Multiple EUV
orders, including High-NA, demonstrate further adoption of EUV
technology
VELDHOVEN, the Netherlands, April 18, 2018 -
ASML Holding N.V. (ASML) today publishes its 2018 first-quarter
results.
-
Q1 net sales of EUR 2.29 billion, net income EUR
540 million, gross margin 48.7 percent
-
ASML expects Q2 2018 net sales between EUR 2.5
billion and EUR 2.6 billion and a gross margin around 43 percent
reflecting a significant increase in EUV sales
(Figures in millions of euros unless
otherwise indicated) |
Q4 2017 1 |
Q1 2018 |
Net sales |
2,561 |
2,285 |
...of which Installed Base Management sales 2 |
606 |
617 |
|
|
|
Other income (Co-Investment Program) |
24 |
0 |
|
|
|
New lithography systems sold (units) |
48 |
48 |
Used lithography systems sold (units) |
9 |
1 |
|
|
|
Net bookings 3
|
2,935 |
2,442 |
|
|
|
Gross profit |
1,156 |
1,113 |
Gross margin (%) |
45.2 |
|
48.7 |
|
|
|
|
Net income |
644 |
540 |
EPS (basic; in euros) |
1.50 |
1.26 |
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
3,288 |
3,194 |
(1) As of January 1, 2018, ASML has adopted the
new Revenue Recognition Standard (ASC 606) and Lease Standard (ASC
842). The fourth-quarter figures have not been adjusted to reflect
these changes in accounting policy.
(2) Installed Base Management sales equals our net
service and field option sales.
(3) Bookings do not include High-NA EUV orders
A complete summary of US GAAP Consolidated
Statements of Operations is published on www.asml.com
CEO Statement
"Our first quarter sales were somewhat stronger than expected and
our gross margin was above our guidance, mostly driven by the
volume and mix of our DUV and holistic litho products. During the
quarter we shipped three EUV systems and an additional system is in
the process of being shipped. The continued growth of our EUV
business is confirmed by nine more orders for NXE:3400B EUV systems
in Q1. Customers have publicly discussed taking EUV into high
volume production starting by the end of this year. We will support
this launch with a plan to ship 20 EUV systems in 2018 and have
production capacity for at least 30 systems in 2019. Furthermore,
regarding the next-generation EUV platform, High-NA, we received
the first four orders from three customers and we also sold options
to buy eight more systems. High-NA is an extension of EUV
lithography and will enable geometric chip scaling beyond the next
decade, offering a resolution and overlay capability which is 70
percent better than today's most advanced EUV systems," said ASML
President and Chief Executive Officer Peter Wennink.
"All in all, we saw a good start of the year and
we reiterate our expectation for continued solid growth in 2018,
both in sales and profitability."
Q1 Product Highlights
-
In our DUV business, our latest NXT machines
have shown capability to run in excess of the productivity
milestone of 6,000 wafers per day, with an average five percent
productivity increase over 12 months, supporting our customers'
value requirements.
-
In our Holistic Lithography product portfolio to
date we have shipped multiple e-beam-based pattern fidelity
metrology systems (ePfm5) which deliver high resolution capability
to detect systematic defects. This innovation, where ASML's e-beam
metrology is combined with its computational lithography software,
will make it possible to provide e-beam-based feedback to the
lithography scanner in a production environment. We also
demonstrated the first proof of concept of multiple e-beams to
further improve productivity of e-beam metrology and expand the
application opportunity in high volume production.
-
Throughput of our EUV platform continued to
improve, with more than 125 wafers per hour measured at a customer
site (testing based on ASML's Acceptance Test Procedures - ATP),
meeting the productivity milestone agreed with our customers. We
also demonstrated 140 wafers per hour at ASML.
Outlook
For the second-quarter of 2018, ASML expects net sales between EUR
2.5 billion and EUR 2.6 billion, a gross margin around 43 percent,
reflecting a significant increase in EUV sales, R&D costs of
about EUR 375 million, SG&A costs of about EUR 115 million. Our
target effective annualized tax rate is around 14 percent.
Dividend Proposal
ASML has submitted a proposal to the 2018 Annual General Meeting of
Shareholders to declare a dividend in respect of 2017 of EUR 1.40
per ordinary share (for a total amount of approximately EUR 600
million), compared with a dividend of EUR 1.20 per ordinary share
paid in respect of 2016.
Update Share Buyback Program
As part of ASML's financial policy to return excess cash to
shareholders through dividends and regularly timed share buybacks,
in January 2018 ASML announced its intention to purchase up to EUR
2.5 billion of shares to be executed within the 2018-2019 time
frame. ASML intends to cancel these shares after repurchase, with
the exception of up to 2.4 million shares which will be used to
cover employee share plans.
Through April 1, 2018, ASML has acquired 1.0
million shares under this program for a total consideration of EUR
170 million.
The current program may be suspended, modified or
discontinued at any time. All transactions under this program are
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 |
Skip
Miller, phone +1 480 235 0934 |
Lucas van
Grinsven, phone +31 6 1019 9532 |
Marcel
Kemp, phone +31 40 268 6494 |
Brittney
Wolff, phone +1 408 483 3207 |
Craig
DeYoung, phone +852 2295 1168 |
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
20,000 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.
The comparative figures in the consolidated
balance sheets, the related consolidated statements of operations
and consolidated statements of cash flows for the quarter and year
ended, are presented without taking into account the new accounting
standards ASC 606 - Revenue from Contracts with Customers and ASC
842 - Leases.
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 comparative figures in the consolidated
statement of financial position, the related consolidated
statements of profit or loss and consolidated statement of cash
flows for the quarter and year ended, are presented without taking
into account the new accounting standards IFRS 15 - Revenue from
Contracts with Customers and IFRS 16 - Leases.
The consolidated balance sheets of ASML Holding
N.V. as of April 1, 2018, the related consolidated statements
of operations and consolidated statements of cash flows for the
quarter and year ended April 1, 2018 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,
business trends and other matters that are forward-looking,
including statements with respect to expected trends and outlook,
bookings, expected financial results and trends, including expected
sales, EUV revenue, gross margin, R&D and SG&A expenses,
and annualized effective tax rate for the first quarter of 2018,
and expected financial results and trends for the full year 2018,
including the expectation for continued solid growth in sales and
profitability in 2018, annual revenue opportunity for ASML and EPS
potential by 2020 with significant further growth potential into
the next decade, expected industry trends and expected trends in
the business environment, statements with respect to the intent of
customers to insert EUV into volume manufacturing, ASML's
commitment to secure system performance, shipments, and support for
volume manufacturing, including availability, productivity,
throughput, shipments and the ability to support a growing
installed base, including timing of shipments (including planned
EUV shipments in 2018 and production capacity in 2019), statements
with respect to orders, including High-NA system orders and
options, the expected benefits (and performance commitments) of
High-NA, including securing ASML's lithography roadmap beyond the
next decade, lower costs per function by improving imaging, overlay
and productivity, increased numerical aperture of the new optical
system on High-NA systems, targeted throughput and the new product
portfolio resulting from the addition of High-NA, statements with
respect to the DUV productivity milestone, the benefits of HMI's
e-beam metrology capabilities, including the introduction of a new
class of pattern fidelity control, the reduction of measurement
time, the benefits of combining ASML's e-beam metrology with
computational lithography software and the potential introduction
of multiple e-beams in one system and multi-beam enabling further
throughput scaling, shrink being a key driver supporting innovation
and providing long-term industry growth, lithography enabling
affordable shrink and delivering value to customers, 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 through
stable or growing dividends and regularly timed share buybacks in
line with our policy, statements about our proposed dividend,
dividend policy and intention to repurchase shares and statements
with respect to the share repurchase plan for 2018-2019, including
the intention to use certain shares to cover employee share plans
and cancel the rest of the shares upon repurchase. 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, 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, conditions included in
system orders and the risks that systems are not shipped pursuant
to orders or as expected because conditions are not met or for any
other reason, 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, actual EUV production capacity, delays in EUV systems
production and development and volume production by customers,
including meeting development requirements for volume production,
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 outcome of intellectual property litigation,
availability of raw materials, critical manufacturing equipment and
qualified employees, 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, results 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 Consolidated Financial
Statements
Link to Press Release
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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