Strong Q2 outlook
underpinned by 10 nanometer logic ramp
VELDHOVEN, the Netherlands, April 20, 2016 - ASML
Holding N.V. (ASML) today publishes its 2016 first-quarter
results.
-
Q1 net sales of EUR 1.33 billion, gross margin
42.6 percent
-
ASML guides Q2 2016 net sales at approximately
EUR 1.7 billion and a gross margin of around 42 percent
(Figures in millions of euros unless otherwise
indicated) |
Q4 2015 |
Q1 2016 |
Net sales |
1,434 |
1,333 |
...of which service and field option sales |
553 |
477 |
|
|
|
Other income (Co-Investment Program) |
21 |
23 |
|
|
|
New systems sold (units) |
32 |
28 |
Used systems sold (units) |
5 |
5 |
Average Selling Price (ASP) of net system sales |
23.8 |
25.9 |
|
|
|
Net bookings |
1,184 |
835 |
Systems backlog |
3,184 |
3,018 |
|
|
|
Gross profit |
660 |
568 |
Gross margin (%) |
46.0 |
|
42.6 |
|
|
|
|
Net income |
292 |
198 |
EPS (basic; in euros) |
0.68 |
0.46 |
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
3,409 |
3,138 |
A complete summary of US GAAP Consolidated
Statements of Operations is published on www.asml.com
CEO Statement
"Our first-quarter net sales and gross margin met our guidance. We
expect our second-quarter net sales to increase substantially from
the first quarter, as our leading-edge logic customers begin to
ramp the 10 nanometer node. Simultaneously, we see continued
investment in earlier nodes, notably in the 28 nanometer node,"
ASML President and Chief Executive Officer Peter Wennink said.
"We continued the rollout of our latest immersion
lithography system, the TWINSCAN NXT:1980, with the systems being
ramped into production, as well as of our newest metrology system,
the YieldStar 350E.
"Our next-generation technology, Extreme
Ultraviolet (EUV) lithography, is continuing to make progress to
manufacturing readiness. In the past three months, we again
demonstrated improved productivity and availability. Our customers
presented a wealth of EUV results at the SPIE Advanced Lithography
conference that demonstrated significant progress, and they
indicated an increased confidence in EUV for manufacturing
insertion," Wennink said.
Product and Business
Highlights
-
In Deep Ultraviolet (DUV) lithography, we
shipped six TWINSCAN NXT:1980 systems in the quarter. The NXT:1980
rapidly reached productivity of more than 4,000 wafers per day,
demonstrating the maturity of our latest NXT platform.
-
In Holistic Lithography, we started rolling out
our YieldStar 350E integrated metrology system. YieldStar enables
highly accurate metrology for subsequent analysis in ASML's
Holistic Lithography software, which allows customers to control
leading-edge production processes for increased yield.
-
In Extreme Ultraviolet (EUV) lithography, we
achieved productivity of more than 1,350 wafers per day, bringing
us closer to our 1,500 wafer per day target for 2016. Separately,
three customer systems showed availability of more than 80 percent
on average for four weeks. We shipped one NXE:3350B system in
Q1.
Outlook
For the second-quarter of 2016, ASML expects net sales at
approximately EUR 1.7 billion, a gross margin of around 42 percent,
R&D costs of about EUR 270 million, other income of about EUR
23 million -- which consists of contributions from participants of
the Customer Co-Investment Program --, SG&A costs of about EUR
90 million and an effective annualized tax rate of around 12
percent.
Our second-quarter net sales guidance includes
about EUR 110 million sales for two EUV systems. In accordance with
applicable accounting standards we can only recognize part of the
system revenue but must recognize the full cost. Together with the
initially low profitability of early EUV systems, this has an
expected negative impact of 5 percentage points on the gross
margin.
Update Share Buyback
Program
As part of ASML's financial policy to return
excess cash to shareholders through dividends and regularly timed
share buyback programs, ASML in January 2016 announced its
intention to purchase up to EUR 1.5 billion of shares to be
executed within the 2016-2017 time frame. ASML intends to
cancel the shares upon repurchase.
Through April 3, 2016, ASML has acquired 2.7
million shares under this program for a total consideration of EUR
223 million. The repurchased shares will be canceled.
The share buyback program will be executed within
the limitations of the existing authority granted by the AGM on
April 22, 2015 and of the authority granted by future AGMs. 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) on a weekly basis.
About ASML
ASML is one of the world's leading manufacturers of chip-making
equipment. Our vision is to enable affordable microelectronics that
improve the quality of life. To achieve this, our mission is to
invent, develop, manufacture and service 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. This results in increasingly
powerful and capable electronics that enable the world to progress
within a multitude of fields, including healthcare, technology,
communications, energy, mobility, and entertainment. 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). 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 April 3, 2016, the related consolidated statements
of operations and consolidated statements of cash flows for the
quarter ended April 3, 2016 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 expected customer demand in
specified market segments including memory, logic and foundry and
expected customer demand for particular nodes, expected
trends, expected levels of service sales, systems backlog,
expected financial results for the second quarter of 2016,
including expected sales, other income, gross margin, R&D and
SG&A expenses and effective annualized tax rate, annual revenue
opportunity for ASML and EPS potential by end of decade,
productivity of our tools and systems performance, TWINSCAN and EUV
system performance (such as endurance tests), expected industry
trends and business environment, statements with respect to
expected system shipments, including the number of EUV systems
expected to be shipped and timing of shipments and recognition in
revenue and other EUV targets (including availability, productivity
and shipments) and roadmaps, shrink being key driver to industry
growth, expected industry adoption of EUV, the expected
continuation of Moore's law and that EUV will continue to enable
Moore's law and drive long term value, goals for holistic
lithography, intention to return excess cash to shareholders, and
statements about our proposed dividend, 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 any 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
including EUV, 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 Consolidated Financial
Statements
Link to Press Release
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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