Belgium's Melexis sees lower Q4 sales, adjusts FY guidance amid inventory cuts
Adds context in paragraph 2, CEO comment in 4&5, detail in 6-8
By Dagmarah Mackos
Oct 30 (Reuters) -Belgium's largest semiconductor supplier Melexis MLXS.BR forecast fourth-quarter sales below expectations, prompting a slight cut in its full-year outlook as car makers temporarily cut inventories amid uncertainty about short-term demand.
The automotive semiconductor sector has faced challenges from high inventories and weak industrial demand. But U.S. Texas Instruments (TI), considered an industry bellwether, last week reported improved demand from China, raising hopes of a broader rebound.
Melexis, which provides components primarily to automotive customers, said on Wednesday it now expects sales in the current quarter of between 200 million and 210 million euros ($216 million and $227 million), compared to an average analyst estimate of 255.1 million euros in a company-compiled poll.
"Recent discussions with customers indicate that they wish to reduce significantly their inventories by year-end, which we have decided to assume," CEO Marc Biron said in a statement.
Biron said that while the outlook for next year remains uncertain, global car production is expected to rise in 2025, and Melexis has seen strong traction with design wins, especially in China.
Melexis adjusted its full-year sales projections to between 935 million euros and 945 million euros, down from around 1 billion euros forecast earlier, with a gross profit margin above 43% and an operating margin exceeding 24%.
In the third quarter, sales rose 1% from a quarter earlier to 247.9 million euros, at the lower end of the company's own guidance range of 247 million to 252 million euros.
Analysts had anticipated sales of 249.5 million euros, according to company-provided poll.
($1 = 0.9244 euros)
Reporting by Dagmarah Mackos; Editing by Tom Hogue and Rashmi Aich
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