ASML reports €5.8 billion net sales and €1.7 billion net income in
Q3 2022
ASML reports €5.8 billion net sales and €1.7 billion net
income in Q3 2022Expected sales
for 2022 around €21 billion
VELDHOVEN, the Netherlands, October 19, 2022 – today ASML
Holding NV (ASML) has published its 2022 third-quarter results.
- Q3 net sales of €5.8 billion, gross margin of 51.8%, net income
of €1.7 billion
- Record quarterly net bookings in Q3 of €8.9 billion2
- ASML expects Q4 2022 net sales between €6.1 billion and €6.6
billion and a gross margin around 49%
- Expected sales for the full year €21.1 billion at the
midpoint of the Q4 guidance
- The value of fast shipments* in 2022 leading to delayed revenue
recognition into 2023 is expected to be around
€2.2 billion
(*) A fast shipment process skips some of the testing in our
factory. Final testing and formal acceptance then takes place at
the customer site. This leads to a deferral of revenue recognition
for those shipments until formal customer acceptance, but does
provide our customers with earlier access to wafer output
capacity.
(Figures in millions of euros unless otherwise
indicated) |
Q2 2022 |
Q3 2022 |
Net sales |
5,431 |
5,778 |
...of which Installed Base Management sales 1 |
1,290 |
1,524 |
|
|
|
New lithography systems sold (units) |
83 |
80 |
Used lithography systems sold (units) |
8 |
6 |
|
|
|
Net bookings 2 |
8,461 |
8,920 |
|
|
|
Gross profit |
2,665 |
2,994 |
Gross margin (%) |
49.1 |
51.8 |
|
|
|
Net income |
1,411 |
1,701 |
EPS (basic; in euros) |
3.54 |
4.29 |
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
4,402 |
3,363 |
(1) Installed Base Management sales equals our net service and
field option sales.
(2) 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 third-quarter net
sales came in at €5.8 billion with a gross margin of 51.8% — above
our guidance. There is uncertainty in the market due to a number of
global macro-economic concerns including inflation, consumer
confidence and the risk of a recession. While we are starting to
see diverging demand dynamics per market segment, the overall
demand for our systems continues to be strong. This resulted in
record bookings in the third quarter of around €8.9 billion of
which €3.8 billion is EUV, including High-NA systems.
We are continuing to assess and follow the new US export control
regulations. Based on our initial assessment, the new restrictions
do not amend the rules governing lithography equipment shipped by
ASML out of the Netherlands and we expect the direct impact on
ASML's overall 2023 shipment plan to be limited.
"ASML expects fourth-quarter net sales between €6.1 billion and
€6.6 billion with a gross margin around 49%. ASML expects R&D
costs of around €880 million and SG&A costs of around €265
million. For the full year, we expect revenue of €21.1 billion
with a gross margin approaching 50%," said ASML President and Chief
Executive Officer Peter Wennink.
Products and business
highlights
- In our DUV business, we shipped the first TWINSCAN NXT:2100i to
a customer. This newest immersion scanner enables over 20%
improvement of on-product** overlay.
- Several customers have adopted Alignment Optimization 12 Color
as process-of-record for their leading nodes. It improves wafer
alignment by generating and measuring twelve wavelengths (or
colors) instead of just four, ensuring a more robust alignment that
reduces wafer-to-wafer overlay variation by over 20% when combined
with scanner modeling improvements and alignment optimization
software.
- In our EUV High-NA business, we received additional orders for
the TWINSCAN EXE:5200; all current EUV customers have now submitted
orders for High-NA.
(**) for a typical logic application
Update share buyback program and
quarterly dividendIn the third quarter we purchased around
€1.0 billion worth of shares under the current 2021-2023 share
buyback program. Details of this program as well as transactions
pursuant thereto are published on ASML's website
(www.asml.com/investors). We completed our current share buyback
program.
On November 11, 2022 we will hold our Investor Day where we will
provide an update on our long-term business plan, including any new
share buyback program.
An interim dividend of €1.37 per ordinary share will be made
payable on November 14, 2022. Full details are published on ASML’s
website.
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
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 2022 third-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 October 19, 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 37,500 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
October 2, 2022, the related consolidated statements of
operations and consolidated statements of cash flows for the
quarter and nine months ended October 2, 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 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 expected trends,
including trends in end markets and technology industry and
business environment trends, supply chain constraints and plan to
add capacity and capacity goals, outlook and expected financial
results, including bookings and orders, expected net sales, gross
margin, R&D costs, SG&A costs and estimated annualized
effective tax rate and full year 2022 expectations for net sales
and gross margin and expected shipments in 2023, statements with
respect to fast shipments and impact on expected results, gross
margin ambition, 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 the expectations
presented at the 2021 Investor Day, estimates of amounts of
deferred revenue not yet recognized and timing of recognition of
such deferred revenue for fast shipments, including value of fast
shipments in 2022 leading to deferred revenue recognition, expected
shipments, plans and strategies, impact of gas shortage on us and
suppliers, customer demand trends, statements about the market and
macroeconomic trends and concerns regarding inflation and consumer
confidence, statements with respect to dividends including the Q3
dividend and share buybacks and financial policy including
statements with respect to share buyback programs, aim to improve
ESG sustainability KPI's 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 including
the impact of the current macroeconomic uncertainty in the market,
inflation and consumer confidence which could potentially lead to a
recession, 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
constraints and logistics and constraints on our ability to produce
systems to meet demand, the timing of recognition of deferred
revenue from fast shipments and impact on our results, the impact
of the gas shortage on us and our suppliers, 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 including the impact of the new US
export regulations which we are continuing to assess, 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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