ASML sees further growth for
2019
VELDHOVEN, the Netherlands, October 17, 2018
- ASML Holding N.V. (ASML) today publishes its 2018 third-quarter
results.
-
Q3 net sales of EUR 2.78 billion, net income EUR
680 million, gross margin 48.1 percent
-
ASML expects Q4 2018 net sales of about EUR 3.0
billion and a gross margin around 48 percent
(Figures in millions of euros unless
otherwise indicated) |
Q2 2018 |
Q3 2018 |
Net sales |
2,740 |
2,776 |
...of which Installed Base Management sales 1 |
654 |
695 |
|
|
|
New lithography systems sold (units) |
50 |
51 |
Used lithography systems sold (units) |
8 |
2 |
|
|
|
Net bookings 2
|
1,952 |
2,200 |
|
|
|
Gross profit |
1,187 |
1,336 |
Gross margin (%) |
43.3 |
|
48.1 |
|
|
|
|
Net income |
584 |
680 |
EPS (basic; in euros) |
1.37 |
1.60 |
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
2,980 |
2,948 |
(1) Installed Base Management sales equals our net
service and field option sales.
(2) Net bookings do not include High-NA EUV
orders. Q3 bookings include 1 EUV system to be shipped to
collaborative Research Center (imec) which will not be recognized
in revenue.
A complete summary of US GAAP Consolidated
Statements of Operations is published on www.asml.com
CEO
Statement
"Our third-quarter sales were as expected, and we booked system
orders worth a total of 2.2 billion euros. Our gross margin was
slightly above our expectations, reflecting the strength of our DUV
and Applications business and progress in EUV profitability.
We shipped and recognized revenue for five EUV
systems in the third quarter. In addition, we received five EUV
orders. We expect to ship a total of 18 EUV systems this year. Our
2019 shipment plan is 30 systems as the first customers are about
to start high volume production using EUV. We have made significant
progress in the execution of our roadmap, accelerating the
introduction of the higher-productivity system NXE:3400C, offering
more than 155 wafers per hour. Shipment of this system is expected
to start in the second half of 2019.
We currently see strong demand for our products in
Logic and Memory continuing in 2019, which supports our Logic
customers' advanced nodes production schedule. In the Memory
segment, we see strong momentum continuing, as evidenced by our Q3
order intake," said ASML President and Chief Executive Officer
Peter Wennink.
Q3 Product
Highlights
-
In our EUV program, all systems shipped to
customers meet specifications for high volume manufacturing. The
progress in availability of EUV systems supports our customers'
announced EUV ramp.
-
In our DUV lithography business, the
introduction of the TWINSCAN NXT:2000i into the market is making
significant progress and will be used for high-volume manufacturing
in the 7-nanometer Logic and advanced DRAM nodes. Furthermore, the
strong greenfield investments (in China and in other regions) will
result in significant demand for ASML's dry TWINSCAN scanners
across all wavelengths.
-
In our Applications business, we have seen
adoption of YieldStar 375 in 3D NAND manufacturing.
Outlook
For the fourth-quarter of 2018, ASML expects net sales of about EUR
3.0 billion, and a gross margin around 48 percent. R&D costs of
about EUR 420 million, SG&A costs of about EUR 135 million. Our
target effective annualized tax rate is around 14 percent.
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 September 30, 2018, ASML has acquired
4.7 million shares under this program for a total consideration of
EUR 801 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 |
Niclas
Mika, phone +1 858 385 6623 |
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 Roger Dassen on October 17, 2018 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 a world in which semiconductor technology
is everywhere and helps to tackle society's toughest challenges. We
contribute to this goal by creating products and services that let
chipmakers define the patterns that integrated circuits are made
of. We continuously raise the capabilities of our products,
enabling our customers to increase the value and reduce the cost of
chips. By helping to make chips cheaper and more powerful, we help
to make semiconductor technology more attractive for a larger range
of products and services, which in turn enables progress in fields
such as healthcare, 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
22,000 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 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 are available on
www.asml.com.
The consolidated balance sheets of ASML Holding
N.V. as of September 30, 2018, the related consolidated
statements of operations and consolidated statements of cash flows
for the quarter and nine months ended September 30, 2018 as
presented in this press release are unaudited.
As of Q3 2018, we will only publish financial
statements in accordance with IFRS as adopted by the EU to the
extent required for our interim and annual reporting.
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 target effective annualized tax rate, and expected financial
results and trends for the rest of 2018 and 2019, expected revenue
growth and demand for ASML's products in logic and memory, trends
in DUV systems revenue and Holistic Lithography and installed based
management revenues, expected industry trends and expected trends
in the business environment, statements with respect to the
commitment of customers to insert EUV into volume manufacturing by
ordering systems, statements with respect to roadmap acceleration,
including the introduction of higher productivity systems in 2019
(including the expected shipment of NXE:3400C and expected timing
thereof) and the expected benefits, ASML's commitment to volume
manufacturing and secure system performance, shipments, and support
for volume manufacturing, including availability, progress
supporting EUV ramp and improving consistency, productivity,
throughput, and production and service capability enabling required
volume as planned, including expected shipments (including expected
EUV shipments in Q4 2018 and the full year and planned EUV
shipments in 2019), statements with respect to the expected
benefits of the introduction of the new DUV system and expected
demand for such system, the expected benefits of HMI's e-beam
metrology capabilities, including the expansion of ASML's
integrated Holistic Lithography solutions through the introduction
of a new class of pattern fidelity control, shrink being a key
driver supporting innovation and providing long-term industry
growth, lithography enabling affordable shrink and delivering value
to customers, DUV, Holistic Lithography and EUV providing unique
value drivers for ASML and its 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 ASML's
policy, 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, and statements with respect to the expected impact of
accounting standards. 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, performance of our systems, the continuing success of
technology advances and the related pace of new product development
and customer acceptance of and demand for new products including
EUV and DUV, the number and timing of EUV and DUV systems shipped
and recognized in revenue, timing of EUV orders and the risk of
order cancellation or push out, 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, potential inability to successfully integrate acquired
businesses to create value for our customers, 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 Press Release
Link to Consolidated Financial Statements
This
announcement is distributed by West Corporation on behalf of West
Corporation 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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