UPDATE 1-Melexis posts strong Q1, helped by greener cars

* Q1 net profit 8 mln euros, vs expected 6 mln euros

* Sales 46.4 mln euros vs consensus 45 mln euros

* Sees FY revenue up at least 35 percent
(Adds details from statement)

BRUSSELS, April 22 (BestGrowthStock) – Belgium’s Melexis (MLXS.BR: )
predicted full-year sales will rise by over a third after
increased demand for its electronic chips in low emissions cars
helped it swing to a first-quarter net profit.

“This is a structural evolution across the board, for both
luxury and budget cars, which we expect to extend over the next
years,” Chief Executive Rudi De Winter said in a statement on
Thursday.

The company, which has around half its sales in the auto
sector, reported first quarter net profit of 8.1 million euros
($10.89 million), beating an estimate of 6 million euros
forecast by threee analysts polled by Reuters.

That compares with a net loss of 3.6 million euros a year
ago.

Melexis designs and test chips, principally for the auto
industry, but does not produce them. Its chief supplier is Xfab
and its main customers are auto suppliers, TRW Automotive
(TRW.N: ) and Sensata Technologies.

Melexis reported sales of 46.4 million euros in the
first-quarter, compared with 45 million euros expected by three
analysts polled by Reuters. The company forecast sales growth
of at least 35 percent for the full year.

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($1=.7439 Euro)
(Reporting by Ben Deighton; Editing by Anshuman Daga)

UPDATE 1-Melexis posts strong Q1, helped by greener cars