ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2020 RESULTS
28 Octobre 2020 - 06:00PM
ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2020 RESULTS
Almere, The Netherlands
October 28, 2020, 6 p.m. CET
ASM International N.V. (Euronext
Amsterdam: ASM) today reports its third quarter 2020 operating
results (unaudited) in accordance with IFRS.
Strong quarterly results driven by
continued logic/foundry demand and an exceptionally high gross
margin
FINANCIAL HIGHLIGHTS
EUR million |
Q3 2019 |
Q2 2020 |
Q3 2020 |
New orders |
291.8 |
298.0 |
303.4 |
Revenue |
271.2 |
341.8 |
314.6 |
Gross profit
margin % |
42.4 |
48.3 |
49.9 |
Operating
result |
50.6 |
87.6 |
83.9 |
Result from
investments (excluding amortization intangible assets resulting
from the sale of ASMPT stake in 2013) |
6.5 |
10.7 |
6.3 |
Amortization
intangible assets (resulting from the sale of ASMPT stake in
2013) |
(3.5) |
(3.3) |
(3.0) |
Net earnings |
53.5 |
74.1 |
58.1 |
Normalized net earnings (excluding amortization intangible assets
resulting from the sale of ASMPT stake in 2013 and result from sale
of ASMPT shares) |
56.9 |
77.4 |
61.2 |
- New orders at €303 million were 2% above the level of last
quarter and 4% above the level of last year.
- Revenue for the third quarter 2020 was €315 million and
decreased 8% compared to the previous quarter, half of that
decrease is caused by exchange rate translation differences.
- Gross profit margin was 49.9% in Q3 2020 compared to 48.3% in
the previous quarter, driven by an exceptionally strong mix.
Operating result was €84 million compared to €88 million in the
previous quarter, mainly due to lower sales, partly compensated by
a higher margin percentage and lower costs.
- Normalized net earnings for the third quarter 2020 were lower
at €61 million compared to €77 million in Q2 2020. Main reasons for
the decline are the depreciation of the US dollar causing a
translation result of €14 million negative as compared to the €6
million negative in Q2 and the €4 million lower result from
investments.
COMMENT
“ASM continued to deliver strong results in Q3,”
said Benjamin Loh, President and Chief Executive Officer of ASM
International. “Supply chain and logistical conditions were largely
back at normal levels during the quarter. In Q3, despite adverse
exchange rate developments, we realized sales of €315 million which
is at the high end of the guidance of €300-320 million and down 8%
from the level in Q2 but still 16% above the level of Q3 last year.
The sales level was again driven by continuous high demand in the
logic/foundry segment. Our Q3 order intake, at €303 million, was
slightly higher than our guidance of €280-300 million. Supported by
again an exceptionally strong mix in the quarter, our gross margin
increased to 49.9%.”
OUTLOOK
For Q4, on a currency comparable level, we
expect revenue of €330 - €350 million. Q4 bookings, on a currency
comparable level, are expected to be in the range of €340 - €360
million.
Supported by a continued healthy market
development in the second half we now expect the wafer fab
equipment (WFE) market to grow with a high single to low double
digit percentage in 2020. We expect to outgrow the WFE market in
2020.
SHARE BUYBACK PROGRAM
On June 2, 2020, ASMI announced the start of the
€100 million share buyback program.
As of September 30, 2020, 35.5% of the share
buyback program was completed at an average share price of
€124.18.
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 Thursday, October 29, 2020, at 15:00
p.m. Continental European Time (10:00 a.m. – US Eastern Time).
The teleconference dial-in numbers are as
follows:
- United
States: +1
646 7413 167
-
International:
+44 (0) 8444 819 752
- The Netherlands: +31 (0) 20 79 566
14
- Access
Code:
7179278
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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