ASML reports €6.7 billion net sales and €1.9 billion net
income in Q3 2023
ASML reports €6.7 billion net sales and
€1.9 billion net income in Q3 2023ASML
confirms its expectation to grow towards 30% in 2023
VELDHOVEN, the Netherlands, October 18, 2023 – Today ASML
Holding NV (ASML) has published its 2023 third-quarter results.
- Q3 net sales of €6.7 billion, gross margin of 51.9%, net income
of €1.9 billion
- Quarterly net bookings in Q3 of €2.6 billion2 of which
€0.5 billion is EUV
- ASML expects Q4 2023 net sales between €6.7 billion and €7.1
billion and a gross margin between 50% and 51%
- ASML confirms its expectation to grow net sales towards 30% in
2023
(Figures in millions of euros unless otherwise
indicated) |
Q2 2023 |
Q3 2023 |
Net sales |
6,902 |
6,673 |
...of which Installed Base Management sales1 |
1,296 |
1,365 |
|
|
|
New lithography systems sold (units) |
107 |
105 |
Used lithography systems sold (units) |
6 |
7 |
|
|
|
Net bookings2 |
4,500 |
2,602 |
|
|
|
Gross profit |
3,544 |
3,462 |
Gross margin (%) |
51.3 |
51.9 |
|
|
|
Net income |
1,942 |
1,893 |
EPS (basic; in euros) |
4.93 |
4.81 |
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
6,346 |
4,981 |
(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 third-quarter net
sales came in at €6.7 billion, around the midpoint of our guidance,
with a gross margin of 51.9%, higher than guided, primarily driven
by the DUV product mix and some one-off costs effects.
"The semiconductor industry is currently working through the
bottom of the cycle and our customers expect the inflection point
to be visible by the end of this year. Customers continue to be
uncertain about the shape of the demand recovery in the industry.
We therefore expect 2024 to be a transition year. Based on our
current perspective, we take a more conservative view and expect a
revenue number similar to 2023. But we also look at 2024 as an
important year to prepare for significant growth that we expect for
2025.
"We expect fourth-quarter net sales between €6.7 billion and
€7.1 billion with a gross margin between 50% and 51%. ASML expects
R&D costs of around €1,030 million and SG&A costs of around
€285 million. ASML confirms its expectation for strong growth for
2023 with a net sales increasing 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 November 10, 2023.
In the third quarter we purchased around €100 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
CFO Roger Dassen discusses the 2023 third-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 October 18, 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 42,250 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
ReportingASML'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
October 1, 2023, the related Consolidated Statements of
Operations and Consolidated Statements of Cash Flows for the
quarter and nine months ended October 1, 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 the semiconductor
industry and end markets and business environment trends including
expected demand recovery in the industry and expected timing
thereof, demand, utilization, backlog, inventory levels, bookings
and orders, outlook and expected financial results, including
expected results for Q4 2023, including net sales, gross margin,
R&D costs, SG&A costs, expected results for full year 2023,
including expected growth in revenue and expected gross margin,
estimated annualized effective tax rate and other full year 2023
expectations, expectations with respect to revenue for 2024 and
growth in 2025, 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, expectation to return significant amounts of cash
through growing dividends and share buybacks, including the amount
of shares intended to be repurchased under the program and
statements with respect to dividends, statements with respect to
our ESG goals and 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, customer demand and
semiconductor equipment industry capacity, worldwide demand for
semiconductors and semiconductor manufacturing capacity,
utilization and inventory levels, general trends and consumer
confidence in the semiconductor industry, the impact of general
economic conditions, including the impact of the current
macroeconomic uncertainty on the semiconductor industry, the impact
of inflation, interest rates, geopolitical developments, the impact
of pandemics, performance of our systems, the success of technology
advances and the pace of new product development and customer
acceptance of and demand for new products, our production capacity
and ability to adjust capacity to meet demand, supply chain
capacity, constraints and logistics, timely availability of parts
and components, raw materials, critical manufacturing equipment and
qualified employees, and constraints on our ability to produce
systems to meet demand, the number and timing of systems ordered,
shipped and recognized in revenue, and the risk of order
cancellation or push outs, trade environment, import/export and
national security regulations and orders and their impact on us,
including the impact of changes in export regulations and the
impact of such regulations on our ability to sell our systems to
certain customers, 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,
the number of shares repurchased under our share repurchase
programs, our ability to enforce patents and protect intellectual
property rights and the outcome of intellectual property disputes
and litigation, our ability to meet ESG goals and execute our ESG
strategy, other factors that may impact ASML’s financial results,
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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