Almere, The
Netherlands
October 31, 2017
ASM INTERNATIONAL N.V. REPORTS
THIRD QUARTER 2017 RESULTS
ASM International
N.V. (Euronext Amsterdam: ASM) today reports its third quarter 2017
operating results (unaudited) in accordance with IFRS.
FINANCIAL
HIGHLIGHTS
|
Quarter |
EUR million |
Q3 2016 |
Q2 2017 |
Q3 2017 |
New
orders |
122.6 |
|
205.9 |
|
160.4 |
|
Net
sales |
144.2 |
|
202.0 |
|
185.3 |
|
Gross
profit margin % |
44.2 |
% |
43.7 |
% |
40.0 |
% |
Operating result |
16.8 |
|
37.7 |
|
25.7 |
|
Result
from investments (excluding amortization intangible assets
resulting from the sale of the 12% stake of ASMPT) |
26.7 |
|
30.9 |
|
32.1 |
|
Amortization intangible assets resulting from the sale of the 12%
stake of ASMPT |
(6.7 |
) |
(7.3 |
) |
(5.4 |
) |
Net
earnings |
33.1 |
|
132.1 |
|
42.2 |
|
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) |
39.8 |
|
55.6 |
|
47.6 |
|
· New orders at €160
million were 22% below the Q2 2017 level and 31% above last year's
Q3 level.
· Net sales for the third quarter 2017 were €185
million, a decrease of 8% compared to the previous quarter.
Year-on-year net sales increased with 28%.
· Operating result decreased to €26 million. This
reduction is mainly related to the newly introduced products which
are temporarily impacting the gross margin and had an effect of €9
million in Q3.
· Normalized net earnings for the third quarter 2017
decreased by €8 million compared to the second quarter 2017. The
financing result included €8 million negative effects from
currencies compared to €11 million negative effects in the second
quarter. The result from investments increased with €1 million.
COMMENT
Commenting on the results, Chuck
del Prado, President and Chief Executive Officer of ASM
International said: "In Q3, we realized sales of €185 million and
an order intake of €160 million, well in line with our guidance.
The sales included several deliveries of Intrepid Epitaxy and new
PECVD applications. The initial margin on these newly introduced
products is relatively low, as earlier indicated, and impacted our
gross margin in the quarter with 5 percentage points. We expect our
gross margin to normalize again in the course of 2018."
OUTLOOK
We continue to expect a clear
year-on-year improvement in the single wafer ALD market in 2017,
with demand in the Logic/Foundry segment remaining healthy and a
strong increase in the 3D-NAND segment.
For Q4, on a currency comparable
level, we expect sales of €190-210 million and an order intake of
€170-190 million.
In 2017, the company benefits from
a very strong wafer fab equipment market. For 2018, market watchers
currently expect this market to increase with a low to mid single
digit percentage. We aim to outgrow the wafer fab equipment market
in 2018.
SHARE BUYBACK
PROGRAM
On October 26, 2016, ASMI
announced a share buyback program for the repurchase of up to €50
million of the company's common shares within the 2016-2017 time
frame. On March 2, 2017, ASMI announced that its Management Board
authorized an increase in this program to €100 million. The
2016-2017 program started on December 13, 2016 and was completed on
August 31, 2017. Under the 2016-2017 program 1,997,522 shares were
repurchased at an average price of €50.06.
On April 24, 2017, ASMI announced
a partial sale of its ASMPT stake, 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. ASMI has 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 September 30, 2017,
5.0% of the program was completed at an average share price of
€52.44.
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. During the same
meeting it was approved to cancel 1.5 million treasury shares.This
became effective as of August 1, 2017.
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 Wednesday, November 1, 2017 at 15:00
Continental European Time (10:00 a.m. - US Eastern Time).
The teleconference dial-in numbers
are as follows:
· United
States:
+1 646 254 3360
· International:
+44 (0)20 3427 1918
· The
Netherlands:
+31 (0)20 716 8257
· Access Code:
7553803
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 Third Quarter 2017
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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