ASML reports €5.3 billion total net sales and
€1.2 billion net income in Q1 2024
ASML reports €5.3 billion total net sales and
€1.2 billion net income in Q1 20242024
outlook unchanged
VELDHOVEN, the Netherlands, April 17, 2024 – Today, ASML Holding
NV (ASML) has published its 2024 first-quarter results.
- Q1 total net sales of €5.3 billion, gross margin of 51.0%, net
income of €1.2 billion
- Quarterly net bookings in Q1 of €3.6 billion2 of which
€656 million is EUV
- ASML expects Q2 2024 total net sales between €5.7 billion and
€6.2 billion, and a gross margin between 50% and 51%
- ASML expects 2024 total net sales to be similar to 2023
(Figures in millions of euros unless otherwise
indicated) |
Q4 2023 |
|
Q1 2024 |
|
Total net sales |
7,237 |
|
5,290 |
|
...of which Installed Base Management sales1 |
1,555 |
|
1,324 |
|
|
|
|
|
|
New lithography systems sold (units) |
113 |
|
66 |
|
Used lithography systems sold (units) |
11 |
|
4 |
|
|
|
|
|
|
Net bookings2 |
9,186 |
|
3,611 |
|
|
|
|
|
|
Gross profit |
3,717 |
|
2,697 |
|
Gross margin (%) |
51.4 |
|
51.0 |
|
|
|
|
|
|
Net income |
2,048 |
|
1,224 |
|
EPS (basic; in euros) |
5.21 |
|
3.11 |
|
|
|
|
|
|
End-quarter cash and cash equivalents and short-term
investments |
7,010 |
|
5,406 |
|
(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 first-quarter
total net sales came in at €5.3 billion, at the midpoint of our
guidance, with a gross margin of 51.0% which is above guidance,
primarily driven by product mix and one-offs.
"We expect second-quarter total net sales between €5.7 billion
and €6.2 billion with a gross margin between 50% and 51%. ASML
expects R&D costs of around €1,070 million and SG&A costs
of around €295 million. Our outlook for the full year 2024 is
unchanged, with the second half of the year expected to be stronger
than the first half, in line with the industry's continued recovery
from the downturn. We see 2024 as a transition year with continued
investments in both capacity ramp and technology, to be ready for
the turn in the cycle," said ASML President and Chief Executive
Officer Peter Wennink.
Update dividend and share buyback programASML
intends to declare a total dividend for the year 2023 of €6.10 per
ordinary share, which is a 5.2% increase compared to 2022.
Recognizing the three interim dividends of €1.45 per ordinary share
paid in 2023 and 2024, this leads to a final dividend proposal to
the Annual General Meeting of €1.75 per ordinary share.
In the first quarter, we purchased around €400 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 2024 first-quarter results and
outlook for 2024. 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, CFO Roger Dassen and incoming CEO Christophe
Fouquet on April 17, 2024 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 EMEA, the US and Asia. Every day,
ASML’s more than 42,700 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
March 31, 2024, the related Consolidated Statements of
Operations and Consolidated Statements of Cash Flows for the
quarter and three months ended March 31, 2024 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, lithography tool utilization, semiconductor
inventory levels, bookings and order coverage at certain bookings
levels, expected recovery in the semiconductor industry and
expected turn in the cycle and expected timing thereof, plans to
increase capacity, outlook and expected financial results,
including expected results for Q2 2024, including net sales, IBM
sales, gross margin, R&D costs, SG&A costs, expected
results for full year 2024, including expectations with respect to
revenue and gross margin and estimated annualized effective tax
rate, expectations with respect to sales by market segment, EUV,
DUV and IBM sales and margins and expected drivers thereof, and
other full year 2024 expectations, expectations with respect to
expected financial performance in 2025 and expected drivers
thereof, 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, our expectation to return significant amounts of cash
to shareholders through growing dividends and share buybacks,
including the amount of shares intended to be repurchased under our
share repurchase program and statements with respect to dividends,
statements with respect to expected performance and capabilities of
our systems and customer plans 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”, “opportunity” 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,
lithography tool utilization and semiconductor 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, the 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, constraints on our ability to produce systems to meet
demand, the number and timing of systems ordered, shipped and
recognized in revenue, risks relating to fluctuations in net
bookings, the risk of order cancellation or push outs and
restrictions on shipments of ordered systems under export controls,
risks relating to the 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 obtain necessary licenses and to sell
our systems and services 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 that we
repurchase 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 business or 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, 2023 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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