ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2021 RESULTS
26 Oktober 2021 - 06:00PM
ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2021 RESULTS
Almere, The Netherlands
October 26, 2021, 6 p.m. CET
Record quarterly order intake driven by
continued strong logic/foundry demand
ASM International N.V. (Euronext
Amsterdam: ASM) today reports its third quarter 2021 operating
results (unaudited) in accordance with IFRS.
FINANCIAL HIGHLIGHTS
EUR million |
Q3 2020 |
Q2 2021 |
Q3 2021 |
New
orders |
303.4 |
515.7 |
624.5 |
Revenue |
314.6 |
411.7 |
432.9 |
Gross profit
margin % |
49.9 |
48.1 |
47.2 |
Operating
result |
83.9 |
118.4 |
117.3 |
Operating
result margin % |
26.7 |
28.7 |
27.1 |
Result from
investments (excluding amortization intangible assets resulting
from the sale of ASMPT stake in 2013) |
6.3 |
19.3 |
27.6 |
Amortization
intangible assets (resulting from the sale of ASMPT stake in
2013) |
(3.0) |
(3.0) |
(3.1) |
Net
earnings |
58.1 |
108.4 |
128.9 |
Normalized net earnings (excluding amortization intangible assets
resulting from the sale of ASMPT stake in 2013 and result from sale
of ASMPT shares) |
61.2 |
111.4 |
132.0 |
- New orders of €625 million for the third quarter 2021 increased
by 106% as reported compared to the same period last year.
- Year-on-year revenue growth for the third quarter 2021 was 38%
at constant currencies (38% as reported).
- Gross profit margin of 47.2% was lower compared to the
relatively strong level of 49.9% in the same quarter last
year.
- Operating result for the third quarter 2021 improved from €84
million last year to €117 million this year mainly driven by strong
revenue growth.
- Normalized net earnings for the third quarter 2021 were €132
million, a significant improvement compared to the same quarter
last year.
COMMENT
“ASMI continued its strong growth path in the
third quarter,” said Benjamin Loh, President and Chief Executive
Officer of ASM International. “Order intake surged to a new
quarterly record of €625 million and was driven by continued strong
logic/foundry demand and in part also by orders for shipment in
2022. As already announced on September 28, 2021, order intake
exceeded previous guidance of €510-530 million. Compared to the
same period last year, sales in the third quarter increased by 38%.
Revenue, at €433 million, was slightly above the high end of the
guidance of €400-430 million, despite continued tight supply chain
conditions during the quarter. We are currently seeing some
improvements but overall supply chain conditions are expected to
remain challenging in Q4. Thanks to our team for another quarter of
strong execution and to our suppliers and customers for their
continued solid support and cooperation.”
OUTLOOK
For Q4, on a currency comparable level, we
expect sales of €470-500 million. Q4 bookings, on a currency
comparable level, are expected to be around €600 million. Starting
2022, we will stop providing guidance on order intake as it has
become clear in the last two quarters in which actual order intake
was significantly higher than guided that it is increasingly more
challenging in the current environment to provide a meaningful
outlook. With a continued strong momentum in the second half of the
year, the wafer fab equipment (WFE) market is expected to grow by a
mid-to-high thirties percentage in 2021.
SHARE BUYBACK PROGRAM
On July 28, 2021, ASMI announced the start of
the €100 million share buyback program. As of September 30, 2021,
56.4% of the share buyback program was completed at an average
share price of €328.07.
ASMI INVESTOR DAY 2021
On September 28, 2021, ASMI held its first
Investor Day, in which ASMI’s management shared the company’s
strategy, how to create value and drive growth through innovation.
Highlights included:
-
Targeting revenue of €2.8-€3.4 billion by 2025 (2020-2025 CAGR of
16%-21%), gross margins of 46%-50% in 2021-2025, and operating
margins of 26%-31% in 2021-2025;
-
Targeting Net Zero emissions by 2035 and 100% renewable electricity
by 2024;
-
Single-wafer ALD market expected to increase from $1.5 billion in
2020 to $3.1-3.7 billion by 2025;
-
Further capacity expansion of our new manufacturing facility in
Singapore to be production ready by early 2023.
NET ZERO ANNOUNCEMENT
In its Investor Day on September 28, 2021, ASMI
also announced its target to achieve Net Zero emissions by 2035.
The target includes setting science based targets for Scope 1, 2,
and 3 Greenhouse Gas (GHG) emissions. ASMI plans to source 100% of
its electricity from renewable sources for all of its global
operations from 2024 onward. Relative to its 2020 baseline, this
would represent a ~90% absolute reduction of ASM Scope 1 and 2 GHG
emissions. 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, changes in import/export regulations, 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 N.V will host an investor conference call and
webcast on Wednesday, October 27, 2021, at 15:00 p.m.
Continental European Time (9:00 a.m. – US Eastern Time).
Conference call participants should pre-register using the link
below to receive the Dial-In Numbers, Direct Event Passcode and
unique Registrant ID, which will be needed to access the conference
call.
Online registration for the conference
call: http://emea.directeventreg.com/registration/8878063
A simultaneous audio webcast and replay will be
accessible at www.asm.com.
CONTACT
Investor and media contact:
Victor BareñoT: +31 88 100 8500E: victor.bareno@asm.com
- 20211026 - Financial results Q3 2021
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