ASML reports €7.5 billion total net sales and
€2.1 billion net income in Q3 2024 ASML
expects total net sales for 2024 of around €28 billion
VELDHOVEN, the Netherlands, October 15, 2024 – Today, ASML
Holding NV (ASML) has published its 2024 third-quarter results.
- Q3 total net sales of €7.5 billion, gross margin of 50.8%, net
income of €2.1 billion
- Quarterly net bookings in Q3 of €2.6 billion2 of which
€1.4 billion is EUV
- ASML expects Q4 2024 total net sales between €8.8 billion and
€9.2 billion, and a gross margin between 49% and 50%
- ASML expects 2024 total net sales of around €28 billion
- ASML expects 2025 total net sales to be between €30 billion and
€35 billion, with a gross margin between 51% and 53%
(Figures in millions of euros unless otherwise
indicated) |
Q2 2024 |
|
Q3 2024 |
|
Total net sales |
6,243 |
|
7,467 |
|
...of which Installed Base Management sales1 |
1,482 |
|
1,541 |
|
|
|
|
|
|
New lithography systems sold (units) |
89 |
|
106 |
|
Used lithography systems sold (units) |
11 |
|
10 |
|
|
|
|
|
|
Net bookings2 |
5,567 |
|
2,633 |
|
|
|
|
|
|
Gross profit |
3,212 |
|
3,793 |
|
Gross margin (%) |
51.5 |
|
50.8 |
|
|
|
|
|
|
Net income |
1,578 |
|
2,077 |
|
EPS (basic; in euros) |
4.01 |
|
5.28 |
|
|
|
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
5,019 |
|
4,985 |
|
(1) Installed Base Management sales equals our net service and
field option sales(2) Net bookings include all system sales orders
and inflation-related adjustments, for which written authorizations
have been accepted.
Numbers have been rounded for readers' convenience. A complete
summary of US GAAP Consolidated Statements of Operations is
published on www.asml.com
CEO statement and outlook"Our third-quarter
total net sales came in at €7.5 billion, above our guidance, driven
by more DUV and Installed Base Management1 sales. The gross margin
came in at 50.8%, within guidance.
"While there continue to be strong developments and upside
potential in AI, other market segments are taking longer to
recover. It now appears the recovery is more gradual than
previously expected. This is expected to continue in 2025, which is
leading to customer cautiousness. Regarding Logic, the competitive
foundry dynamics have resulted in a slower ramp of new nodes at
certain customers, leading to several fab push outs and resulting
changes in litho demand timing, in particular EUV. In Memory, we
see limited capacity additions, with the focus still on technology
transitions supporting the HBM and DDR5 AI-related demand.
"We expect fourth-quarter total net sales between €8.8 billion
and €9.2 billion with a gross margin between 49% and 50% which
includes the recognition of the first two High NA systems upon
customer acceptance, reflecting progress on imaging, overlay and
contrast. ASML expects R&D costs of around €1.1 billion and
SG&A costs of around €300 million. We expect full-year 2024
total net sales of around €28 billion. Based on the recent market
dynamics as mentioned above, we expect our 2025 total net sales to
grow to a range between €30 billion and €35 billion, which is the
lower half of the range that we provided at our 2022 Investor Day.
We expect a gross margin between 51% and 53%, which is below the
range we then provided, mainly related to the delayed timing of EUV
demand," said ASML President and Chief Executive Officer Christophe
Fouquet.
Update dividend and share buyback
programAn interim dividend of €1.52 per ordinary share
will be made payable on November 7, 2024.
In the third quarter, we did not purchase any shares under the
current 2022-2025 share buyback program.
Details of the share buyback program as well as transactions
pursuant thereto, and details of the dividend are published on
ASML's website (www.asml.com/investors).
Media
Relations contacts |
Investor
Relations contacts |
Monique Mols +31 6
5284 4418 |
Skip Miller +1 480
235 0934 |
Sarah de Crescenzo
+1 925 899 8985 |
Marcel Kemp +31 40
268 6494 |
Karen Lo +886
939788635 |
Peter Cheang +886 3
659 6771 |
Quarterly video interview and investor callWith
this press release, ASML has published a video interview in which
CFO Roger Dassen discusses the 2024 third-quarter results and
outlook for 2024 and 2025. This video and the transcript can be
viewed on www.asml.com.
An investor call for both investors and the media will be hosted
by CEO Christophe Fouquet and CFO Roger Dassen on October 16, 2024
at 15:00 Central European Time / 09:00 US Eastern Time. Details can
be found on our website.
About ASMLASML is a leading supplier to the
semiconductor industry. The company provides chipmakers with
hardware, software and services to mass produce the patterns of
integrated circuits (microchips). Together with its partners, ASML
drives the advancement of more affordable, more powerful, more
energy-efficient microchips. ASML enables groundbreaking technology
to solve some of humanity's toughest challenges, such as in
healthcare, energy use and conservation, mobility and agriculture.
ASML is a multinational company headquartered in Veldhoven, the
Netherlands, with offices across EMEA, the US and Asia. Every day,
ASML’s more than 43,700 employees (FTE) challenge the status quo
and push technology to new limits. ASML is traded on Euronext
Amsterdam and NASDAQ under the symbol ASML. Discover ASML – our
products, technology and career opportunities – at
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 Summary 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 29, 2024, the related consolidated statements of
operations and consolidated statements of cash flows for the
quarter and nine months ended September 29, 2024 as presented
in this press release are unaudited.
Regulated informationThis press release
contains inside information within the meaning of Article 7(1) of
the EU Market Abuse Regulation.
Forward Looking StatementsThis document and
related discussions contain statements that are forward-looking
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995, including statements with respect to plans,
strategies, expected trends, including trends in the semiconductor
industry and end markets and business environment trends, expected
demand, bookings, backlog, expected recovery in the semiconductor
industry and expected timing thereof including expected industry
recovery continuing in 2025, plans to continue to build capacity,
outlook and expected financial results, outlook of market segments,
including expected results for Q4 2024, including net sales, IBM
sales, gross margin, R&D costs, SG&A costs, outlook for
full year 2024, including expected full year 2024 total net sales,
gross margin and estimated annualized effective tax rate,
expectations and modelling with respect to 2025 revenue and gross
margin, statements made at our 2022 Investor Day, including revenue
and gross margin opportunity for 2025 and 2030, statements with
respect to execution of ESG sustainability strategy, our
expectation to continue to return significant amounts of cash to
shareholders through growing dividends and share buybacks,
statements with respect to our share buyback program, including the
amount of shares that may be repurchased thereunder and statements
with respect to dividends, statements with respect to expected
performance and capabilities of our systems and customer plans and
other non-historical statements. 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”,
“target”, “future”, “progress”, “goal”, “model”, “opportunity” and
variations of these words or comparable words. These statements are
not historical facts, but rather are based on current expectations,
estimates, assumptions, plans and projections about our 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 a number of substantial known and
unknown risks and uncertainties. These risks and uncertainties
include, without limitation, customer demand, semiconductor
equipment industry capacity, worldwide demand for semiconductors
and semiconductor manufacturing capacity, lithography tool
utilization and semiconductor inventory levels, general trends and
consumer confidence in the semiconductor industry, the impact of
general economic conditions, including the impact of the current
macroeconomic environment on the semiconductor industry,
uncertainty around a market recovery including the timing thereof,
the impact of inflation, interest rates, wars and geopolitical
developments, the impact of pandemics, the performance of our
systems, the success of technology advances and the pace of new
product development and customer acceptance of and demand for new
products, our production capacity and ability to adjust capacity to
meet demand, supply chain capacity, timely availability of parts
and components, raw materials, critical manufacturing equipment and
qualified employees, our ability to produce systems to meet demand,
the number and timing of systems ordered, shipped and recognized in
revenue, risks relating to fluctuations in net bookings and our
ability to convert bookings into sales, the risk of order
cancellation or push outs and restrictions on shipments of ordered
systems under export controls, risks relating to the trade
environment, import/export and national security regulations and
orders and their impact on us, including the impact of changes in
export regulations and the impact of such regulations on our
ability to obtain necessary licenses and to sell our systems and
provide services to certain customers, exchange rate fluctuations,
changes in tax rates, available liquidity and free cash flow and
liquidity requirements, our ability to refinance our indebtedness,
available cash and distributable reserves for, and other factors
impacting, dividend payments and share repurchases, the number of
shares that we repurchase under our share repurchase programs, our
ability to enforce patents and protect intellectual property rights
and the outcome of intellectual property disputes and litigation,
our ability to meet ESG goals and execute our ESG strategy, other
factors that may impact ASML’s business or financial results, and
other risks indicated in the risk factors included in ASML’s Annual
Report on Form 20-F for the year ended December 31, 2023 and other
filings with and submissions to the US Securities and Exchange
Commission. These forward-looking statements are made only as of
the date of this document. We undertake no obligation to update any
forward-looking statements after the date of this report or to
conform such statements to actual results or revised expectations,
except as required by law.
- Link to consolidated financial statements
- Link to press release
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