ASML reports €6.9 billion net sales and €1.9 billion net
income in Q2 2023
ASML reports €6.9 billion net sales and
€1.9 billion net income in Q2 2023Incremental
DUV revenue drives expected 2023 sales growth towards
30%
VELDHOVEN, the Netherlands, July 19, 2023 – Today ASML Holding
NV (ASML) has published its 2023 second-quarter results.
- Q2 net sales of €6.9 billion, gross margin of 51.3%, net income
of €1.9 billion
- Quarterly net bookings in Q2 of €4.5 billion2 of which
€1.6 billion is EUV
- ASML expects Q3 2023 net sales between €6.5 billion and €7.0
billion and a gross margin of around 50%
- ASML expects 2023 net sales growth towards 30% compared to
2022
(Figures in millions of euros unless otherwise
indicated) |
Q1 2023 |
Q2 2023 |
Net sales |
6,746 |
6,902 |
...of which Installed Base Management sales1 |
1,404 |
1,296 |
|
|
|
New lithography systems sold (units) |
96 |
107 |
Used lithography systems sold (units) |
4 |
6 |
|
|
|
Net bookings2 |
3,752 |
4,500 |
|
|
|
Gross profit |
3,413 |
3,544 |
Gross margin (%) |
50.6 |
51.3 |
|
|
|
Net income |
1,956 |
1,942 |
EPS (basic; in euros) |
4.96 |
4.93 |
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
6,653 |
6,346 |
(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 second-quarter
net sales came in at €6.9 billion, at the high end of our guidance,
with a gross margin of 51.3%, higher than guided, primarily driven
by additional DUV immersion revenue in the quarter.
"Our customers across different market segments are currently
more cautious due to continued macro-economic uncertainties, and
therefore expect a later recovery of their markets. Also, the shape
of the recovery slope is still unclear. However, our strong backlog
of around €38 billion provides us with a good basis to navigate
these short-term uncertainties.
"We expect third-quarter net sales between €6.5 billion and €7.0
billion with a gross margin of around 50%. ASML expects R&D
costs of around €1.0 billion and SG&A costs of around €285
million. Due to strong DUV revenue and despite the increased
uncertainties, ASML expects strong growth for 2023 with a net sales
increase towards 30% and a slight improvement in gross margin,
relative to 2022," said ASML President and Chief Executive Officer
Peter Wennink.
Update dividend and share buyback programAn
interim dividend of €1.45 per ordinary share will be made payable
on August 10, 2023.
In the second quarter we purchased around €500 million
worth of shares under the current 2022-2025 share buyback
program.
Details of the share buyback program as well as transactions
pursuant thereto, and details of the dividend 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
CEO Peter Wennink discusses the 2023 second-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 July 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 41,500 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 and IFRS 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
July 2, 2023, the related Consolidated Statements of
Operations and Consolidated Statements of Cash Flows for the
quarter and six-month period ended July 2, 2023 as presented
in this press release are unaudited.
Today, July 19, 2023, ASML also published its Statutory Interim
Report for the six-month period ended July 2, 2023. This
report is in accordance with the requirements of the EU
Transparency Directive as implemented in the Netherlands, and
includes Condensed Consolidated Interim Financial Statements
prepared in accordance with IAS 34 as adopted by the European Union
'Interim Financial Reporting', an Interim Management Report and a
Managing Directors' Statement and is available on www.asml.com.
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,
demand, expected utilization and capacity, backlog, inventory
levels at customers, bookings and orders, outlook and expected
financial results, including expected growth in revenue for 2023,
estimated annualized effective tax rate and other full year 2023
expectations, including statements with respect to DUV immersion
fast shipments and EUV fast shipments, expected net sales for Q3
2023, including installed base revenue, gross margin, R&D
costs, SG&A costs, statements made at our 2022 Investor Day,
including revenue and gross margin opportunity for 2025 and 2030,
statements with respect to export control policy and regulations
and expected impact on us, statements with respect to our capital
allocation policy, including plans to return significant amounts of
cash through growing dividends and buybacks, including the amount
of shares intended to be repurchased under the program and the
intention to pay an increasing dividend, our 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, general
trends and general consumer confidence in the semiconductor
industry, the impact of general economic conditions, including the
impact of the current macroeconomic uncertainty on the
semiconductor industry, 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 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 semiconductor
inventory and utilization levels, customer demand, 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 adjust 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 outs, supply chain capacity and
constraints and logistics and constraints on our ability to produce
systems to meet demand, 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 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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