Auto chip designer Melexis ups 2014 outlook after strong Q2
BRUSSELS, July 30
BRUSSELS, July 30 (Reuters) - Belgian semiconductor designer Melexis on Wednesday raised its 2014 guidance, citing positive market sentiment and good sales of its higher-priced products.
The group, which focuses on chips for the car industry, said it expected its 2014 sales to grow between 17 and 20 percent with a gross margin of above 47 percent and an operating margin in excess of 25 percent.
It had previously guided for sales growth of 10 to 15 percent, a gross profit margin above 45 percent and an operating margin above 23 percent.
In the second quarter, sales rose 22 percent from the sale period last year to 82.1 million euros ($110.1 million), with the company saying that growth came from products such as magnetic sensors, motor control drivers and pressure sensors.
Sales to automotive customers make of 87 percent of total sales. ($1 = 0.7458 Euros) (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)