VELDHOVEN, the Netherlands, 15 July
2015 - ASML Holding N.V. (ASML) today publishes its 2015
second-quarter results.
-
Q2 net sales of EUR 1.65 billion, gross margin
45.6 percent
-
ASML guides Q3 2015 net sales at between EUR 1.5
and 1.6 billion and a gross margin of around 45 percent
(Figures in millions of euros unless otherwise
indicated) |
Q1 2015 |
Q2 2015 |
Net sales |
1,650 |
1,654 |
...of which service and field option sales |
403 |
520 |
|
|
|
Other income (Co-Investment Program) |
21 |
21 |
|
|
|
New systems sold (units) |
39 |
34 |
Used systems sold (units) |
8 |
7 |
Average Selling Price (ASP) of net system sales |
26.5 |
27.7 |
|
|
|
Net bookings |
1,028 |
1,523* |
Systems backlog |
2,602 |
3,015* |
|
|
|
Gross profit |
779 |
754 |
Gross margin (%) |
47.2 |
45.6 |
|
|
|
Net income |
403 |
370 |
EPS (basic; in euros) |
0.93 |
0.86 |
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
2,839 |
2,520 |
*) For the adjusted definition of our net bookings
and systems backlog see footnote 4 of our US GAAP Consolidated
Financial Statements.
A complete summary of US GAAP Consolidated
Statements of Operations is published on www.asml.com
CEO Statement
"We posted second-quarter sales and gross margin that were slightly
above our guidance. Sales were balanced between memory and logic
customers. As part of a previously announced volume purchasing
agreement with a major U.S. customer, we took orders for six EUV
systems in the quarter. Of those, two are expected to be shipped
this year, and four from next year. As a result, the backlog for
EUV systems now stands at eight systems," ASML President and Chief
Executive Officer Peter Wennink said.
"Given the recent advances in EUV productivity and
availability, we believe that EUV is moving closer to volume
production. In preparation for pilot production, several customers
have run or are running marathon tests on their NXE:3300B systems.
In parallel, customers are evaluating how far they can stretch
immersion multiple patterning technology. The decision on when to
introduce EUV into production and the timing of the corresponding
orders will be determined by the production readiness of EUV
systems versus the complexity of multiple patterning. System
availability is our main focus in increasing production readiness
of EUV," Wennink said.
"We expect to see continued overall business
strength in the second half of 2015 due to increased demand from
memory and foundry customers compared with our previous
expectations. Underpinned by an anticipated strong service
business, this will allow for a stable business outlook at expected
Q3 levels for the balance of the year with some upside
opportunity."
Q2 Product Highlights
-
In deep-UV immersion, we have demonstrated a 30
percent overlay improvement with our TWINSCAN NXT:1980Di system,
which is expected to ship this year. The system will also offer a
step up in productivity from 250 wafers per hour to 275 wafers per
hour.
-
The average availability of our world-wide
installed base of more than 300 TWINSCAN NXT tools increased to
above 96 percent, demonstrating ASML's focus on extending the
performance of systems already in production.
-
All immersion systems shipped during the quarter
had one or several Holistic Lithography products attached. The
integrated YieldStar metrology system is well established,
contributing to a total installed base of more than 250 YieldStar
systems.
-
ASML application experts are engaged at all
major customers to assist with the production ramp of 10nm logic
node and 1x memory nodes.
-
In EUV, the number of NXE:3300B systems in use
at customer sites rose to eight.
-
With regards to EUV productivity, which is
driven by source power and system availability, we demonstrated
dose-controlled source power of 130 Watts at ASML and average
availability of above 70 percent at multiple customer sites for
one-week periods, with one customer achieving 70 percent over four
weeks.
-
ASML opened a new EUV factory in Veldhoven,
enabling us to ship in volume when customers begin their production
ramps.
Outlook
For the third quarter of 2015, ASML expects net sales at
between EUR 1.5 and 1.6 billion, a gross margin of around 45
percent, R&D costs of about EUR 275 million, other income of
about EUR 20 million -- which consists of contributions from
participants of the Customer Co-Investment Program --, SG&A
costs of about EUR 90 million and an effective tax rate of
approximately 11 percent.
Update Share Buyback
Program
As part of ASML's policy to return excess cash to shareholders
through dividend and regularly timed share buybacks, ASML announced
its intention to purchase up to 3.3 million shares in 2015-2016 to
cover employee stock and stock option plans (ESOPs). In addition,
ASML announced its intention to purchase up to EUR 750 million of
shares in 2015-2016 under this program, which it intends to cancel
upon repurchase.
Through 28 June 2015, ASML has acquired 3.0
million shares under this program for a total consideration of EUR
285 million. These shares have been purchased to cover ESOPs.
All transactions under this share buyback program
are published on ASML's website (www.asml.com/investors). This
program may be suspended, modified or discontinued at any time.
About ASML
ASML makes possible affordable microelectronics that improve the
quality of life. ASML invents and develops advanced technology for
high-tech lithography, metrology and software solutions for the
semiconductor industry. ASML's guiding principle is continuing
Moore's Law towards ever smaller, cheaper, more powerful and
energy-efficient semiconductors. Our success is based on three
pillars: technology leadership combined with customer and supplier
intimacy, highly efficient processes and entrepreneurial people. We
are a multinational company with over 70 locations in 16 countries,
headquartered in Veldhoven, the Netherlands. We employ more than
14,000 people on payroll and flexible contracts (expressed in full
time equivalents). Our company is an inspiring place where
employees work, meet, learn and share. ASML is traded on Euronext
Amsterdam and NASDAQ under the symbol ASML. More information about
ASML, our products and technology, and career opportunities is
available on: www.asml.com
Investor and Media Conference
Call
A conference call for investors and media will be hosted by CEO
Peter Wennink and CFO Wolfgang Nickl at 15:00 PM Central European
Time / 09:00 AM U.S. Eastern time. To register for the call and
receive dial-in information, go to www.asml.com/resultscall.
Listen-only access is also available via www.asml.com.
US GAAP and IFRS Financial
Reporting
ASML's primary accounting standard for quarterly earnings releases
and annual reports is US GAAP, the accounting principles generally
accepted in the United States of America. Quarterly US GAAP
consolidated statements of operations, consolidated statements of
cash flows and consolidated balance sheets, and a reconciliation of
net income and equity from US GAAP to IFRS as adopted by the EU
('IFRS') are available on www.asml.com
In addition to reporting financial figures in
accordance with US GAAP, ASML also reports financial figures in
accordance with IFRS for statutory purposes. The most significant
differences between US GAAP and IFRS that affect ASML concern the
capitalization of certain product development costs, the accounting
of share-based payment plans and the accounting of income taxes.
ASML's quarterly IFRS consolidated statement of profit or loss,
consolidated statement of cash flows, consolidated statement of
financial position and a reconciliation of net income and equity
from US GAAP to IFRS are available on www.asml.com
Today, 15 July 2015, ASML has also published the
Statutory Interim Report for the six-month period ended 28 June
2015. This report is in accordance with the requirements of the EU
Transparency Directive as implemented in the Netherlands, and
includes consolidated condensed interim financial statements
prepared in accordance with IAS 34, 'Interim Financial Reporting',
an Interim Management Board Report and a Managing Directors'
Statement and is available on www.asml.com.
The consolidated balance sheets of ASML Holding
N.V. as of 28 June 2015, the related consolidated statements of
operations and consolidated statements of cash flows for the
quarter ended 28 June 2015 as presented in this press release are
unaudited.
Regulated
Information
This press release constitutes regulated information within the
meaning of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).
Forward Looking
Statements
This document contains statements relating to certain projections
and business trends that are forward-looking, including statements
with respect to our outlook, including expectations for the third
quarter and second half of 2015, backlog, expected customer demand
in specified market segments including memory, logic and foundry,
expected trends, expected levels of service sales, systems backlog,
expected financial results, including expected sales, other income,
gross margin, earnings per share and R&D and SG&A expenses
and effective tax rate, annual revenue opportunity for ASML,
productivity of our tools and systems performance, TWINSCAN and EUV
system performance (such as endurance tests), expected industry
trends, statements with respect to expected system shipments,
including the number of EUV systems expected to be shipped and
timing of shipments and other EUV targets (including availability,
productivity and shipments), the expected continuation of Moore's
law, expected annual revenue growth and goals for holistic
lithography, intention to return excess cash to shareholders, and
statements about our dividend policy and intention to repurchase
shares. You can generally identify these statements by the use of
words like "may", "will", "could", "should", "project", "believe",
"anticipate", "expect", "plan", "estimate", "forecast",
"potential", "intend", "continue" and variations of these words or
comparable words. These statements are not historical facts, but
rather are based on current expectations, estimates, assumptions
and projections about the business and our future financial results
and readers should not place undue reliance on them.
Forward-looking statements do not guarantee future performance and
involve risks and uncertainties. These risks and uncertainties
include, without limitation, economic conditions, product demand
and semiconductor equipment industry capacity, worldwide demand and
manufacturing capacity utilization for semiconductors (the
principal product of our customer base), including the impact of
general economic conditions on consumer confidence and demand for
our customers' products, competitive products and pricing, the
impact of manufacturing efficiencies and capacity constraints,
performance of our systems, the continuing success of technology
advances and the related pace of new product development and
customer acceptance of new products, the number and timing of EUV
systems expected to be shipped and recognized in revenue, our
ability to enforce patents and protect intellectual property
rights, the risk of intellectual property litigation, availability
of raw materials and critical manufacturing equipment, trade
environment, changes in exchange rates, changes in tax rates,
available cash, distributable reserves for dividend payments and
share repurchases, and other risks indicated in the risk factors
included in ASML's Annual Report on Form 20-F and other filings
with the US Securities and Exchange Commission. These
forward-looking statements are made only as of the date of this
document. We do not undertake to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
Link to press release
Link to consolidated financial statements
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ASML Holding via Globenewswire
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