ASML reports €6.7 billion net sales and €2.0 billion net income in
Q1 2023
ASML reports €6.7 billion net sales and €2.0 billion net
income in Q1 2023Sales growth expectations for
2023 unchanged
VELDHOVEN, the Netherlands, April 19, 2023 – today ASML Holding
NV (ASML) has published its 2023 first-quarter results.
- Q1 net sales of €6.7 billion, gross margin of 50.6%, net income
of €2.0 billion
- Quarterly net bookings in Q1 of €3.8 billion2 of which
€1.6 billion is EUV
- ASML expects Q2 2023 net sales between €6.5 billion and €7.0
billion and a gross margin between 50% and 51%
- ASML expects 2023 net sales to grow over 25% compared to
2022
(Figures in millions of euros unless otherwise
indicated) |
Q4 2022 |
Q1 2023 |
Net sales |
6,430 |
6,746 |
...of which Installed Base Management sales 1 |
1,682 |
1,404 |
|
|
|
New lithography systems sold (units) |
95 |
96 |
Used lithography systems sold (units) |
11 |
4 |
|
|
|
Net bookings 2 |
6,316 |
3,752 |
|
|
|
Gross profit |
3,311 |
3,413 |
Gross margin (%) |
51.5 |
50.6 |
|
|
|
Net income |
1,817 |
1,956 |
EPS (basic; in euros) |
4.60 |
4.96 |
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
7,376 |
6,653 |
(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 first-quarter net
sales came in at €6.7 billion with a gross margin of 50.6% – both
above our guidance due to higher than expected EUV and DUV revenue
from faster installation and earlier acceptance of systems in the
quarter.
"We continue to see mixed signals on demand from the different
end-market segments as the industry works to bring inventory to
more healthy levels. Some major customers are making further
adjustments to demand timing while we also see other customers
absorbing this demand change, particularly in DUV at more mature
nodes. The overall demand still exceeds our capacity for this year
and we currently have a backlog of over €38.9 billion. Our focus
continues to be on maximizing system output.
"We expect second-quarter net sales between €6.5 billion and
€7.0 billion with a gross margin between 50% and 51%. ASML expects
R&D costs of around €990 million and SG&A costs of around
€275 million For 2023, ASML expects continued strong growth with a
net sales increase of over 25% and a slight improvement in gross
margin, relative to 2022," said ASML President and Chief Executive
Officer Peter Wennink.
Update share buyback program and dividend
proposalIn the first quarter we purchased around
€400 million worth of shares under the current 2022-2025
program.
ASML intends to declare a total dividend for the year 2022 of
€5.80 per ordinary share, which is a 5.5% increase compared to
2021. Recognizing the three interim dividends of €1.37 per ordinary
share each paid in 2022 and 2023, this leads to a final dividend
proposal to the Annual General Meeting of €1.69 per ordinary
share.
Details of the share buyback program as well as transactions
pursuant thereto, and details of the dividend proposal 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 2023 first-quarter results and
outlook for 2023. 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 19, 2023 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 40,500 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 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 2, 2023, the related consolidated statements of
operations and consolidated statements of cash flows for the
quarter and three months ended April 2, 2023 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 semiconductor end
markets and technology industry and business environment trends,
statements with respect to demand and capacity, plans to increase
capacity and capacity goals, outlook, backlog, bookings and orders,
expected financial results, including expected growth in sales and
gross margin for 2023 and expected net sales, gross margin, R&D
costs, SG&A costs for Q2 2023 and estimated annualized
effective tax rate for Q2 and full year 2023, expected system
shipments in 2023, statements made at our 2022 Investor Day
including revenue and gross margin opportunity for 2025 and 2030,
statements with respect to fast shipments including estimates of
amounts of deferred revenue not yet recognized and expected timing
of recognition of such deferred revenue for fast shipments,
expected customer demand trends, statements with respect to export
control policy and regulations and expected impact on us,
statements with respect to capital allocation policy including
plans to return significant amounts of cash thought growing
dividends and buybacks and statements with respect to the final
2022 dividend and statements with respect to share buyback
programs, aim to improve performance on ESG sustainability and
upgrade ESG sustainability strategy 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, trends in the semi-conductor industry, the impact
of general economic conditions including the impact of the current
macroeconomic uncertainty in the market and in consumer confidence,
inflation, interest rates, geopolitical developments, the risk of a
recession, demand for our customers' products, performance of our
systems, the impact of COVID-19 and other pandemics and measures
taken to contain them, 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 semiconductor inventory levels,
customer demand including changes in demand for semiconductors and
lithography tools, 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 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 outs, 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, 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 expected impact of
recent and expected changes in export regulations, 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, our ability to meet ESG goals and improve
performance on ESG Sustainability and upgrade ESG strategy and
other risks indicated in the risk factors included in ASML's Annual
Report on Form 20-F for the year ended December 31, 2022 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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