Almere, The
Netherlands
February 28, 2018
ASM International
N.V. (Euronext Amsterdam: ASM) today reports its fourth quarter
2017 operating results (unaudited) in accordance with IFRS.
FINANCIAL
HIGHLIGHTS
|
Quarter |
EUR million |
Q4 2016 |
Q3 2017 |
Q4 2017 |
New
orders |
176.9 |
|
160.4 |
|
203.2 |
|
Net
sales |
172.6 |
|
185.3 |
|
205.6 |
|
Gross
profit margin % |
44.9 |
% |
40.0 |
% |
39.3 |
% |
Operating result |
29.9 |
|
25.7 |
|
34.9 |
|
Result
from investments (excluding amortization intangible assets
resulting from the sale of the 12% stake of ASMPT) |
18.4 |
|
32.1 |
|
14.0 |
|
Amortization intangible assets resulting from the sale of the 12%
stake of ASMPT |
(7.0 |
) |
(5.4 |
) |
(4.6 |
) |
Result
from sale of ASMPT stake |
- |
|
- |
|
183.9 |
|
Net
earnings |
61.5 |
|
42.2 |
|
224.8 |
|
Normalized net earnings (excluding amortization intangible
assets resulting from the sale of the 12% stake of ASMPT and result
from sale and dilution of ASMPT stake) |
68.5 |
|
47.6 |
|
45.5 |
|
· New orders at €203
million were 27% above the Q3 2017 level and 15% above the level of
Q4 2016.
· Net sales for the fourth quarter 2017 were €206
million, an increase of 11% compared to the previous quarter.
Year-on-year net sales increased with 19%.
· Operating result increased to €35 million. This
increase is mainly the result of higher sales.
· Normalized net earnings for the fourth quarter 2017
decreased by €2 million compared to the third quarter 2017. The €18
million decrease of the result of investment is partly offset by
the better operating result of ASMI (+€9 million), lower negative
effects of currencies (+€3 million), and the recognition of net
losses, mainly in the USA (+€4 million).
COMMENT
Commenting on the results Chuck
del Prado said: "In Q4 we realized sales of €206 million and an
order intake of €203 million. Our sales were well in line with our
guidance while order intake was substantially higher. Our sales
included again several deliveries of Intrepid Epitaxy and PECVD
systems. As earlier mentioned these products show initially lower
margins. The margin on those products showed a clear improvement
within the quarter, however this improvement was offset by some
incidental results. We expect our gross margin to normalize again
in the course of 2018."
OUTLOOK
For Q1 and Q2, on a currency
comparable level, we expect sales respectively of €155-175 million
and €200-230 million. The broader range for Q2 reflects some
uncertainty around the exact timing of individual tool
shipments.
For Q1, on a currency comparable
level, we expect an order intake of €190-210 million.
For 2018, market watchers
currently expect the wafer fab equipment market to increase with,
on average, a high single digit percentage. We aim to outgrow the
wafer fab equipment market in 2018.
SHARE BUYBACK
PROGRAM AND CAPITAL REPAYMENT
During the Annual General Meeting
of Shareholders of May 22, 2017, the Board was authorized to
acquire up to 10% of ASMI shares for a period of 18 months.
On April 24, 2017, ASMI announced
a partial sale of a stake of approximately 5% of in ASMPT, whereby
ASMI indicated to use the proceeds of approximately €245 million
for a new share buyback program. The start of this new program for
a total amount of €250 million was announced on September 22, 2017.
At that time, ASMI also announced that it had the intention to
reduce its capital by withdrawing the repurchased shares after
having received the approval from its shareholders. The repurchase
program is part of ASMI's commitment to use excess cash for the
benefit of its shareholders. On December 31, 2017, 60.0% of the
program was completed at an average share price of €56.77, while as
per February 23, 2018, 96% of the program was completed.
On November 2, 2017, ASMI
announced a partial sale of a stake of approximately 9% in ASMPT,
whereby ASMI received proceeds of approximately €445 million. ASMI
intends to propose to the 2018 Annual General Meeting to distribute
€4.00 per common share free of any withholding tax. To this end it
is proposed that the distribution is effected as a repayment of
capital to the shareholders by way of a reduction of the par value
of the common shares. Moreover ASMI plans to use €250 million for a
new share buyback program.
As of February 23, 2018, ASMI held
7.8 million treasury shares (at the end of 2017: 6.16 million),
which is more than sufficient to cover our outstanding options and
restricted/performance shares. Hence ASMI will propose to the
Annual General Meeting, to be held on May 28, 2018, the
cancellation of 6 million treasury shares.
ASMI will propose to the
forthcoming 2018 Annual General Meeting Shareholders, to declare a
dividend of €0.80 per common share.
About ASM
International
ASM International NV,
headquartered in Almere, the Netherlands, its subsidiaries and
participations design and manufacture equipment and materials used
to produce semiconductor devices. ASM International, its
subsidiaries and participations provide production solutions for
wafer processing (Front-end segment) as well as for assembly &
packaging and surface mount technology (Back-end segment) through
facilities in the United States, Europe, Japan and Asia. ASM
International's common stock trades on the Euronext Amsterdam Stock
Exchange (symbol ASM). For more information, visit ASMI's website
at www.asm.com.
Cautionary Note
Regarding Forward-Looking Statements: All matters discussed in this
press release, except for any historical data, are forward-looking
statements. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. These include, but
are not limited to, economic conditions and trends in the
semiconductor industry generally and the timing of the industry
cycles specifically, currency fluctuations, corporate transactions,
financing and liquidity matters, the success of restructurings, the
timing of significant orders, market acceptance of new products,
competitive factors, litigation involving intellectual property,
shareholders or other issues, commercial and economic disruption
due to natural disasters, terrorist activity, armed conflict or
political instability, epidemics and other risks indicated in the
Company's reports and financial statements. The Company assumes no
obligation nor intends to update or revise any forward-looking
statements to reflect future developments or circumstances.
ASM International will host an investor conference
call and web cast on Thursday, March 1, 2018 at 15:00 Continental
European Time (10:00 a.m. - US Eastern Time).
The teleconference dial-in numbers
are as follows:
· United
States:
+1 646 828 8193
· International:
+44 (0)330 336 9411
· The
Netherlands:
+31 (0)20 703 8261
· Access Code:
6043871
A simultaneous audio webcast and
replay will be accessible at www.asm.com.
CONTACT
Investor contact:
Victor Bareño
T: +31 88 100 8500
E: victor.bareno@asm.com
Media contact:
Ian Bickerton
T: +31 625 018 512
Press Release Fourth Quarter
Results
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: ASM International NV via Globenewswire
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