ASM INTERNATIONAL N.V. REPORTS FIRST QUARTER 2018 RESULTS
April 19 2018 - 12:00PM
Almere, The
Netherland
April 19,
2018
ASM International
N.V. (Euronext Amsterdam: ASM) today reports its first quarter 2018
operating results (unaudited) in accordance with IFRS.
FINANCIAL HIGHLIGHTS
EUR million |
Q1 2017 (restated) |
Q4 2017 (restated) |
Q1 2018 |
New
orders |
204.2 |
|
203.2 |
|
206.5 |
|
Net
sales |
156.8 |
|
181.5 |
|
159.0 |
|
Gross
profit margin % |
43.0 |
% |
39.6 |
% |
37.8 |
% |
Operating result |
19.4 |
|
26.0 |
|
11.8 |
|
Result
from investments (excluding amortization intangible assets
resulting from the sale of ASMPT stake in 2013) |
35.4 |
|
14.0 |
|
16.3 |
|
Amortization intangible assets (resulting from the sale of ASMPT
stake in 2013) |
(5.8 |
) |
(4.6 |
) |
(3.8 |
) |
Result
from sale of ASMPT shares |
- |
|
183.9 |
|
- |
|
Net
earnings |
40.4 |
|
215.9 |
|
15.0 |
|
Normalized net earnings (excluding amortization intangible
assets resulting from the sale of ASMPT stake in 2013 and result
from sale of ASMPT shares) |
46.2 |
|
36.6 |
|
18.8 |
|
Prior quarter results were
restated for the effects of IFRS 15. Please refer to Annex 2 for
details.
-
New orders at €206 million were at the
highest level ever and 2% above the Q4 2017 level and 1% above the
level of Q1 2017.
-
Net sales for the first quarter 2018
were €159 million, a decrease of 12% compared to the restated
previous quarter.
-
Gross profit margin was 37.8% in Q1
2018. The margin was beside the effects of new product
introductions impacted by sales mix and preparation for anticipated
higher activity levels.
-
Operating result decreased to €12
million compared to the previous quarter. The decrease is mainly
the result of the lower sales level.
-
Normalized net earnings for the first
quarter 2018 decreased by €18 million compared to the fourth
quarter 2017.
COMMENT
Commenting on the results, Chuck del Prado,
President and Chief Executive Officer of ASM International
said:
"In Q1 we realized sales of €159
million and an order intake of €206 million. Our sales were at the
lower end of our guidance while order intake was at the higher end
of our guidance. The gross margin in Q1 at 38% was impacted by an
unfavorable product mix and costs related to our preparation for
further growth. We estimate our gross margin in Q2 to show a
substantial improvement bringing it back again in the range of low
to mid 40's."
OUTLOOK
For Q2, on a currency comparable
level, we expect sales of €200-230 million, and we expect an order
intake of €160-200 million. The broad ranges for Q2 reflect some
uncertainty around the exact timing of individual tools.
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 ANNUAL GENERAL MEETING OF
SHAREHOLDERS
On April 24, 2017, ASMI announced
a partial sale of a stake of approximately 5% 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.
The program was completed on March 29, 2018. In total, 4,353,292
shares at an average price of €57.43, including expenses, were
repurchased.
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. As
announced on February 28, 2018, ASMI intends to distribute the
proceeds through a new €250 million share buyback program and a
capital return. ASMI remains committed to use excess cash for the
benefit of its shareholders.
On April 16, 2018, ASMI published
the agenda for the 2018 Annual General Meeting of Shareholders
(AGM), to be held on May 28, 2018, which includes the following
financial matters:
- proposal to declare a dividend of €0.80 per
common share;
- proposal to distribute €4.00 per common share;
and
- proposal to cancel 6 million treasury
shares.
Please refer to the AGM documents
available on our website for more detailed information.
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.
This press
release contains inside information within the meaning of Article
7(1) of the EU Market Abuse Regulation.
ASM International will host an investor conference
call and web cast on Friday, April 20, 2018 at 17:00 Continental
European Time (11:00 a.m. - US Eastern Time).
The teleconference dial-in numbers
are as follows:
-
United
States:
+1 929 477 0448
-
International:
+44 (0)330 336 9105
-
The
Netherlands:
+31 (0)20 721 9251
-
Access Code:
9278937
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 First 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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