Positive momentum expected to
continue throughout 2017
VELDHOVEN, the Netherlands, April 19, 2017 -
ASML Holding N.V. (ASML) today publishes its 2017 first-quarter
results.
-
Q1 net sales of EUR 1.94 billion, gross margin
47.6 percent
-
EUV backlog grows to 21 systems valued at EUR
2.3 billion
-
ASML expects Q2 2017 net sales between EUR 1.9
and 2.0 billion and a gross margin between 43 and 44 percent
(Figures in millions of euros unless
otherwise indicated) |
Q4 2016 |
Q1 2017 |
Net sales |
1,907 |
1,944 |
...of which service and field option sales 1 |
618 |
728 |
|
|
|
Other income (Co-Investment Program) |
23 |
24 |
|
|
|
Net bookings 2 |
1,580 |
1,894 |
Systems backlog 2 |
3,961 |
4,509 |
|
|
|
Gross profit |
901 |
925 |
Gross margin (%) |
47.2 |
|
47.6 |
|
|
|
|
Net income |
524 |
452 |
EPS (basic; in euros) |
1.23 |
1.05 |
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
4,057 |
3,836 |
1 As per January 1, 2017, ASML presents net
sales with respect to metrology and inspection systems as part of
Net system sales instead of Net service and field option sales. The
comparative numbers have been adjusted to reflect this change in
accounting policy.
2 Our systems backlog and net bookings include
all system sales orders for which written authorizations have been
accepted (for EUV starting with the NXE:3350B). As per January 1,
2017 our systems backlog and net bookings also include metrology
and inspection systems.
A complete summary of US GAAP Consolidated
Statements of Operations is published on www.asml.com
CEO
Statement
"A positive industry environment provided a strong start to 2017
and healthy demand is expected to continue throughout the rest of
the year. Our DUV business saw strong demand from all sectors of
the industry. Our service and options business was also very strong
in the first quarter, as a number of customers bought
performance-enhancing upgrades for their existing immersion tools.
Our second-quarter guidance shows that we expect these trends
continue," ASML President and Chief Executive Officer Peter Wennink
said.
"In EUV, which is now in a phase of
industrialization, the order flow continued, taking our backlog to
21 EUV systems."
Product and Business
Highlights
-
In DUV lithography, we continued to ship
TWINSCAN NXT:1980 systems for memory, the ramp of the 10 nanometer
logic node as well as process development for the 7 nanometer
foundry node, bringing the installed base to more than 60 systems.
Several customers had their previous-generation NXT systems
upgraded in the quarter, with some taking selective productivity or
overlay/focus upgrades and others choosing for a full upgrade to
NXT:1980 performance. One system with a productivity upgrade
processed more than 5,700 wafers in a single day at a memory
customer, setting a new record for an NXT system. We boosted the
productivity of our XT:860 KrF system further to 250 wafers per
hour. Two customers have received upgrades to their existing XT:860
tools, realizing that performance. For our customers in 3D NAND, we
released new options that improve focus and alignment performance
on the high-topography layers typical for this application.
-
In Holistic Lithography, we formed a partnership
with Cadence Design Systems to integrate ASML lithography and
patterning simulation models into Cadence products, which will
allow chip designers to perform manufacturability checks in the
design phase to achieve better performance and shorter cycle
times.
-
In EUV lithography, we started shipping the
first NXE:3400B system late in the first quarter and completed
shipment early in the second quarter.
Outlook
For the second-quarter of 2017, ASML expects net sales between EUR
1.9 and 2.0 billion which includes approximately EUR 200 million
EUV revenue, a gross margin between 43 and 44 percent, R&D
costs of about EUR 315 million, other income of about EUR 24
million -- which consists of contributions from participants of the
Customer Co-Investment Program, SG&A costs of about EUR 100
million and an effective annualized tax rate between 13 and 14
percent. We expect three NXE:3400B shipments in the second-quarter
of 2017.
Dividend
Proposal
ASML has submitted a proposal to the 2017 Annual General Meeting of
Shareholders, which takes place on April 26, 2017, to declare a
dividend in respect of 2016 of EUR 1.20 per ordinary share (for a
total amount of approximately EUR 515 million), compared with a
dividend of EUR 1.05 per ordinary share paid in respect of
2015.
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.
As announced on November 3, 2016, the share
buyback program is currently paused. As a result, the 2016-2017
program may not be completed for the full amount. The current
program remains in place, yet it may be further suspended, modified
or discontinued at any time. Any transactions under this
program will be published on ASML's website
(www.asml.com/investors) on a weekly basis.
Media Relations
Contacts Investor
Relations Contacts
Monique Mols, phone +31 6 5284
4418 Craig
DeYoung, phone +1 480 696 2762
Niclas Mika, phone +31 6 201 528
63 Marcel
Kemp, phone +31 40 268 6494
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 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.
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. ASML is a
multinational company with offices in 60 cities in 16 countries,
headquartered in Veldhoven, the Netherlands. We employ more than
17,000 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.
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 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 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 from US GAAP to IFRS are available on
www.asml.com.
The consolidated balance sheets of ASML Holding
N.V. as of April 2, 2017, the related consolidated statements
of operations and consolidated statements of cash flows for the
quarter ended April 2, 2017 as presented in this press release
are unaudited.
Regulated
Information
This press release contains inside information within the meaning
of Article 7(1) of the EU Market Abuse Regulation.
Forward Looking
Statements
This document contains statements relating to certain projections
and business trends that are forward-looking, including statements
with respect to expected trends and outlook, including expected
customer insertion of EUV in volume manufacturing, including
expected volume orders, systems backlog, expected financial results
and trends for the second quarter of 2017, 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 2020 with significant further growth
potential into the next decade, including further growth potential
into the next decade, expected industry trends and expected trends
in the business environment, including our expectation that the
trends exhibited in the first quarter of 2017 will continue in the
second quarter of 2017 and our expectation of healthy demand
through the end of 2017, statements with respect to EUV targets,
manufacturing, supply chain and service capabilities, and ASML's
commitment to secure system performance, shipments and support for
volume manufacturing, including availability, productivity,
throughput and shipments, including timing of shipments and the
ability to support a larger installed base, shrink being a key
driver supporting innovation and providing long-term industry
growth, lithography enabling affordable shrink and delivering value
to customers, expected industry adoption of EUV and statements with
respect to the intent of customers to insert EUV into production,
the extension of EUV beyond the next decade, the expected
continuation of Moore's law and that EUV will continue to enable
Moore's law and drive long term value for ASML beyond the next
decade, intention to return excess cash to shareholders, and
statements about our proposed dividend, dividend policy and
intention to repurchase shares and statements with respect to the
share repurchase plan. 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", "targets", "commits
to secure" 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 and volume production by customers, including
meeting development requirements for volume production, that demand
for EUV systems being sufficient to result in utilization of EUV
facilities in which ASML has made significant investments, 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 timing of resumption of the share repurchase
plan, 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 Corporate Solutions on behalf
of Nasdaq 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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