New EUV orders intended for volume
manufacturing
VELDHOVEN, the Netherlands, July 20, 2016 - ASML
Holding N.V. (ASML) today publishes its 2016 second-quarter
results.
-
Q2 net sales of EUR 1.74 billion, gross margin
42.6 percent
-
ASML guides Q3 2016 net sales at approximately
EUR 1.7 billion and a gross margin of around 47 percent
-
ASML expects full-year 2016 sales to exceed 2015
record year
(Figures in millions of euros unless otherwise
indicated) |
Q1 2016 |
Q2 2016 |
Net sales |
1,333 |
1,740 |
...of which service and field option sales |
477 |
486 |
|
|
|
Other income (Co-Investment Program) |
23 |
23 |
|
|
|
New systems sold (units) |
28 |
39 |
Used systems sold (units) |
5 |
7 |
Average Selling Price (ASP) of net system sales |
25.9 |
27.3 |
|
|
|
Net bookings |
835 |
1,566 |
Systems backlog |
3,018 |
3,371 |
|
|
|
Gross profit |
568 |
741 |
Gross margin (%) |
42.6 |
|
42.6 |
|
|
|
|
Net income |
198 |
354 |
EPS (basic; in euros) |
0.46 |
0.83 |
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
3,138 |
2,926 |
A complete summary of US GAAP Consolidated
Statements of Operations is published on www.asml.com
CEO Statement
"Our business continues to perform well. We recorded second-quarter
orders of EUR 1.6 billion and posted net sales of over EUR 1.7
billion. System sales were weighted towards logic customers,
supporting the initial ramp of the 10 nanometer node. System sales
to memory customers remained healthy, as manufacturers continued
their technology investments in DRAM and added capacity for 3D
NAND. Our second-quarter net sales included around EUR 100 million
in partial revenue recognition for two NXE:3350B EUV systems, which
we had shipped in the fourth quarter of 2015. Confirming our
previous statements on overall business trends, we now expect our
full-year 2016 sales to exceed our 2015 record year. The ultimate
level will depend on the timing of our EUV revenue recognition and
the size of the combined 10/7 nanometer node ramp," ASML President
and Chief Executive Officer Peter Wennink said.
"We took new orders for four EUV systems from
foundry and memory customers, bringing our backlog to 10 units
worth about EUR 1 billion. These systems are intended for volume
manufacturing sites. We expect to take additional orders in the
second half of this year," Wennink said.
"We announced our plans to acquire Hermes
Microvision, Inc., to enhance our Holistic Lithography offering and
thereby address the challenges chip makers are facing as they enter
sub-10 nanometer resolutions and 3D integration. On 4 July we
issued two bonds totaling EUR 1.5 billion that are intended to
partially fund this acquisition."
Product and Business
Highlights
-
In Deep Ultraviolet (DUV) lithography, the
rollout of our TWINSCAN NXT:1980i ArF immersion systems is
progressing well. Since introduction we have shipped a total of 23
systems and upgraded an additional five systems at customer sites
to NXT:1980 specifications. We have also installed an enhanced
version of the TWINSCAN XT:1460 ArF dry system with a 40 percent
improvement in matched machine overlay, demonstrating our
commitment to continue to improve the performance of our dry
lithography product portfolio.
-
In Holistic Lithography, we have shipped
multiple YieldStar 350E metrology systems to our leading customers
to support the qualification and ramp of the 10 nanometer logic
node. We also released a new version of our process window
enhancement software suite, which includes a new approach to SRAF
(Sub-Resolution Assist Features) placement that improves the
quality of patterning. This leading resolution enhancement
technique is aimed at helping to maximize manufacturing yield for
EUV and immersion-based lithography at the 7 and 5 nanometer logic
and 1x memory nodes.
-
In Extreme Ultraviolet (EUV) lithography, we
continued to demonstrate progress towards manufacturing insertion
with productivity and availability improvements. An NXE:3350B EUV
system at a customer site processed 1,200 wafers per day. We are
progressing well toward our 2016 target of 1,500 wafers per day,
evidenced by the peak performance achieved on a NXE:3350B at ASML
of 1,488 wafers per day.
Outlook
For the third-quarter of 2016, ASML expects net sales at
approximately EUR 1.7 billion, a gross margin of around 47 percent,
R&D costs of about EUR 275 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.
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 July 3, 2016, ASML has acquired 4.6
million shares under this program for a total consideration of EUR
387 million. The repurchased shares will be canceled.
We will pause our share buyback program for a few
quarters while we are in the midst of the HMI acquisition process.
We continue to expect to complete the full 2016-2017 program, 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.
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
15,000 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.
Today, July 20, 2016, ASML has also published the
Statutory Interim Report for the six-month period ended
July 3, 2016. This report is in accordance with the
requirements of the EU Transparency Directive as implemented in the
Netherlands, and includes consolidated condensed interim financial
statements prepared in accordance with IAS 34 'Interim Financial
Reporting', an Interim Management Board Report and a Managing
Directors' Statement and is available on www.asml.com.
The consolidated balance sheets of ASML Holding
N.V. as of July 3, 2016, the related consolidated statements
of operations and consolidated statements of cash flows for the
quarter ended July 3, 2016 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 our outlook, including expected customer demand in
specified market segments including memory, logic and foundry,
expected trends and outlook, including expected levels of service
sales, systems backlog, expected financial results for the third
quarter and full year 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, including EUV system performance (such as
endurance tests), expected industry trends and expected trends in
the business environment, statements with respect to the
acquisition of HMI by ASML, the expected benefits of the
acquisition of HMI by ASML, including expected earnings accretion,
enhancement of ASML's existing product portfolio, the creation of a
new class of products which improves yield and time to market, the
accelerated introduction of reticle defect detection to support
future EUV ramp and related opportunity in 2020, improvement in
ASML and HMI's metrology technologies and support of EUV
technologies, the benefits of the acquisition to ASML's holistic
lithography strategy, the growth opportunity represented by
patterning control and expansion of market opportunity by 2020 and
expected timing of completion of HMI acquisition, statements with
respect to EUV targets, including availability, productivity and
shipments, including the number of EUV systems expected to be
shipped and timing of shipments, and roadmaps, shrink being key
driver to industry growth, expected industry adoption of EUV and
statements with respect to the intent of customers to insert EUV
into production, 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 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#2029375
ASML Holding NV (NASDAQ:ASML)
Historical Stock Chart
From Apr 2024 to May 2024
ASML Holding NV (NASDAQ:ASML)
Historical Stock Chart
From May 2023 to May 2024