ASML reports €3.5 billion net sales and €695 million net income in
Q1 2022
ASML reports €3.5 billion net sales and €695 million net
income in Q1 2022Sales growth
expectations for 2022 unchanged
VELDHOVEN, the Netherlands, April 20, 2022 – today ASML Holding
NV (ASML) has published its 2022 first-quarter results.
- Q1 net sales of €3.5 billion, gross margin of 49.0%, net income
of €695 million
- Q1 net bookings of €7.0 billion2
- ASML expects Q2 2022 net sales between €5.1 billion and €5.3
billion and a gross margin between 49% and 50%
(Figures in millions of euros unless
otherwise indicated) |
Q4 2021 |
Q1 2022 |
Net sales |
4,986 |
3,534 |
...of which Installed Base Management sales 1 |
1,522 |
1,247 |
|
|
|
New lithography systems sold (units) |
72 |
59 |
Used lithography systems sold (units) |
10 |
3 |
|
|
|
Net bookings 2 |
7,050 |
6,977 |
|
|
|
Gross profit |
2,701 |
1,731 |
Gross margin (%) |
54.2 |
49.0 |
|
|
|
Net income |
1,774 |
695 |
EPS (basic; in euros) |
4.39 |
1.73 |
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
7,590 |
4,723 |
(1) Installed Base Management sales equals our net service and
field option sales.
(2) Our systems net bookings include all system sales orders 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 first-quarter net
sales came in at €3.5 billion which is at the high end of our
guidance. The gross margin of 49.0%, is as guided. Our
first-quarter net bookings came in at €7.0 billion, including €2.5
billion from 0.33 NA and 0.55 NA EUV systems as well as very strong
DUV bookings, reflecting the continued high demand for advanced and
mature nodes.
"We continue to see that the demand for our systems is higher
than our current production capacity. We accommodate our customers
through offering high-productivity upgrades and reducing cycle time
in our factories, and we continue to offer a fast shipment process.
In addition, we are actively working to significantly expand
capacity together with our supply chain partners. In light of the
demand and our plans to increase capacity, we expect to revisit our
scenarios for 2025 and growth opportunities beyond. We plan to
communicate updates in the second half of the year.
"ASML expects second-quarter net sales between €5.1 billion and
€5.3 billion with a gross margin between 49% and 50%. ASML expects
R&D costs of around €790 million and SG&A costs of around
€220 million. For the full year, we continue to expect a revenue
growth of around 20%," said ASML President and Chief Executive
Officer Peter Wennink.
Products and business highlights
- We received multiple orders this quarter for our High-NA
EXE:5200 systems (EUV 0.55 NA) from both Logic and Memory
customers.
- In our Applications business, we shipped our first eScan460
system, which is our next-generation single-beam inspection system,
with higher resolution and 50% faster throughput than
eScan430.
Update share buyback programAs part of its
financial policy to return excess cash to its shareholders through
growing annualized dividends and share buybacks, ASML executes a
share buyback program which started on July 22, 2021, and is to be
closed by December 31, 2023. Based on this program, ASML intends to
repurchase shares up to an amount of €9 billion, of which we expect
a total of up to 0.45 million shares will be used to cover employee
share plans. ASML intends to cancel the remainder of the shares
repurchased. In the first quarter, we purchased around €2.1 billion
worth of shares under the current program.
The share buyback program will be executed within the
limitations of the existing authority granted by the Annual General
Meeting of Shareholders (AGM) on April 29, 2021, and of the
authority to be granted by future AGMs. The share buyback program
may be suspended, modified or discontinued at any time. All
transactions under this program will be published on ASML's website
(www.asml.com/investors) on a weekly basis.
Media
Relations contacts |
Investor
Relations contacts |
Monique Mols +31 6
5284 4418 |
Skip Miller +1 480
235 0934 |
Ryan Young +1 480
205 8659 |
Marcel Kemp +31 40
268 6494 |
Karen Lo +886 36 23
6639 |
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 2022 first-quarter results and
outlook for 2022. 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 Peter Wennink and CFO Roger Dassen on April 20, 2022 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 Europe, the US and Asia. Every
day, ASML’s more than 33,100 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
April 3, 2022, the related consolidated statements of
operations and consolidated statements of cash flows for the
quarter and three months ended April 3, 2022 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
contains statements that are forward-looking, including statements
with respect to expected trends, including trends in end markets
and technology industry and business environment trends, rising
business costs, outlook and expected financial results, including
expected net sales, gross margin, R&D costs, SG&A costs and
estimated annualized effective tax rate, bookings, expected growth
in net sales, full year 2022 expectations including revenue,
shipments and expectations for EUV, DUV, IBM and expectations by
market segment, statements made at our 2021 Investor Day including
revenue and gross margin opportunity for 2025 and growth
opportunities beyond 2025, expected annual revenue growth rate for
the period of 2020-2030, and our plan to revisit these expectations
presented at the 2021 Investor Day, expected revenue recognition,
including estimates of revenue to be recognized in periods after
shipment, expected shipments, plans and strategies, including plans
to increase capacity and plans to build additional cleanrooms,
customer demand and plans to meet increasing demand, statements
with respect to dividends and share buybacks and financial policy
including statements with respect to the 2021-2023 share buyback
program, including the amount of shares intended to be repurchased
under the program, ESG strategy improvement 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" 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 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, economic conditions, product demand and
semiconductor equipment industry capacity, worldwide demand and
manufacturing capacity utilization for semiconductors, the impact
of general economic conditions on consumer confidence and demand
for our customers’ products, performance of our systems, the impact
of the COVID-19 outbreak and measures taken to contain it on us,
our suppliers, the global economy and financial markets, the impact
of the Russian military actions in the Ukraine and measures taken
in response on the global economy and global financial markets and
other factors that may impact ASML’s financial results, including
customer demand and ASML’s ability to obtain parts and components
for its products and otherwise meet demand, the success of
technology advances and the pace of new product development and
customer acceptance of and demand for new products, production
capacity and our ability to increase capacity to meet demand, the
impact of inflation, the number and timing of systems ordered,
shipped and recognized in revenue, and the risk of order
cancellation or push out, supply chain capacity and logistics and
constraints on our ability to produce systems to meet demand,
trends in the semi-conductor industry, our ability to enforce
patents and protect intellectual property rights and the outcome of
intellectual property disputes and litigation, availability of raw
materials, critical manufacturing equipment and qualified
employees, trade environment, import/export and national security
regulations and orders and their impact on us, changes in exchange
and tax rates, available liquidity and liquidity requirements, our
ability to refinance our indebtedness, available cash and
distributable reserves for, and other factors impacting, dividend
payments and share repurchases, results of the share repurchase
programs and other risks indicated in the risk factors included in
ASML’s Annual Report on Form 20-F for the year ended December 31,
2021 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 press release
- Link to consolidated financial statements
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