ASM INTERNATIONAL N.V. REPORTS SECOND QUARTER 2020 RESULTS
28 Juillet 2020 - 6:00PM
ASM INTERNATIONAL N.V. REPORTS SECOND QUARTER 2020 RESULTS
Almere, The Netherlands
July 28, 2020, 6 p.m. CET
ASM International N.V. (Euronext
Amsterdam: ASM) today reports its second quarter 2020 operating
results (unaudited) in accordance with IFRS.
FINANCIAL
HIGHLIGHTS
EUR million |
Q2 2019 |
Q1 2020 |
Q2 2020 |
New orders |
373.1 |
333.5 |
298.0 |
Net sales |
363.3 |
325.1 |
341.8 |
Gross profit
margin % |
59.0 |
44.5 |
48.3 |
Operating
result |
150.2 |
78.1 |
87.6 |
Result from
investments (excluding amortization intangible assets resulting
from the sale of ASMPT stake in 2013) |
2.0 |
0.7 |
10.7 |
Amortization
intangible assets (resulting from the sale of ASMPT stake in
2013) |
(3.4) |
(3.5) |
(3.3) |
Net earnings |
121.6 |
74.1 |
74.1 |
Normalized net earnings (excluding amortization intangible assets
resulting from the sale of ASMPT stake in 2013 and result from sale
of ASMPT shares) |
125.0 |
77.6 |
77.4 |
- New orders were €298 million.
- Net sales for the second quarter 2020 were €342 million and
increased 5% compared to the previous quarter.
- Gross profit margin was 48.3% in Q2 2020 compared to 44.5% in
the previous quarter, due to an exceptionally strong mix. As a
consequence operating result was €88 million compared to €78
million in the previous quarter.
- Normalized net earnings for the second quarter 2020 decreased
slightly to €77 million compared to Q1 2020. Results from
investments increased to €11 million. Net earnings were impacted by
currency translation results which changed from €12 million
positive in Q1 to €6 million negative in Q2.
- Note that the Q2 2019 results included the patent litigation
settlement of €103 million with Kokusai which positively impacted
the results and new orders.
COMMENT
“Having joined as new CEO following the
AGM on May 18, I’m pleased to report that ASM continued to deliver
strong results in Q2,” said Benjamin Loh, President and Chief
Executive Officer of ASM International. “I’m impressed by the way
all our employees responded to the pandemic. While prioritizing
health and safety, our team showed strong commitment and creativity
to make sure we continue to serve our customers in the best
possible way. Supply chain and logistical conditions resulted in
operating challenges during Q2, but started to improve towards the
end of the quarter as lockdown measures and transport restrictions
have gradually been lifted in especially Asia Pacific and Europe.
In Q2 we realized sales of €342 million, at the high end of the
guidance of €300-350 million, up 5% from the level in Q1 and 32%
above the level in Q2 of last year (excluding the proceeds of the
patent litigation settlement in that period). The sales level was
driven by continuous high demand in the logic/foundry segment. Our
Q2 order intake, at €298 million, was slightly higher than the
midpoint of our guidance of €280-310 million. Supported by an
exceptionally strong mix in the quarter, our gross margin
increased, for the first time in history, to a level of 48%.”
OUTLOOK
For Q3, on a currency comparable level,
we expect sales of €300-320 million. Q3 bookings, on a currency
comparable level, are expected to be in the range of €280-300
million. Based upon the current market developments we expect the
wafer fab equipment (WFE) market to grow with a mid- to high single
digit percentage in 2020. Our Q4 sales are expected to be at least
at the same level as in Q3, hence we expect to outgrow the WFE
market in 2020.
SHARE BUYBACK
PROGRAM
The execution on the €100 million share
buyback program, announced on February 25, 2020, has started on
June 2, 2020, and will end as soon as the aggregate purchase price
of the common shares acquired by ASMI has reached €100 million, but
ultimately on November 17, 2021. On June 30, 2020, 6.9% of the
program was completed at an average share price of €119.16.
ASMI further announces that the
withdrawal of 1.5 million treasury shares, as earlier approved by
the AGM 2020, has become effective as of July 21, 2020. As of that
date, the number of issued shares is 49,797,394.
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, 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, July 29, 2020, at 15:00p.m.
Continental European Time (9:00 a.m. - US Eastern Time).
The teleconference dial-in numbers are
as follows:
- United
States: +1
646 7413 167
- International:
+44
(0) 2071 928 338
- The Netherlands: +31 (0) 20 79 566
14
- Access Code:
4275144
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
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