter increased 16.4 percent from last year to 17.6 million euros ($23.63 million) ahead of the 15.6 million expected in a Reuters poll of four analysts.
Melexis said that it expected its sales to remain at the same level in the fourth quarter as in the previous quarter, leading to a gross profit margin above 46 percent and an operating margin close to 23 percent for 2013 as a whole. ($1 = 0.7406 euros) (Reporting by Robert-Jan Bartunek)
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