Two new lithography
scanners launched in the last quarter
VELDHOVEN, the Netherlands, October 14, 2015 -
ASML Holding N.V. (ASML) today publishes its 2015 third-quarter
results.
-
Q3 net sales of EUR 1.55 billion, gross margin
45.4 percent, in line with guidance
-
ASML guides Q4 2015 net sales at approximately €
1.4 billion and a gross margin of around 45%
-
Both the TWINSCAN NXT immersion lithography
platform and the NXE Extreme Ultraviolet (EUV) platform upgraded
for next-generation chip production
(Figures in millions of euros unless otherwise
indicated) |
Q2 2015 |
Q3 2015 |
Net sales |
1,654 |
1,549 |
...of which service and field option sales |
520 |
574 |
|
|
|
Other income (Co-Investment Program) |
21 |
21 |
|
|
|
New systems sold (units) |
34 |
39 |
Used systems sold (units) |
7 |
5 |
Average Selling Price (ASP) of net system sales |
27.7 |
22.2 |
|
|
|
Net bookings* |
1,523 |
904 |
Systems backlog* |
3,015 |
2,880 |
|
|
|
Gross profit |
754 |
703 |
Gross margin (%) |
45.6 |
|
45.4 |
|
|
|
|
Net income |
370 |
322 |
EPS (basic; in euros) |
0.86 |
0.75 |
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
2,520 |
2,681 |
*) 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 reported third-quarter sales and gross margin that were in line
with our guidance, with a strong showing of the memory segment at
more than 50 percent of system sales as well as record service and
field option sales. ASML continues to support our customers'
technology roadmaps through product innovations as evidenced by our
new NXT:1980 immersion system which provides around 30 percent
overlay and 10 percent throughput improvement. These systems
started shipping in Q3 with the ramp starting this quarter," ASML
President and Chief Executive Officer Peter Wennink said.
"In Extreme Ultraviolet (EUV) lithography, we
continue to make progress towards our 2015 productivity and
availability targets. We have proven the capability both to expose
1,000 wafers per day and, in a manufacturing readiness test, to
expose 15,000 wafers in four weeks. We have also achieved a
four-week average availability of more than 70 percent at multiple
customer sites. The first shipment of our fourth-generation EUV
lithography system, the NXE:3350B, is in progress, with two more
expected to ship in Q4.
"Compared to our expectation of three months ago,
foundry customers are slightly more cautious with their investment
plans. As a result, we expect Q4 sales below the Q3 level, but we
remain on track for a record year in terms of sales. Despite
slightly lower deliveries to our logic customers in Q3 and Q4, this
segment clearly remains committed to ramp the 10 nanometer node,
which we expect to start in Q2 2016. Currently, our memory
customers indicate that their system demand will continue at a
healthy level throughout the first half of 2016, albeit somewhat
below the Q3 level."
Q3 Product Highlights
-
Shipment of the first two TWINSCAN NXT:1980
systems. Demonstrating a more than 30 percent improvement in
overlay to 1.2 nanometer (nm) and a 40 percent improvement in focus
uniformity to less than 10 nm, the NXT:1980 supports increasingly
demanding multiple-patterning performance requirements while
boosting throughput by 10 percent to 275 wafers per hour.
-
In Holistic Lithography, leading customers are
using our full suite of process window enhancement solutions to
optimize both scanner settings and full-chip mask patterns in
immersion multiple patterning for the best yield in
1x nm node production. They have also evaluated our NXE source-mask
optimization software for EUV imaging of critical layers in
development of the next generation devices. It has demonstrated
substantial improvement in process window, CD uniformity and
pattern placement for both 7 and 5 nm node logic and 1x nm node
memory.
-
The first NXE:3350B EUV system is being shipped.
The system achieves an overlay of 1.0 nanometers, a 50 percent
improvement over the NXE:3300B, and also features a lens with a
higher transmission, which means it generates higher throughput
from a given EUV power source.
Outlook
For the fourth-quarter of 2015, ASML expects net sales at
approximately € 1.4 billion, a gross margin of around 45%, R&D
costs of about € 270 million, other income of about € 20 million --
which consists of contributions from participants of the Customer
Co-Investment Program --, SG&A costs of about € 90 million and
an effective annualized tax rate of around 11%.
Update Share Buyback
Program
As part of ASML's policy to return excess cash to shareholders
through dividend and regularly timed share buybacks, ASML in
January 2015 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.
On July 14, 2015, ASML completed the purchase of 3.3 million shares
for ESOPs for a total amount of EUR 314.9 million. In addition,
from July 16, 2015 to September 27, 2015, ASML has acquired
1.3 million shares which will be cancelled for a total
consideration of EUR 111.2 million. In total ASML has acquired 4.6
million shares under the program for a total consideration of EUR
426.1 million.
The share buyback program may be suspended, modified or
discontinued at any time. All transactions under this program will
be published on ASML's website (www.asml.com/investors).
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/qresultscall.
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
The consolidated balance sheets of ASML Holding
N.V. as of September 27, 2015, the related consolidated
statements of operations and consolidated statements of cash flows
for the quarter ended September 27, 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 fourth
quarter, expected customer demand in specified market segments
including memory, logic and foundry, expected trends, expected
liquidity and capital structure, 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, roadmaps and growth of the
semiconductor industry, 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) and roadmaps, 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, delays in EUV systems production and development, 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 and liquidity, our ability to refinance our
indebtedness, 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
HUG#1958642
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